OK, here we go again: Dateline AOL NEWS! A Flood of Foreclosures, but Should You Invest? Read ME: (IS AOL NEWS? Not really, but I am still seeing RED!) Maybe they are reading me: Foreclosures & Short Sales: Deal or No Deal? I would like to think so anyways!
This topic MUST be revisited, as I obviously dealt with it this week!
You won't find anything like foreclosures.com proclaims unless you are great at digging needles out of a haystack! Sorry to break it to you! You are not going to find anything more than 20% underpriced and if you do, there will be a firestorm of bidding activity which will drive the price up. Especially when you are dealing with the turtle slowness of a bank and the property remains on the market!
Right now, if you can find a steal in the valley for 30% less than value, you are one lucky camper! People are STILL paying these pay-for-something-you-can-get-free-anyways sites (even after they read my Foreclosure & Short Sale primer) for something they assume they are getting but they are not.
They think they are getting listings.
They are not.
They are getting NOD (Notice of Default) information. A notice of default is when a homeowner gets behind on their payments and they are in the pre-foreclosure process. This does not mean the house is listed for the price they are in default! The default can be a condo homeowner behind on two years of $200/month HOA dues. SO it appears you can buy that condo "listing" for $2400. The default can be on a second lien (mortgage/loan or whatever you want to call it) on a 3000 square foot home for $150,000. So, nope, that house is not listed for $150,000. That house probably has a first mortgage, HOAs and could maybe be upside down resulting in a short sale. THESE ARE NOT LISTINGS! These are defaults that CAN QUITE POSSIBLY BE CURED by the owner catching up on payments!
SO when you sign up and pay for the NOD's at -
www dot somethingicangetfreebutwouldratherpayfortheinformation dot com
What are you doing? You are paying for information that you are going to utilize to find a bargain of a house! You are going to do your research on the home's value. Call your local title company and have them run a preliminary title report so you understand what kind of other liens this home has. You are going to write up an enticing offer to help get these people out of their horrid circumstance. You are going to get in your car. You are going to go knock on the door. You are going to hope the owner answers it. You are going to ask the owner if they want to sell their home to you for the amount and terms you are going to ask for. You are going to hope the owner doesn't slam the door in your face, yell at you or worse, resort to physical violence (do you really think you are the only one who subscribes to this service and has knocked on the door?)
OR
Are you going to go to LasVegasFireSale.com and let a Realtor find you already-listed bargains and deliver them free to your email?
All the Best,
Realtor®
Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
Aziz: Thanks :)
Maggie: The inquiries are crazy huh?
Renee, why should I go to LasVegasFireSale.com when I can throw my money out the window with "fresh" foreclosure lists that have been combed over by hundreds of other investors? ;-)
I agree with Maggie that foreclosures aren't the bargain everyone thinks. There are some great bargains, yes, but the assumption is that they all are.
Tchaka
Renee,
You are a firecracker I love your writing style staightforward no b.s.
Happy 100th
Good Day!!