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Dinosaur Mechanic
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Discussion Starter #1
Ok I have been looking online and working with a realtor but there are 577 homes that are in some stage of forclosure in my county but only 110 for sale. I have heard about some great deals but I have never seen some of them listed on my usual searches. I did see a site called RealtyTrac[sp] that only lists the street unless you pay to join. Not sure if there are any good sites anyone wishes to share. I am looking in Michigan.

Thanks
 

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Señor Member
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Ok I have been looking online and working with a realtor but there are 577 homes that are in some stage of forclosure in my county but only 110 for sale. I have heard about some great deals but I have never seen some of them listed on my usual searches. I did see a site called RealtyTrac[sp] that only lists the street unless you pay to join. Not sure if there are any good sites anyone wishes to share. I am looking in Michigan.

Thanks
I would think in Michigan, you've got good odds that the houses on either side of you are foreclosures, and then every other one after that too. Start knockin' doors! :smt081



Seriously though, find a GOOD real estate agent, who is willing to check the local MLS multiple times per day for you. The great deals are gone within hours. I know this, because I am a real estate agent, and I've bought some foreclosures within hours of them being listed. Made good money on every one of them too.

Be ready to pull the trigger, and make sure you have your finances, or loan ready to go, very quickly.

If you have enough cash to pay for one outright, you can often get some smokin' deals just by attending the local foreclosure auction at the county court houses. If you don't have a cash source, you usually can't bid though.
 

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I would think in Michigan, you've got good odds that the houses on either side of you are foreclosures, and then every other one after that too. Start knockin' doors! :smt081



Seriously though, find a GOOD real estate agent, who is willing to check the local MLS multiple times per day for you. The great deals are gone within hours. I know this, because I am a real estate agent, and I've bought some foreclosures within hours of them being listed. Made good money on every one of them too.

Be ready to pull the trigger, and make sure you have your finances, or loan ready to go, very quickly.

If you have enough cash to pay for one outright, you can often get some smokin' deals just by attending the local foreclosure auction at the county court houses. If you don't have a cash source, you usually can't bid though.

and what are these good deals you speak of? how good?
 

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The Media has an agenda!
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25,768 Posts
Good luck beating the professionals at this game..!

The sharks have been on the prowl since the beginning.

Everyone is looking to cash in on the misery.

The banks and mortgage companies are stacking "processed" foreclosures as deep as they can stand waiting for the market to shift.

Real estate agents have been developing foreclosure property portfolios according to schedules for both group and individual investors.

Individual entrepreneurs have been acquiring what falls to the wayside.

..and the ***** of it much of the pre-process heads-up gets passed in a who-you-know pipeline of contacts in bank-legal-real estate.

Find a real-estate office thats well connected.

The information is out there...but like Wall street some of it is just short of insider trading.
 

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The Media has an agenda!
Joined
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25,768 Posts
I would think in Michigan, you've got good odds that the houses on either side of you are foreclosures, and then every other one after that too. Start knockin' doors! :smt081



Seriously though, find a GOOD real estate agent, who is willing to check the local MLS multiple times per day for you. The great deals are gone within hours. I know this, because I am a real estate agent, and I've bought some foreclosures within hours of them being listed. Made good money on every one of them too.

Be ready to pull the trigger, and make sure you have your finances, or loan ready to go, very quickly.

If you have enough cash to pay for one outright, you can often get some smokin' deals just by attending the local foreclosure auction at the county court houses. If you don't have a cash source, you usually can't bid though.
Akin too gambling. This is not a game to learn as you go.:-KFC
 

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The Media has an agenda!
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yea figures
Don't let me discourage you. If you have the means-are ready to move fast-and know the neighborhood where you want to be..going door-to-door might find you a "gem" before it hits the pipeline.

I've seen some incredible short sales, but they were more plentiful when the downturn started.

Right place right time..just know what the price-point should be and get it inspected so you don't get burned.

I believe in consulting professionals..

a. real estate broker/full-time real estate agent
b. independant mortgage broker
c. independant home inspector.

...and read a few books.:)
 

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Dinosaur Mechanic
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Discussion Starter #11
I will check on the pre- forclosure. Don't know where you can find them though. Our newspaper like a lot of others, doesn't print them all. Actually I think they only list them one day a week. I do have a inspector ready and loan approval all set. This will be a second house for me and my girlfriend so it needs land or a barn, which limits my choices a bit. I have seen some sales reports of places going for 1/3 to 1/2 taxable value.
 

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The Media has an agenda!
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I don't know about you, but I never gambled on any of the houses I bought for profit.
Every for-profit purchase is a gamble. More risk..more possibility for reward. There are many different positions depending where in the process you buy.
 

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Beer me!!
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Unless you are looking for a descent house for yourself to live in, this would be a waste of time!! If that many people are in forclosure, how the hell would you ever sell the thing for market value? My guess is that you would probably end up putting some money into a forclosed house in order to sell it, and in the long run wouldn't be worth your time. Where I live, there are two or three houses for sale on damn near every block, and most of them have been sitting empty for a long time. Getting a house cheap would probably be the easy part, making money on it would be the hard part!! Good luck!!
 

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Señor Member
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Every for-profit purchase is a gamble. More risk..more possibility for reward. There are many different positions depending where in the process you buy.
It's not a gamble when you know the market like the back of your hand. If you're running around blind without a cane, that's when you can really phuck yourself. :p
 

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Foreclosures are good IF you have cash. I looked at foreclosures when I was buying a house a couple years ago. My realtor and I made offers on a ton of them and never heard back from most. The houses were "For Sale", but not really on the market. Also, most of the ones we looked at had been stripped of all plumbing fixtures, HVAC equiment, and major appliances. Mortgage companies wouldn't have touched them with a ten foot pole.
 

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green to go
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when we were looking a few years back , i had a realtor that sent me a email of new listings probably 4 days a week (think they were averaging something like 20 to 30 a week at the time)....watched 1 particular house for close to 10 months , tried to buy before it went to courthouse , but the finance company wouldn't even accept a offer. the mls site is good to see what is out there via realtors , but driving around , you might find more.
 

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Good luck beating the professionals at this game..!

The sharks have been on the prowl since the beginning.

Everyone is looking to cash in on the misery.

The banks and mortgage companies are stacking "processed" foreclosures as deep as they can stand waiting for the market to shift.

Real estate agents have been developing foreclosure property portfolios according to schedules for both group and individual investors.

Individual entrepreneurs have been acquiring what falls to the wayside.

..and the ***** of it much of the pre-process heads-up gets passed in a who-you-know pipeline of contacts in bank-legal-real estate.

Find a real-estate office thats well connected.

The information is out there...but like Wall street some of it is just short of insider trading.
This is the truth. My ex was a loan officer and they were given to select people who got taken care of.
 

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Here in paradise (kansas, sic) a realtor told me that the brokers buy them up as fast as there become available, so they can make a profit instead of saving a buyer money.
 
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