All Forum Posts by: John Slater

Hi Nicole. Buying at auction can be very tricky, especially if you haven’t been in the house. Your buying as is. I️ can only talk from California experience, but for me I’ll only follow a property to auction if I’ve at least seen inside, and then also been able to make sure about other liens/judgments etc that could be against the property. Outside of that, for me it’s just too risky to know exactly what you are getting.

I️ would ask the agent handling the short-sale to re contact bank and negotiate the offer. The challenge is that many agents aren’t well versed in working with lenders on short sales. Normally I️ would have paid for my own appraisal, have one or two repair bids, photos etc so be able to negotiate with the lender and help the bank appraiser do their job. If you can’t get anywhere with the agent, buying at auction may be the only option but if the lender has an opening bid at $58, then it doesn’t sound like it’s worth it. Hope that helps a little.

Hi Victoria. When trying to buy a short-sale, it’s all about the agent working with the bank and how versed they are. Sure they listed at $49k, but the bank will determine the price based on a bpo. That being said, when submitting he offer, it’s imperative to substantiate your offer. Such as estimate for repairs, comps etc, which essentially is you providing proof to the lender why it’s only worth them accepting $45k. Do you know the Value of the repairs and value of the house in a repaired condition? Also. Is the property in Auction stage, or just in pre-foreclosure stage? Is the agent still listing the property?

Hi Nicole. For the most part the foreclosure process is straight forward, however let me ask first.... is the property your looking at currently in the foreclosure process? Or has it been foreclosed and now bank owned? Or is it due for auction and you looking to purchase it at auction? The scenario’s are very different which is why I️ ask. John

@Lew Payne

Lew, never met nor heard of James Piccolo or Five Star.......  God's honest truth, so my answer would be NO. 

@Account Closed 

Hi Rhonda, If honest I spent about $8,000, some say its a lot, (my parents did) some say its small when compared to many programs out there, either way I took a leap of faith and saw the potential it had for my future.  I'm now nearly 2yrs in my journey and happy that my wife and I don't have to look back at where we were. 

Can't say I enjoy real estate, but enjoy what the money allows me to do :)

Rito Altamirano Hi rito, question for you.... Let's say you help pay off the default amount, then what? Can he now continue to pay his mortgage to keep current, or will he fall behind again? That answer determines what next. As far as profit for you..... The only way that works is if he allows you to sell and cuts you in for helping. How else can you make anything... There are some interesting options but dependent on his financial situation.

@Easton G. 

Hi Easton, When I read your posts, I think you already answered your own questions.

It may be a long-term goal, but short term should be gaining some money in the bank.   

You have fears for whatever reason, then take the money and move on to the next.  That way you don't need to regret anything later that you already fear now :)

@Stephen Yiu 

It is super easy Stephen.  There are tutorials etc to help you generate what you want.  It has a complex side to the system but more on what its capable of doing to the smallest of detail.  Its very simple to use and has a 7-day free trial i believe.  

@Donnie Brooks honestly don't know Donnie.  I know for the one I have I can only see California, AZ and NV.  Sean OToole is a member on here and he would be the best person to ask.

@Scott Terry-Cabbler 

Hi Scott, wholesaling from a wholesaler is definitely interesting, but what your mark up should have nothing to do with the owner/contract holder.  I know its tough to kinda say it like that, but it shouldn't even be there question.  The deal should simply be 'how much do you want'... and they get what they wanted, not shifting the posts later to suit them and take an extra piece of someone else's pie.  That being said, wholesaling from a wholesaler would scare me as a buyer, but if you have them ready to buy, good on you.  Don't be bullied out of what you made for you.

@Stephen Yiu 

Hi Stephen, I should get a commission for plugging this but I promise i'm no connected to them in any way, just a system I use.  Is it cost effective?? depends if you make 1 deal in the next 15 years :)  "property radar"... used it for 2 years, costs about $50 a month so $600ish a year.  tells you everything you need to know and has some great follow up features... here's a clip of san ramon.. Green for pre-foreclosure, blue for auction properties.  Doesn't get any simpler than this :)