RealtyTrac, Foreclosure.Com...any Luck?
Has anyone used these sites for gathering pre-foreclosure information? How reliable/up-to-date are they?
Has anyone used these sites for gathering pre-foreclosure information? How reliable/up-to-date are they?
I was afraid that was going to be the answer...
Do you know how to go about asking for that info at the courthouse?
Thanks!
Realty Trac is horrible. Dont waste your time. Information is old or just incorrect.
Try this site for pre foreclosure info.
http://www.ctcres.com/ Personally, i watch the legal ads in the local newspaper once a week and send out my letters.
Quote:
On 2007-04-27 10:35, CincyRealtorNKY wrote:
Has anyone used these sites for gathering pre-foreclosure information? How reliable/up-to-date are they?
no, thats one way of doing it, but it doesnt always work that way. you can assign a deal for whatever price, its just a matter if the buyer will accept it.
Rob, Good Post. I would like to know the formula as well. It seems to me your offer is a very strong offer.
Did you make the offer through a buyer’s agent?
Was there a tight deadline on the offer? Say 3 business days?
What are the comps in the area of this home? What are you estimated costs to correct deficiencies in the property, holding costs and cost to sell the property?
Chris, that 87% rule is the net to HUD formula.
I have never been successful bidding on a Fannie Mae property. The last one I tried to buy was this past October. I offered my maximum 88% of list, and Fannie Mae countered with 98% of list and would not move any lower.
The property was not sold and title eventually transferred to the PMI company that insured the defaulted loan. The PMI company accepted my cash offer at 88% of list with no contingencies, and no closing cost assistance. There was no counteroffer. I closed 15 days later.
BTW, the original property I mentioned in this post was countered at FULL price with 2k in closing costs by fannie mae.
Rob
"Chris, that 87% rule is the net to HUD formula. "
Oops...
(Embarrassment, red face, looking for good excuse...)
Chris
Ray,
Help me get this straight
When doing an assignment, you first have to put a contract on the house that you are legally bound to get closed. What happens in the event you can not get the house closed within the terms of the contract.
CJmazur,
Ouch! Ouch! OOOUUCH!!!
I feel your pain.....
CJ can you put some graphics with that?
cycledog
I think we were addressing the problem of losing all your hard work and profit.
If you have an exit clause and you have to exit means you failed the transaction and nobody wins.
[ Edited by cycledog on Date 06/07/2007 ][ Edited by bargain76 on Date 06/07/2007 ]