All Forum Posts by: Rafael Floresta

Please report back if you can find a way to get this deal going. At this point I would move on. I think the bank is going for appreciation like many investors or there.

patrick I know how you feel. I was there for about 1 year before I started getting things moving.

From reading the other threads it seems the bank would never talk to you about a single deal. But i , being as stubborn as I am, would still try.

http://www.biggerpockets.com/forums/16/topics/126701-buying-directly-from-asset-managers-from-banks

Very good read on the subject:

http://www.biggerpockets.com/forums/16/topics/81138-buying-reo-foreclosures-directly-from-the-bank

thanks @Kevin Hill not sure how missed that. :)

@Patrick Jacques well, that is pennies for the bank. Would you buy that house?

@Kevin Hill can you help me find where to search? I am missing something.

I used this site before:

http://salesweb.civilview.com/SalesListing.aspx

but I wasnt sure if the information was up to date.

My local county has a great website to get the foreclosure info, but I don't think Bergen County has one.

I still recommend you going to an auction to see how things works. I went a couple times, and talked to the winning bidders. They are weirded out at first by random people approaching them, but once they see me every week, they open up a bit.

I'm by Philly. It is not unheard of 400 days on pre foreclosure.

Call the sheriff office and inquire the status of the property. The phone number for your county is (201) 336 3500. You can just ask if that specific foreclosure sale has already happened, and if so, what was the outcome. If not, ask the date, and if they have an estimate of the owned amount. Sometimes they do, sometimes they dont.

Post an update after you do so, I'd like to know.

For 3 months I would just do it under my personal name, and not worry about LLC.

when you say a house "is" a foreclosure, it might mean a couple things:

- the bank has filed the foreclosure but it has not been done yet. This is also known as a pre-foreclosure.

- the bank has filled AND the property has been foreclosed. That means the property was sold in an auction, and either another buyer bought it or the bank got it back. When the bank gets it back, it now becomes a "REO", or Real estate Owned, which means it is a bank owned property now.

In your case, you said the owner is underwater, so I am assuming you mean he is in pre-foreclosure, since the owner is still in the picture.

Your options are, try to do a short sale or buy it at the foreclosure auction.

A short sale might be hard to do if the foreclosure sale is in less than 3-6 months. Short sales sometimes take a long time.

Buying at the auction is very dangerous if you don't know what you are doing. You should go partner up with someone that does that. If you are remotely interested in that, just buy going to the auctions, you will learn a lot.

Back of the napkin calculation:

ARV = 260k.

Profit = 5k

Repairs = 25k. (better be safe than sorry)

Purchase price: (70% ARV - Repairs - Profit) 152k

You are saying you want to wholesale the property once you have it in contract. Banks usually ask for proof of funds (for a cash or financed offer) when buying a short sale.