Home Foreclosures

[Tom Slick]

Ok guys and girls, I'm looking for the foreclosure experts in here. I don't know much about forclosures, but am very interested in them. Any information, pros and cons is greatly appreciated. With home prices in So. Cal being what they are today, foreclosures seem like a good what to go. Any insight? :)
Thanks
Chris

[Havasu Hangin']

Hey Mr. bigtime-movie-producer...just step up and spend a couple of those millions.
:D

[Tom Slick]

Hey Mr. bigtime-movie-producer...just step up and spend a couple of those millions.
:D
Man I wish...business is slow now that xmas is over.

[Havasu Hangin']

Man I wish...business is slow now that xmas is over.
I hear Presidents Day is big with the boating DVD crowd! :idea:
Then again, Valentines Day...Pegged is the most romantic gift out there... :supp:
Also, instead of eggs, maybe the "Easter Bunny" will be hiding Pegged DVDs this year? :confused:
:D

[Tom Slick]

I hear Presidents Day is big with the boating DVD crowd! :idea:
Then again, Valentines Day...Pegged is the most romantic gift out there... :supp:
Also, instead of eggs, maybe the "Easter Bunny" will be hiding Pegged DVDs this year? :confused:
:D
Nice, looks like I'm going to be busy then. Heck you seem to have it all mapped out, need a marketing/sales job? :D

[Havasu Hangin']

Nice, looks like I'm going to be busy then. Heck you seem to have it all mapped out, need a marketing/sales job? :D
Sure! Does it pay the same as a contributor, though? :notam:

[cdog]

To be perfectly honest they really don't exist right now. While they are up slightly they are in the dubble digits for all of Ca. Most peeps are smart enough to lower their price and get out of their home soon. Plus their are too many people with avaliable cash with equity lines. Everyone is looking for the " Deal " that just isnt out there yet. If you have the cash, hold on and watch rates. The fed is tightening short term rates and that will get rid of a lot of equity lines and risky first time home buyers. Thus may create some more repo opprotunity's. I'm a realtor so keep in touch and i'll let you know what the market is doing.

[Domn8er]

forclosures are hard to come by these days. With the time it takes to sale a property, most people can sell their property and make money rather than let it go into forclosure. Now there still are forclosures out there. There are some good web sites out there that will give you info about properties. When purchasing a forclosure, it is usually done at the county court house and has to be paid if full.

[Tom Slick]

Sure! Does it pay the same as a contributor, though? :notam:
I'll let you hang out with me now that I'm (as you put it) a bigtime-movie-producer. :D

[Tom Slick]

To be perfectly honest they really don't exist right now. While they are up slightly they are in the dubble digits for all of Ca. Most peeps are smart enough to lower their price and get out of their home soon. Plus their are too many people with avaliable cash with equity lines. Everyone is looking for the " Deal " that just isnt out there yet. If you have the cash, hold on and watch rates. The fed is tightening short term rates and that will get rid of a lot of equity lines and risky first time home buyers. Thus may create some more repo opprotunity's. I'm a realtor so keep in touch and i'll let you know what the market is doing.
I'll definitely keep in touch and keep saving my $$$. Thanks. :)

[Tom Slick]

forclosures are hard to come by these days. With the time it takes to sale a property, most people can sell their property and make money rather than let it go into forclosure. Now there still are forclosures out there. There are some good web sites out there that will give you info about properties. When purchasing a forclosure, it is usually done at the county court house and has to be paid if full.
Thank you, any sites that you can recommend?

[cdog]

forclosures are hard to come by these days. With the time it takes to sale a property, most people can sell their property and make money rather than let it go into forclosure. Now there still are forclosures out there. There are some good web sites out there that will give you info about properties. When purchasing a forclosure, it is usually done at the county court house and has to be paid if full.
Most of those sites are a joke. They try to tell people that they can buy a 600k home for the tax lein of mabey 5k. It takes 5 years in Ca. before the state can take a home for back tax's. I have buyers who bring those to me all the time and I show them the listing for well over what they can afford. One example was a 2700 sqft home here in anaheim hills for $6700.00 . I showed them the lisiting for $799,000. They were in the 500k price range. One good way to find when things change is to know a good realtor. If homes were really out there for that price i'd be buyin them left and right. Think about it, If I can get 1,000,000 people fooled to pay me 29.00 a month for public records. WOW! I'm in the wrong buisness.

