What should I do???

Question

I found a few builders who just gave up. They started to develop the housing track but, since the properties are not selling they lost there funding. Most of the houses are complete and some are just frame work. How can I capitalize on this situation??
Developments are located in Southern California. (Corona, Riverside, and Orange County)

Mitch Freed · Answer

Corey, so are you working with the servicer to get a list of all the properties they currently have that are in default?  Or are you talking REO?  The properties in default you still have to work the with homeowner or are you making offers to purchase the notes at a discount?

Account Closed · Answer

I dont know whats going on but everyone is looking in the wrong 
place to fine foreclosed properties.

Man I went through the same thing 
then found the servicer direct, will not
play in the auction or builder buyouts 
ever again.

Dick Green · Answer

There's alot of opportunity with builders right now.  I have offers in on a couple of properties never lived in....dirt cheap.  The smaller builders really don't care.  It's the lien holders that you have to please.

Noel Meredith · Answer

It is a fairly good size track (about 30 homes). They are builder owned for now. I had a meeting yesterday with the builders and they are trying to renegotiate their construction loan. Iâ€™ll know by this weekend if I can negotiate a deal or not. 
Thank You

Dave P. · Answer

Are they built as part of a large development or are they smaller builders?

Greg Jasper · Answer

Are these properties bank-owned or builder-owned?  Either way, you should be able to find out how much they would let them go for and negotiate a price.  I am fairly certain that the builders would let them go for fairly cheap, but there definitely could be some liens on the property.  I can almost guarentee that some of the sub-contractors have not been paid.  Good luck.