Taking Advantage Of USA Foreclosures

[aaron56]

Hi Amac,

That was a a good investment.

Thanks,

[RL20R]

If you are looking at foreclosures and short sales, the banks tend to be very slow at accepting offers hence the reason there so many on the market depressing the price.

Banks sometimes come back and ask for than the owner was asking as it is they who actually stand out on the money the owner is just shooting in the dark.

It is not a process for anybody who can not take the Knocks as many of my clients have found out.found out.

[zanis]

Hello all,

Here is an article I located on the subject.

Hello all,

Article written by: Tom Di'Mercurio

Rules of the Road
As with any real estate purchase, there are certain “rules of the real estate road” and others which are extremely important in evaluating a foreclosed home.

1. Know what you are getting into before you commit to purchase. Due diligence is important in any real estate transaction but never so important as with a foreclosure. There are several reasons for this review. In most states, corporate and institutional sellers of foreclosed real estate are exempt from the typical Seller’s Disclosure Statements regarding the condition and defects of a property. This means that a Seller who has been through foreclosure may have information about the property that you will never know (such as there was a flood when the pipes burst last winter). Moreover, these Sellers will limit their post-closing responsibilities. Generally these properties are sold “as-is” “ where is” but with comprehensive protections to prevent a Buyer from ever coming back to the Seller after the sale. Unless you are a sophisticated investor or a general contractor, it is especially important for the purchaser of a foreclosed asset to avail themselves of all applicable inspections.

Because many foreclosed assets are in inferior condition vis a vis a typical owner resale, they may, on the surface, appear attractively priced. If you are a real handyman with expertise in large and small-scale repairs, you may avoid what otherwise might be a “Money Pit”. On the other hand, some of the best deals are on those properties which are really beaten up or but really only require cosmetic repairs such as carpet, paint and touch up. During your due diligence, try to ensure that the reason the property was foreclosed was not because it is located on an underground spring or that the backyard is sliding down the hill, or that the property suffers from some other inherent property related defect. Don’t be afraid to ask the neighbors. You’d be surprised what you’ll find out!

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Click here to read more...

Regards

Marc

[HawaiiCaretaker]

I can't believe the US government can't get a clue as to how to 'fix' this crisis. It is all about the houses. I live in Nevada and in 2008 we had more foreclosures and bankrupty per capita than any other state, a full 2% more. The key to survival is to start buying up the empty bank-owned properties (There at least 20 within 1 to 2 miles of me) and renting them out until the recovery, which seems to be at least 5 years out. Rent should cover the mortgage and some measure could be made for unemployed to even suppliment the rent. Perhaps this would at least provide a viable resource as everything here, especially work, is drying up. This would allow the people to actually stay afloat while we get through this DEPRESSION. In the meantime I guess we should be grateful that some one is able to buy up some of these properties and get them rented but it is also sad that we may see half of America bought up by foreign investors. HMMMM

[reoexpert]

Hello,

I'm very involved with the central Florida real estate market. I am able to get houses for half price. They need some work but i have great contractors to do the work cheap. If you have any questions i would be happy to help.

reoexpert

[Sixgun]

Originally Posted by reoexpert

Hello,

I'm very involved with the central Florida real estate market. I am able to get houses for half price. They need some work but i have great contractors to do the work cheap. If you have any questions i would be happy to help.

reoexpert

Hi,

I would be very interested in these properties. Can you P.M me so we can swap details, not sure if it's allowed on here?

[reoexpert]

HELLO SIXGUN,

I get new properties every day. You can call me at 407-758-9585 or email me at mike at cgrealtyusa dot com and i can get you info on my properties.

thanks
Mike

[joe1]

The bottom has still not been reached.

[karaman]

Originally Posted by Sunnyshores

Amac - just seen your update, great rent. Where did you buy in the end? Was this a decison based on location or purely a reduced price and great yield and the location didnt matter?

Sameer - I cant help on what to buy for flipping or on rennovaitons but I have some general answers to your quesitons :

There is a detailed Home Report done by an independent company/surveyor this is called a Home Inspection Report. I think it is standard that this is done before sale and commonly used as a means of beating down the price. Mine cost $350. It didnt include a good look at the roof, but it recommended a roof report as he suspected problems.

There are a few websites I use to assess prices, previous sales, rentals, demographics, crime, some have forums for residents.
Trulia - Real Estate, Homes For Sale, Sold Properties, Real Estate Maps
Stats about all US cities - real estate, relocation info, house prices, home value estimator, recent sales, cost of living, crime, race, income, photos, education, maps, weather, houses, and more
Sperling's BestPlaces
Best Places to Live: Compare the Best Cities & Small Towns for You! (a fun quiz)
Real Estate Listings, Homes for Sale and Rental Property Listings ? REALTOR.com

Just adding some more links to websites I am using for research:

Zilpy
Similar to Trulia, but here you are researching rents in the actual location. That is very important if you want to rent the property - so you can know what could be your estimated ROI.
Zilpy - Apartments & Houses Rent Comparison, Neighborhood Rental Maps, Rent Trends

Bank of America REO's
There you can find listings of REO's - the cheapest deals I would say:
Bank of America | Real Estate Center | Find a Bank-Owned Property

Buying Property in USA blog
This blog is about exactly what we are looking for - buying property in usa as a foreigner
Buying Property in USA

Hope that something of this will help you! Good luck!