Comments on: Ways to find foreclosure properties. http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/ Living life as full as I know how to Wed, 17 May 2006 20:43:01 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Tom http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-15 Tom Mon, 27 Mar 2006 17:56:09 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-15 OCRENTER, thats where short sales come in. You have to work the phone and talk to the banks. You let the other loans know that they guy is in foreclosure. This way they'll listen to you when you make an offer of 10 cents on the dollar for all the other mortgages owed. You can even neg with 1st mortgage and offer them 80 cents on the dollar. If you can show that the guy's debt way exceeds the value of the house, the other mortgages wont get a DIME when it goes to auction. Those banks WILL LISTEN HARD to your offer. Everything is negotiable, everything. OCRENTER, thats where short sales come in. You have to work the phone and talk to the banks. You let the other loans know that they guy is in foreclosure.

This way they’ll listen to you when you make an offer of 10 cents on the dollar for all the other mortgages owed. You can even neg with 1st mortgage and offer them 80 cents on the dollar.

If you can show that the guy’s debt way exceeds the value of the house, the other mortgages wont get a DIME when it goes to auction. Those banks WILL LISTEN HARD to your offer.

Everything is negotiable, everything.

]]> By: ocrenter http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-14 ocrenter Sun, 26 Mar 2006 07:20:01 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-14 problem with a lot of these foreclosures these days is the outstanding loans are so high there's no equity in these homes at all. what ever equity they did have already went to more HELOC's. one example my realtor told me was a 1.2 mil mansion. He saw the defaulted loan of $60,000 with another loan value of $840,000. Told me I can pay the $60,000 in cash and just take over the $840,000. A $1.2 mil property for $900,000, not bad. Only later did we find out the $840,000 was the first loan, there was actually a second loan of $360,000, and on top of those 80/20 loans this guy took out a HELOC, most likely to pay for his mortgage. lots of examples like this in Cali where I see 4-5 refi's on top of the original 80/20 eating up all of the equity before landing on the courthouse. problem with a lot of these foreclosures these days is the outstanding loans are so high there’s no equity in these homes at all. what ever equity they did have already went to more HELOC’s.

one example my realtor told me was a 1.2 mil mansion. He saw the defaulted loan of $60,000 with another loan value of $840,000. Told me I can pay the $60,000 in cash and just take over the $840,000. A $1.2 mil property for $900,000, not bad. Only later did we find out the $840,000 was the first loan, there was actually a second loan of $360,000, and on top of those 80/20 loans this guy took out a HELOC, most likely to pay for his mortgage.

lots of examples like this in Cali where I see 4-5 refi’s on top of the original 80/20 eating up all of the equity before landing on the courthouse.

]]> By: Tom http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-11 Tom Thu, 09 Mar 2006 11:11:02 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-11 I've always wanted to work at a hedge fund! I’ve always wanted to work at a hedge fund!

]]> By: admin http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-9 admin Thu, 09 Mar 2006 04:14:58 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-9 Working fulltime at a hedgefund makes it kind of hard to take a day off. I wish the auctions were on the weekends; all of the auctions for Palm Beach are done on mondays and thursdays. I am just saving up my vacation days and when work load becomes lighter, I'll definitely take a long weekend. Working fulltime at a hedgefund makes it kind of hard to take a day off. I wish the auctions were on the weekends; all of the auctions for Palm Beach are done on mondays and thursdays.

I am just saving up my vacation days and when work load becomes lighter, I’ll definitely take a long weekend.

]]> By: Tom http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-8 Tom Tue, 07 Mar 2006 10:57:30 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-8 Trisha is right, for every 100 calls you might get 10 credible leads and if you're lucky you get 1 deal. RE: auctions. Before you go through all this headache of researching what they sold for and what they are worth, go witness an actual auction. Right now properties will be auctioned off for full market price so you wont get any deals there. When the bubble pops and no one wants RE, then you will get the deals. T Trisha is right, for every 100 calls you might get 10 credible leads and if you’re lucky you get 1 deal.

RE: auctions. Before you go through all this headache of researching what they sold for and what they are worth, go witness an actual auction. Right now properties will be auctioned off for full market price so you wont get any deals there. When the bubble pops and no one wants RE, then you will get the deals.

T

]]> By: Trisha http://www.taiwanjack.com/economy/housing-market/ways-to-find-foreclosure-properties/comment-page-1/#comment-7 Trisha Wed, 01 Mar 2006 07:13:52 +0000 http://www.taiwanjack.com/2006/02/28/ways-to-find-foreclosure-properties/#comment-7 Sorry to hear the pre-forclosure didn't work out for you, Jack! Even now for me, it's about playing the percentages. The old adage is that out of 100 houses, you'll look at 10, and offer only one one. So, you can look forward to lots of false starts. But, it's exercises like the one you just went through that stretch your brain and grow your investing knowledge! Sorry to hear the pre-forclosure didn’t work out for you, Jack! Even now for me, it’s about playing the percentages. The old adage is that out of 100 houses, you’ll look at 10, and offer only one one. So, you can look forward to lots of false starts. But, it’s exercises like the one you just went through that stretch your brain and grow your investing knowledge!

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