how to buy foreclosures? - REO Property Preservation Forum
 
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post #1 of 7 (permalink) Old 04-17-2013, 10:50 PM Thread Starter
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how to buy foreclosures?

I run my own rehab business. I also just do trashouts for the banks, but my primary focus is private investors. I have a client that is wanting to get first dibs on the houses I clean out.

So how do I find out how to purchase these? He buys them and if I find them he gives me the rehab.
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post #2 of 7 (permalink) Old 04-17-2013, 10:59 PM
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Easy... be the first bidder.... OR go direct to Fannie, HUD and buy 200+ homes at a time in a "block" sale. I work with an investor group that buys 200 to 500 homes at a time but they are spread all over the country.
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post #3 of 7 (permalink) Old 04-18-2013, 07:10 AM
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What wannabe said. Although if you do pre-sale houses you can contact the owner.

Many times the owner owes more than its worth..but you may find the guy who owes 200k on a 300k house who just cannot afford it and will take 200k just to save a foreclosure on his credit report.

Once its post sale, most seem to go for market value..whether you know about it first or not.
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post #4 of 7 (permalink) Old 04-18-2013, 07:46 AM
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Unless your getting referral fees, just hook your guy up with the listing agent. The realtors who deal in foreclosed properties usually have a list of investors they deal with. If your guy is a player, he'll probably be one of the first ones called.
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post #5 of 7 (permalink) Old 04-18-2013, 09:48 AM Thread Starter
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Quote:
Originally Posted by GTX63 View Post
Unless your getting referral fees, just hook your guy up with the listing agent. The realtors who deal in foreclosed properties usually have a list of investors they deal with. If your guy is a player, he'll probably be one of the first ones called.
Thats his problem. The listing agents here (only 2) feed theirinvestors first. He allready works with a separate realtor, and they want to beat them to the houses. He typically does buy wholesale purchases of 20 or more.

So buying direct from bank is about the only option? He commented that auctions are a waste of time.


Thanks guys, didn't know if there was some way I hadn't thought of.
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post #6 of 7 (permalink) Old 04-18-2013, 11:21 AM
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Quote:
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Easy... be the first bidder.... OR go direct to Fannie, HUD and buy 200+ homes at a time in a "block" sale. I work with an investor group that buys 200 to 500 homes at a time but they are spread all over the country.
I think I know those guys???
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post #7 of 7 (permalink) Old 04-18-2013, 11:38 AM
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Buying them at Auction, ie Williams and Williams, is usually a waste of time. Buying directly from the lender isn't practical either. They are going to have to do some cash deals with quick closings with the listing agents, so they know they are for real. You will get on their short list, maybe not overnight, but you will. No broker is going to keep only one or two of their buyers fed; investors go away and they need to keep that list full.
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