Forclosure Land Question
I am getting ready to close on a house "Reo" . Come to find out it was a house owned by my distant cousin. The agent stated it sits on 3.32 acres. However my cousin also owned the piece of property next to it another 3.32 this was purchused the same time thru the same morgage. What will happen to the other 3.32 acres? Why would the bank not sell all at once?
Start by browsing the foreclosure forum and reading all the topics that look interesting. A lot of the basic info is already covered several times in threads.
After that come back and ask some specific questions. Folks here are rather good about answering
kwagent954....Your posts would be infinately more readable and you would get more response if you would just use paragraph breaks.
Like this.
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Ouch!!
What exactly are you trying to say here? My eyes started crossing halfway down the post.....
Thanks,
Virnia
kwagent, Whats your background? I am in S. Florida same area and always looking to network with people with energy for real estate. I am getting into foreclosures now markets great maybe we can do some things together let me know
GRQ,
search the foreclosures, follow up and see which ones are actually going to sale. Do your homework.
I started with 40,000 and boubht 6 houses in 1 year in Georgia. If you get to the owners before foreclosure, one of them will allow you to buy "sub-to", ( look it up, John Locke has some excellent reads on it), and you are into your first prop.
Persistence overcomes all obstacles!
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Read read read its the first step to sucess in anything you do. Dont jump in the pool not knowing how to swim.
Agreed, ignorance is the most expensive education
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So... what happened to this kid. I was enjoying the thread - as well as those of you offering assistance and correction. Hello?.. hello?
If you are looking to get started in investing, it would be wise to join your local investment group.
Most large REIAs have smaller networks within them.
It is a great place to start!
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I am a new real estate licencee...... I still have not joined with a broker yet.... I am intrested in working in the foreclosure field..... I was reccently told that to do any work in real estate once you pass the exam you had to be with a broker.... is this true? From what I remember that is true only if you work investments for yourself.... what if I work for others? would I still need to be with a broker? If I do would he be collecting off of what I make in my business as a commision?
You have it backwards, actually. The license is for working with other people, not your own investments. You must now disclose that you are a licensed agent--in all your transactions. Your broker will need to hold copies of your transactions (brokerage realted or not, though that may vary depending on the laws of your state). All commissions and fees paid for deals in which you are not a principle will have to go through your broker, and he will take the cut you two have agreed upon. Property you own can be sold FSBO without going through the broker, but, again, you must disclose that you are licensed.
Being licensed comes with advantages and liabilities. Because you are not with a broker you have an inactive license. You have all the libilities and none of the advantages.
Go interview brokers. Tell them what you plan to do, and find one who will let you work out your plan and who offers you the best combination of broker backing and commission savings, depending on what you need.
Thank you so much! I have been looking for exactly what you told me for about two weeks now....