The U. S. REO flea market - Page 2

desres · #11 08-09-2008, 11:58 PM

Quote:

Originally Posted by rburns

Unless it's a bulk purchase from a bank's service company, which costs too much, you buy a defaulted mortgage at auction. That is a job in itself, a tedious one, because if you don't check everything out yourself; you have no idea of what you'll get stuck with. This is really a big money game and unless you have the time to put in on it; buying single or several foreclosures is anything but easy. Before you start I strongly suggest you get yourself a good real estate lawyer to point out the many pit falls you may encounter. Unless you know finance and have the money behind you, stay away from all the REO BS on the internet. Even the serious investors are getting fed up with all the fraud. A few are legit though.

If anyone says "I can get," or "I know someone" it means they don't have anything and you don't want to do business with them. They're just looking to get in on the fee paid in a big sale. Do yourself a favor and get that lawyer first.

Hey thks ... really appreciate the advise

oregon woodsmoke · #12 12-09-2008, 08:01 PM

Banks are giving mortgages to qualified borrowers. You need a decent credit rating, and enough income to make the payments. THat's it. Not complicated.

REO, or foreclosures, are always listed with a real estate agent. Most banks have a web page that lists their REOs and where they are located and who to contact.

The banks sell individual houses alll the time.

You find the agent who handles the REO, and the agent shows you what is listed. You chose one and make your offer. The agent handles the paperwork for you.

That's it. Not complicated.

The only thing that is different about buying a REO is that it can take a long time to get your answer back from the bank, so you have a wait to see whether you get the property or not.

desres · #13 12-09-2008, 08:07 PM

Oregan ... thks for the info

sameer.dada · #14 13-09-2008, 02:38 AM

Thank you. So on REO can you bid a price or is the selling price firm?
Which are some bank's to check for this. The banks which would have the best deals.
For investing from overseas, whats the policy about transferring funds into the U.S. Is it taxed right away?
It seems home prices are going to keep falling in the U.S. What are your thoughts about when the turn around will come because that would be the best time to invest.

rburns · #15 13-09-2008, 03:13 AM

Citigroup is about to sell bulk reo's to the public through Citimortgage.
They'll be priced at 70 to 80% of value and that's directly from their Manager of Distressed Assets. They are sold individually at retail for fair market value.
You can check their prices at Citimortgages' web site.

rburns · #16 05-11-2008, 12:44 PM

In today's environment you may have full collateral for a business loan and still not get it.
A home loan may ask as much as 30 to 40% down depending on which way the wind is blowing
and if you don't have perfect credit and can fully collateralize a personal loan, you may as well forget about it.

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