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REO

Real Estate News

The Flood Gates Have To Open Soon…

by Peter Giardini | September 29, 2009

For many real estate investors, these past several months have brought a welcome sigh of relief as homeowners have come into the market in truly satisfying numbers. In many parts of the country the steady downward slide in prices has tapered off and we have been seeing what may be the bottom in terms of further price declines… or NOT!

Are Some Hyping Up the Real Estate Market Too Soon?

The numbers throughout the Summer have been promoted with great fanfare… the Schiller-Case Index and National Board of Realtors proclaiming that prices may have bottomed out and the worst is over. Great news if you can believe it!

While I am delighted that prices have stabilized and even increased in some markets and that home sales over these past several months have been solid and even matching sales volumes from 2005…I have been troubled and what I haven’t been able to put my finger on is this…

With all of the homes going into foreclosure, when will this inventory start to pull this “current” housing recovery down? This Bloomberg article is not good news… and suggests that we have a long way to go before all of the current and projected foreclosed inventory can be absorbed.

So the million dollar question is this… How long can lenders continue to hold their REO inventory?

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Real Estate Wholesaling

How to Close REO Wholesale Deals (Part 2 of 5): Using Quitclaim Deeds

by Stephani Davis | September 17, 2009

This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.

Using the Quitclaim Deed Method to Wholesale Real Estate

Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.

When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.

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Real Estate Wholesaling

How to Close REO Wholesale Deals (Part 1 of 5)

by Stephani Davis | September 10, 2009

If you’re a wholesaler and have been considering jumping into the REO arena, you’ve probably already figured out that you’re not going to be able to assign your purchase contract to your end buyer like you would on a regular wholesale deal. Ninety-nine percent of the banks will include a “No-Assignment” clause in their contract which will prevent you from doing so.

REO Wholesales are Still Possible!

Because of the bank’s restriction on assigning contracts, many wholesalers are under the impression that there is no way to wholesale these deals at all. This is far from the truth, and while there may be a few more hoops to jump through when wholesaling REO properties, there are still several ways to get these deals to the closing table.

Over the next five weeks, I will be covering five different strategies that you can use to wholesale your REO deals and get around the bank’s “No- Assignment” clause.

Conducting a Simultaneous Closing

Today I will be talking about using a simultaneous closing, which is the way I have been closing my REO wholesale deals for the last two years.

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Real Estate Investing

Five Ways to Make Your REO Offers Irresistible to the Bank

by Stephani Davis | August 13, 2009

It’s no secret that there are some great deals available on the mls right now in the form of REOs and short sales. I’ve been wholesaling REOs off of the mls for the last two years, and have learned a thing or two about what the banks are looking for in an offer.

Whether you are trying to get the bank to give you a substantial discount off of list price, or you want to snag a great deal that just hit the mls, implementing the following five strategies will greatly increase your chances of getting an accepted offer.

1) Make Cash Offers

When I first started going after REO properties, I was submitting a pre-qualification letter from a hard money lender with my offers, and using a financing contingency.

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Commentary

Major Banks Announce Halt in Foreclosures for One Month; Await Obama Plan Details

by Joshua Dorkin | February 14, 2009

As the spending stimulus package passed the House and Senate on Friday, lenders large and small took action to stem the tide of foreclosures (1 every 13 seconds) until more details were revealed about President Obama’s $50 billion plan (that’s the portion of the stimulus devoted to foreclosures, according to the AP).
Fannie Mae, Freddie Mac, [...]

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Commentary

Homeowners Delusional On Values – More Dangerous Than Banking Crisis?

by Rob K. Blake | November 1, 2008

Zillow published a report today showing in fast relief just how out of touch the average home owner is when it comes to evaluating their own homes value.
Zillow’s survey says that half of home owners think their homes are worth the same as they were a year ago. 32 percent believe their [...]

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Real Estate

The Top 3 Mistakes to Avoid When Buying a Short Sale as a Residence

by David Peeples | October 17, 2008

Buying a short sale can be a great way to make a smart real estate purchase, given the conditions in today’s market. More frequently, home buyers want to look at nothing but foreclosures, REOs, and short sales during their real estate search. However, just because a property is being sold as a short sale, [...]

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Commentary

We Buy Banks; Markets Rejoice; Where’s The Rescue Plan For Homeowners?

by Charles Feldman | October 15, 2008

Great. Taxpayers now own banks, investment houses, probably an auto company or two before long, and the British have shown that, despite having lost their empire, they still know a thing or two about handling a financial crisis that the U.S. and others can take lessons from…
But does this mean that people who were on [...]

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Real Estate Marketing

If you are not getting “yelled at” then you are not doing enough!

by Jason Hanson | June 26, 2008

On Saturday at my local REIA meeting (everyone should be going to ALL of the REIA meetings in your area), I was talking with an investor who had received a nasty phone call from a homeowner who was not happy that they received a letter in the mail. They wanted this investor to know [...]

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Foreclosures

Real Estate Foreclosure and a Ground Breaking Court Decision

by Tom Koziol | May 2, 2008

Readers of this blog fully understand foreclosures are on the uptick and will likely to stay that way for the remainder of the year. However, some people may not fully realize the challenges being mounted against foreclosures from all fronts.
It seems the lenders/banks have it had too easy for too long and have become complacent [...]

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Foreclosures

Benefits of Buying a Bank Owned Property (REO)

by Troy Schuricht | April 3, 2008

REO stands for real estate owned. This term is used when referring to a home that has gone through the foreclosure process, failed to find a buyer at the auction, and is now owned by the bank.
One of the benefits of buying a bank-owned REO property is that investors can purchase the home free [...]

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Foreclosures

Buying "Subject to" Existing Financing – Subject to Foreclosure

by Milton B. Yates | March 1, 2008

The real estate investing craze that falls just behind the business of buying directly from the bank with Short Sales or REOs is buying “subject to.” This non-traditional method is simply purchasing real estate subject to the existing financing. The financing that is held by the seller stays in place, the mortgage on [...]

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Foreclosures

Foreclosure Options Abound for Distressed Homeowners and Investors

by Joshua M. Marks, Esq. | December 10, 2007

For thousands of homeowners across the country saddled with adjustable-rate mortgages, 2008 promises to be a financially challenging year as interest rates begin re-setting thereby drastically increasing monthly mortgage payments.
It is this problematic course of events in the residential market that has seen the number of foreclosures skyrocket over the past several months, with even [...]

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Commentary

Foreclosures Matter! How Foreclosures have affected homeowners, investors and the economy

by Joshua Dorkin | November 28, 2007

I was reading a post by one of my favorite real estate bloggers, Pat Kitano, about how bloggers seem to be ignoring the foreclosure business, and I was a bit surprised. It seems that many of the other blogs out there have decided to play down the problem or feel that there isn’t a [...]

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Foreclosures

Pre-Foreclosures: You have 3 shots

by Jim Watkins | September 10, 2007

First off, let me clear up one thing that continues to confuse the masses…
There is a difference between “Pre-Foreclosure” and “Foreclosure.”
I am sure all of you have seen the advertising on various sites. “See a list of foreclosures in your area!” Over 90% of the time, they are technically a foreclosure but really they are [...]

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