Help
Hi I am a newbie! Here is my question.
After Sherrif sales, and the property doesn't appear to be sold to an individual. At this point, what should you do? Assuming your interested in the property via drive by. Who do you contact? Would this be the opportune time to attempt a short sale?
Hello Fellow Ohioan,
I assume you are talking about the properties that are bought back by the lenders. These propertes are now the properties of the banks and are normally assigned to realtors who will list/sell these.
It is too late for a short sale and you just have to wait until the relators list them unless you can get a relationship with a relator who specializes in these who will contact you before they hit the mls.
[addsig]
Thanks.. can someone walk me through the options I have if a property is up for auction and scheduled to be sold in about a month?
Telemon- thanks by the way. Where do you get a list of REO brokers? Thanks!
"It is too late for a short sale "
The same technique that is used to structure a short sale can be used to acquire REO at a discount.
The key is the (former mortgagee's) perception of value. That hasn't changed.
Thanks. I think I need to read up more on this... Are there any books, web sites, or other items I should read?
OK, please let me clarify. Me and a partner are talking about starting a part time biz investing in homes in our area that we can pick up below FMV. Yesterday there were 36 properties auctioned off at a sherrif sale, from what I gather 10 were purchased by investors, the others I am assuming went back to the banks..these are the properties I am interested in. Do you contact the banks and ask to see the property? Assuming the homes are vacant, do you snoop around yourself? Average homes in my area are selling for 145-175 depending on the area. How good of a deal can you get dealing with banks after auction? Tell me if I am on the right path. We would be interested in renting if the situation is right, but basically we would like to buy/fix/sell. Please direct me which way to go. I love homes. I am on the MLS everyday just looking at homes and what they go for around my area. There is money to be made and I want a piece of it!