Buying foreclosed homes from bulk investors

[(former)FormerSanDiegan]

[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.

[recordsclerk]

1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases?

[recordsclerk]

1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases?

[recordsclerk]

1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases?

[recordsclerk]

1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases?

[recordsclerk]

1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases?

[SD Realtor]

FSD I guess I do not understand your reluctance. I don’t see any difference in buying an REO from an investor then buying an REO off the MLS. In fact at least buying an REO is somewhat safer then buying at a trustee sale right? The legal issues of wiping on the lienholders is already done, tenants are removed, etc…

I think we would see a much more robust market IF resellers were actually competing with REOs more effectively. I absolutely agree with you that gaining concessions from resellers is a great thing to pursue. No doubt! However at this point in the decline I say very very rare instances of resellers competing with REO properties on pricing. As you said, those who have patience and can wait out the later stages of the cycle will see a much closer pricing between resellers and REO sales. IMO we have a ways to go.

GN yes to both your answers above! However I would doubt that you would not be able to inspect during escrow.

[SD Realtor]

FSD I guess I do not understand your reluctance. I don’t see any difference in buying an REO from an investor then buying an REO off the MLS. In fact at least buying an REO is somewhat safer then buying at a trustee sale right? The legal issues of wiping on the lienholders is already done, tenants are removed, etc…

I think we would see a much more robust market IF resellers were actually competing with REOs more effectively. I absolutely agree with you that gaining concessions from resellers is a great thing to pursue. No doubt! However at this point in the decline I say very very rare instances of resellers competing with REO properties on pricing. As you said, those who have patience and can wait out the later stages of the cycle will see a much closer pricing between resellers and REO sales. IMO we have a ways to go.

GN yes to both your answers above! However I would doubt that you would not be able to inspect during escrow.

[SD Realtor]

FSD I guess I do not understand your reluctance. I don’t see any difference in buying an REO from an investor then buying an REO off the MLS. In fact at least buying an REO is somewhat safer then buying at a trustee sale right? The legal issues of wiping on the lienholders is already done, tenants are removed, etc…

I think we would see a much more robust market IF resellers were actually competing with REOs more effectively. I absolutely agree with you that gaining concessions from resellers is a great thing to pursue. No doubt! However at this point in the decline I say very very rare instances of resellers competing with REO properties on pricing. As you said, those who have patience and can wait out the later stages of the cycle will see a much closer pricing between resellers and REO sales. IMO we have a ways to go.

GN yes to both your answers above! However I would doubt that you would not be able to inspect during escrow.

[SD Realtor]

FSD I guess I do not understand your reluctance. I don’t see any difference in buying an REO from an investor then buying an REO off the MLS. In fact at least buying an REO is somewhat safer then buying at a trustee sale right? The legal issues of wiping on the lienholders is already done, tenants are removed, etc…

I think we would see a much more robust market IF resellers were actually competing with REOs more effectively. I absolutely agree with you that gaining concessions from resellers is a great thing to pursue. No doubt! However at this point in the decline I say very very rare instances of resellers competing with REO properties on pricing. As you said, those who have patience and can wait out the later stages of the cycle will see a much closer pricing between resellers and REO sales. IMO we have a ways to go.

GN yes to both your answers above! However I would doubt that you would not be able to inspect during escrow.

[SD Realtor]

FSD I guess I do not understand your reluctance. I don’t see any difference in buying an REO from an investor then buying an REO off the MLS. In fact at least buying an REO is somewhat safer then buying at a trustee sale right? The legal issues of wiping on the lienholders is already done, tenants are removed, etc…

I think we would see a much more robust market IF resellers were actually competing with REOs more effectively. I absolutely agree with you that gaining concessions from resellers is a great thing to pursue. No doubt! However at this point in the decline I say very very rare instances of resellers competing with REO properties on pricing. As you said, those who have patience and can wait out the later stages of the cycle will see a much closer pricing between resellers and REO sales. IMO we have a ways to go.

GN yes to both your answers above! However I would doubt that you would not be able to inspect during escrow.

[gn]

[quote=recordsclerk]1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases? [/quote]

Recordsclerk, yes. You can buy any one property & the prices are for individual purchases.

[gn]

[quote=recordsclerk]1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases? [/quote]

Recordsclerk, yes. You can buy any one property & the prices are for individual purchases.

[gn]

[quote=recordsclerk]1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases? [/quote]

Recordsclerk, yes. You can buy any one property & the prices are for individual purchases.

[gn]

[quote=recordsclerk]1625 Pentecost can be flipped for 45K.

3532 Meade Ave #44 is the going rate for 1bd,1bth
if it is a 2 bedroom, this property can be flipped for 69K.

From this list can you buy any one property and are these the prices for individual purchases? [/quote]

Recordsclerk, yes. You can buy any one property & the prices are for individual purchases.

[Author]

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