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Re: starting to bid on forcloser, what next? (1 viewing) (1) Guests
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TOPIC: Re: starting to bid on forcloser, what next?
#3754
Pamela ()
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Re: starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
This is one for the coaches because I'm under the assumption that the DP doesn't get higher then. The risk is greater with all your cookies on the table but then [pardon the cliche] no pain no gain.

When I bought my place I wasn't even earning enough to guarantee the payments and insurance, etc. but I made a commitment to make it work, NO MATTER WHAT. I was willing to take extra jobs [and I did for awhile], renters [my extra room, tho' I haven't yet], rent it and move out, ANYTHING to make it work. It's been a year and a half now and I haven't changed my philosophy. No option except to do whatever it takes to get the job done. Learned that from the military.
 
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#3755
Zoe ()
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Re: starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
Hello raynco,

May suggest to you that before you take anymore steps to use your equity you have in your prior home, please allow me to share with you a couple of steps you might be interested in.

Step 1
You must, if you already don't know that banks absolutely dread having to hold properties in REO status which can result in being very beneficial for RE Investor's like yourself. They have to continue paying tax on each and every property in their REO folder, not to mention a whole lot of interest which probably is spread out between 2-7 banks who have shares in those particular properties.

Step 2
Because of what was just illustrated for you in step 1 as a suggestion, approach the bank underwriter and negotiate "tenderly" of course for a Lease Option (Optionor) which 70% of the time depending on the entire situation for each and every individual Real Property, might look at this negotiation as an opportunity to rid themselves of what some bankers call "a failed contract".

raynco, you noticed that I never once mentioned your home equity for 20% down to a property that needs to be fixed up enough to pass city and state codes. Once the bank finds out that you have money tied up somewhere, ...they will treat the REO as if it were a conventional loan with no NOD's or Pre-Foreclosure status on them and not tell you of what I suggested in steps 1&2.

I hope this helps

Enjoy your journey in RE Investing

David
 
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