When to buy?

[mixxalot]

Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.

[UCGal]

[quote=mixxalot]Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.[/quote]

If you just want to see what’s out there (not necessarily specific units – but you can figure out what’s in the pipeline)… foreclosureradar.com lets you do a search by zip… you can get pretty specific.

I plugged in 92107 (OB/Loma Portal) selected for “bank owned” and came up with a pretty long list. Looking at that map – and the actives on sdlookup – you can match some of them.

If you want to see what’s coming – include the “auction” properties – those are the ones that have received notice of trustee sale – but haven’t been foreclosed on yet.

[UCGal]

[quote=mixxalot]Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.[/quote]

If you just want to see what’s out there (not necessarily specific units – but you can figure out what’s in the pipeline)… foreclosureradar.com lets you do a search by zip… you can get pretty specific.

I plugged in 92107 (OB/Loma Portal) selected for “bank owned” and came up with a pretty long list. Looking at that map – and the actives on sdlookup – you can match some of them.

If you want to see what’s coming – include the “auction” properties – those are the ones that have received notice of trustee sale – but haven’t been foreclosed on yet.

[UCGal]

[quote=mixxalot]Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.[/quote]

If you just want to see what’s out there (not necessarily specific units – but you can figure out what’s in the pipeline)… foreclosureradar.com lets you do a search by zip… you can get pretty specific.

I plugged in 92107 (OB/Loma Portal) selected for “bank owned” and came up with a pretty long list. Looking at that map – and the actives on sdlookup – you can match some of them.

If you want to see what’s coming – include the “auction” properties – those are the ones that have received notice of trustee sale – but haven’t been foreclosed on yet.

[UCGal]

[quote=mixxalot]Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.[/quote]

If you just want to see what’s out there (not necessarily specific units – but you can figure out what’s in the pipeline)… foreclosureradar.com lets you do a search by zip… you can get pretty specific.

I plugged in 92107 (OB/Loma Portal) selected for “bank owned” and came up with a pretty long list. Looking at that map – and the actives on sdlookup – you can match some of them.

If you want to see what’s coming – include the “auction” properties – those are the ones that have received notice of trustee sale – but haven’t been foreclosed on yet.

[UCGal]

[quote=mixxalot]Finding REOs

How would I go about finding REO properties to buy from the banks? I am not a cash buyer and would probably look at financing with FHA or similar program.[/quote]

If you just want to see what’s out there (not necessarily specific units – but you can figure out what’s in the pipeline)… foreclosureradar.com lets you do a search by zip… you can get pretty specific.

I plugged in 92107 (OB/Loma Portal) selected for “bank owned” and came up with a pretty long list. Looking at that map – and the actives on sdlookup – you can match some of them.

If you want to see what’s coming – include the “auction” properties – those are the ones that have received notice of trustee sale – but haven’t been foreclosed on yet.

[sdrealtor]

Mixx
Realistically you are facing a pretty firm headwind on buying an REO as an FHA buyer. Buying directly from the bank is close to impossible though I know someone that pulled it off because it was a smaller bank, he was a commercial RE broker and he was able to reach the REO asset mgr at the small bank and do the transaction himself as a licensee for them. he also had 20% down.

All the foreclosure sites are no better than fair as far as accuracy. Throw in the fact that 70% of the trustee sales get cancelled/postponed and you are asking for an exercise in banging your head against the wall.

Best advice is narrow down where you want to be and find good help in that area from someone who knows what is going on there.

[sdrealtor]

Mixx
Realistically you are facing a pretty firm headwind on buying an REO as an FHA buyer. Buying directly from the bank is close to impossible though I know someone that pulled it off because it was a smaller bank, he was a commercial RE broker and he was able to reach the REO asset mgr at the small bank and do the transaction himself as a licensee for them. he also had 20% down.

All the foreclosure sites are no better than fair as far as accuracy. Throw in the fact that 70% of the trustee sales get cancelled/postponed and you are asking for an exercise in banging your head against the wall.

Best advice is narrow down where you want to be and find good help in that area from someone who knows what is going on there.

[sdrealtor]

Mixx
Realistically you are facing a pretty firm headwind on buying an REO as an FHA buyer. Buying directly from the bank is close to impossible though I know someone that pulled it off because it was a smaller bank, he was a commercial RE broker and he was able to reach the REO asset mgr at the small bank and do the transaction himself as a licensee for them. he also had 20% down.

All the foreclosure sites are no better than fair as far as accuracy. Throw in the fact that 70% of the trustee sales get cancelled/postponed and you are asking for an exercise in banging your head against the wall.

Best advice is narrow down where you want to be and find good help in that area from someone who knows what is going on there.

[sdrealtor]

Mixx
Realistically you are facing a pretty firm headwind on buying an REO as an FHA buyer. Buying directly from the bank is close to impossible though I know someone that pulled it off because it was a smaller bank, he was a commercial RE broker and he was able to reach the REO asset mgr at the small bank and do the transaction himself as a licensee for them. he also had 20% down.

All the foreclosure sites are no better than fair as far as accuracy. Throw in the fact that 70% of the trustee sales get cancelled/postponed and you are asking for an exercise in banging your head against the wall.

Best advice is narrow down where you want to be and find good help in that area from someone who knows what is going on there.

[sdrealtor]

Mixx
Realistically you are facing a pretty firm headwind on buying an REO as an FHA buyer. Buying directly from the bank is close to impossible though I know someone that pulled it off because it was a smaller bank, he was a commercial RE broker and he was able to reach the REO asset mgr at the small bank and do the transaction himself as a licensee for them. he also had 20% down.

All the foreclosure sites are no better than fair as far as accuracy. Throw in the fact that 70% of the trustee sales get cancelled/postponed and you are asking for an exercise in banging your head against the wall.

Best advice is narrow down where you want to be and find good help in that area from someone who knows what is going on there.

[mixxalot]

Rent for now

Thanks, well with the new job, I will rent a 2 bedroom place for the time being and if I do most work on the east coast, look at buying a place in northern Florida, North Carolina, or Virginia to be closer to the projects. At least real estate is way cheaper in these places except for Reston/DC area so I can probably find a great deal for 200k for a large home there versus the inflated 600-800k prices that I still see in PB/OB/Point Loma areas of San Diego.

[mixxalot]

Rent for now

Thanks, well with the new job, I will rent a 2 bedroom place for the time being and if I do most work on the east coast, look at buying a place in northern Florida, North Carolina, or Virginia to be closer to the projects. At least real estate is way cheaper in these places except for Reston/DC area so I can probably find a great deal for 200k for a large home there versus the inflated 600-800k prices that I still see in PB/OB/Point Loma areas of San Diego.

[mixxalot]

Rent for now

Thanks, well with the new job, I will rent a 2 bedroom place for the time being and if I do most work on the east coast, look at buying a place in northern Florida, North Carolina, or Virginia to be closer to the projects. At least real estate is way cheaper in these places except for Reston/DC area so I can probably find a great deal for 200k for a large home there versus the inflated 600-800k prices that I still see in PB/OB/Point Loma areas of San Diego.

[mixxalot]

Rent for now

Thanks, well with the new job, I will rent a 2 bedroom place for the time being and if I do most work on the east coast, look at buying a place in northern Florida, North Carolina, or Virginia to be closer to the projects. At least real estate is way cheaper in these places except for Reston/DC area so I can probably find a great deal for 200k for a large home there versus the inflated 600-800k prices that I still see in PB/OB/Point Loma areas of San Diego.

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