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  • January 7, 2009 at 10:32 AM #14769
    gn
    Participant

    A friend of mine who is a real estate broker recently told me about the following:

    There are investors who buy foreclosed properties (condos & SFHs) in bulks from lenders (for example $40 million for several hundred properties). They then turn around and sell to individual investors.

    I included the properties in San Diego county that my friend sent me (see below). To figure out the price, take 30% off the list price. For example, the price for the following property would be $336,664:

    $480,949.16 10834 AUTILLO WAY SAN DIEGO CA 92127

    Pros:
    – Low price

    Cons:
    – Cash-only purchase
    – Having to possibly purchase a property without viewing it, so you have to assume the worst.

    Are there anyone on this board who are familiar with this ? Any other disadvantages/pitfalls ?

    ——–

    $31,504.97 1625 PENTECOST WAY UNIT 8 SAN DIEGO CA 92105
    $120,741.72 8036 LINDA VISTA ROAD 2C SAN DIEGO CA 92111
    $80,442.68 6333 COLLEGE GROVE WAY #4104 SAN DIEGO CA 92115
    $80,512.69 2039 DAIRY MART ROAD SAN DIEGO CA 92173
    $119,783.45 424 WOODLAWN AVENUE #A CHULA VISTA CA 91910
    $249,149.59 841 TAMAYO DRIVE #2 CHULA VISTA CA 91910
    $258,732.26 312 WOODMAN STREET SAN DIEGO CA 92114
    $140,022.07 3790 FLORIDA STREET #B217 SAN DIEGO CA 92104
    $191,653.53 1242-1246 WILLOWSIDE TERRACE ALPINE CA 91901
    $154,024.27 249 DOLO STREET SAN DIEGO CA 92114
    $229,984.23 601 SANDALWOOD DRIVE EL CAJON CA 92021
    $397,681.07 12605 SENDA ACANTILADA SAN DIEGO CA 92128
    $330,602.33 2668 STARKEY WAY ALPINE CA 91901
    $620,344.14 16778 FALCON BLUFF COURT SAN DIEGO CA 92127
    $518,169.81 5521 BLUERIDGE STREET SAN DIEGO CA 92139
    $353,961.07 4021 ANASTASIA STREET SAN DIEGO CA 92111
    $325,498.22 14334 LOLIN LANE POWAY CA 92064
    $480,949.16 10834 AUTILLO WAY SAN DIEGO CA 92127
    $280,979.40 5027 SANTA MONICA SAN DIEGO CA 92107
    $192,530.34 1372 NICOLETTE AVENUE #1621 CHULA VISTA CA 91913
    $74,911.81 6333 COLLEGE GROVE WAY #1122 SAN DIEGO CA 92115
    $164,525.93 1034 LELAND STREET #26 SPRING VALLEY CA 91977
    $171,527.03 1970 COLUMBIA STREET #400 S SAN DIEGO CA 92101
    $182,028.69 1914 ALTAMONT COURT SAN DIEGO CA 92139
    $266,383.07 3008 NORTH VICTORIA DRIVE ALPINE CA 91901
    $52,508.28 3532 MEADE AVENUE #44 SAN DIEGO CA 92116
    $74,211.70 10235 MADRID WAY #154 SPRING VALLEY CA 91977
    $171,527.03 449 INKOPAH STREET CHULA VISTA CA 91911

    January 7, 2009 at 10:41 AM #325436
    SD Realtor
    Participant

    From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay.

    January 7, 2009 at 10:41 AM #325944
    SD Realtor
    Participant

    From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay.

    January 7, 2009 at 10:41 AM #325773
    SD Realtor
    Participant

    From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay.

    January 7, 2009 at 10:41 AM #325844
    SD Realtor
    Participant

    From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay.

    January 7, 2009 at 10:41 AM #325860
    SD Realtor
    Participant

    From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay.

    January 7, 2009 at 1:01 PM #326037
    gn
    Participant

    [quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?

    January 7, 2009 at 1:01 PM #325956
    gn
    Participant

    [quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?

    January 7, 2009 at 1:01 PM #325937
    gn
    Participant

    [quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?

    January 7, 2009 at 1:01 PM #325869
    gn
    Participant

    [quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?

    January 7, 2009 at 1:01 PM #325531
    gn
    Participant

    [quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?

    January 7, 2009 at 1:42 PM #325907
    (former)FormerSanDiegan
    Participant

    [quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
    [/quote]

    Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
    As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.

    When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.

    Just my opinion.

    January 7, 2009 at 1:42 PM #325570
    (former)FormerSanDiegan
    Participant

    [quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
    [/quote]

    Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
    As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.

    When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.

    Just my opinion.

    January 7, 2009 at 1:42 PM #325978
    (former)FormerSanDiegan
    Participant

    [quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
    [/quote]

    Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
    As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.

    When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.

    Just my opinion.

    January 7, 2009 at 1:42 PM #326078
    (former)FormerSanDiegan
    Participant

    [quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]

    SD Realtor, thanks for replying. I have a few questions:

    – You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?

    – You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
    [/quote]

    Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
    As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.

    When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.

    Just my opinion.

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