[Havasu Hangin']

I'll let you hang out with me now that I'm (as you put it) a bigtime-movie-producer. :D
I can see it now. We go to Havasu, and you'll be the only guy pulling a Skater with a limo...
...and no more beer and jerky! You gotta have catered food and fine wine.
You're probably going to bring one of those folding chairs with your name ("Mr. Bigtime") on the back, so you can yell "ACTION" whenever you feel like it.
:D

[NashvilleBound]

Just because its in foreclosure does not mean its a good deal. About half of the properties I investigate in forclosure are backwards still. The bank usually takes it back...lets it go through the HUD phase(HUD almost always has a minimum they can sell it at from the bank), then if it still does not sell it goes to auction. That is how I have bought most of my homes. Only thing is you need to be able to pay for them right then. At least the ones I have bought. I know there are probably ways around paying for them in full but its the way we do it. Good Luck.
www.goldenfeather.com/inventory (my secret link..shhsshhh)
Ok guys and girls, I'm looking for the foreclosure experts in here. I don't know much about forclosures, but am very interested in them. Any information, pros and cons is greatly appreciated. With home prices in So. Cal being what they are today, foreclosures seem like a good what to go. Any insight? :)
Thanks
Chris

[Boatcop]

If you're looking for income property, that is something you can purchase at forclosure, maybe fix up a little to rent or sell at a profit, you might condier looking in AZ.
It's a little different here. We have what's called a Deed of Trust. When the mortgager defaults, the trustee (Mortgage Co.) sells the deed at public auction for whatever they can get.
Usually that's handled by a local trust attorney. The potential purchser only knows how much the original deed of trust was for. Say a mortgage for $150,000. The total owed is usually much less, but you are bidding on that $150,000 deed. If the amount owed is, say $80,000 and you win with $100,000, the excess ($20,000) is given back to the owner, who defaulted.
If you win at $100,000 and the balance owed is more, say $130,000, the original owner is still liable for that 30 grand, but you, as the purchaser of the deed of trust, now own the property free and clear.
These auctions have to be published in the newspapers, so if you check the public notice section of papers in the area you are interested in, you can see what kinds of properties are going up for Trustee's sales.
The owner still has the option, up until the gavel drop of the auction, to settle the back payments plus fees, and stop the whole process.
And often, legal eviction papers have to be taken to get the old owners out of your newly purchased house.

[Dusty Times]

Man I wish...business is slow now that xmas is over.
I somehow got two Pegged DVDs for Christmas. My wife ordered one from the website and she ordered a t-shirt from the OSO store and instead I got Pegged. Smokin deal but I can only watch one at a time. One is still upopened. Maybe if I can get some of the stars to sign the unopened copy it will be worth millions in a few years.

[Tom Slick]

I somehow got two Pegged DVDs for Christmas. My wife ordered one from the website and she ordered a t-shirt from the OSO store and instead I got Pegged. Smokin deal but I can only watch one at a time. One is still upopened. Maybe if I can get some of the stars to sign the unopened copy it will be worth millions in a few years.
I think you maybe onto something...I can see the EBay auction now! :D

[Dusty Times]

E-Bay :idea:
Good Idea!

[Tom Slick]

I can see it now. We go to Havasu, and you'll be the only guy pulling a Skater with a limo...
...and no more beer and jerky! You gotta have catered food and fine wine.
You're probably going to bring one of those folding chairs with your name ("Mr. Bigtime") on the back, so you can yell "ACTION" whenever you feel like it.
:D
I am into fine dining and Skaters and you'll make a damn good scoffer. And Action!!!! :D

[Mandelon]

As said above, the prices have gone up so much, that there is usually enough equity to get a property sold off first. Foreclosures are indeed on the rise, especially with the advent of interest only loans. If rates climb, there will be a big increase in people just walking away from them.
I used to manage foreclosures for several different lenders, and have rehabbed literally hundreds of them for banks and investors over the years. California just does not have many of them.......yet.
The coolest deal I ever got was a house that I got for free. :eek: Yes, free. Foreclosure loomed and the lady was concerned about her credit. The place was a wreck and there were no buyers. I knew the agent. She signed over the house to me, and I brought it current. $21,000 wired to the bank. Told them my property management biz would handle the paperwork and be making the payments, so send me the bills. Saved her credit from foreclosure, got a good deal on the house, rehabbed it and sold it for $50 K extra......win win all the way around.
Right now, too many people are out there overpaying for homes.

[Tom Slick]

So what do you guys suggest for someone that is tired of donating to the cause and wants to/needs to buy a home? As you know the prices today are totally stupid and way, way out of line.
I bought my first home back in 2000 in South Corona for $209,000 and sold after 9/11 thinking that I got our just in time and made a little bit of money. Little did I know that the feds would lower the interest rates like they did and house prices increased like crazy. You know the story. Anyway, the house that I sold is now worth $550,000, which is totally insane.
A realtor friend of mine told me that I shouldn't wait and should buy know while rates are still low. He said that although prices have leveled out right now, they will still continue to increase, just not at the rate that they have been. I told him he was on crack and that the real-estate market is cyclical and what comes around goes around. With the home prices being so out of hand and with homes sitting on the market not selling, sellers will be forced to lower their prices in order to sell their property. Also, as the feds raise rates, the prices will have to decrease as well. Is he on crack, or am I? Should I buy or should I wait?

[NashvilleBound]

I somehow got two Pegged DVDs for Christmas. My wife ordered one from the website and she ordered a t-shirt from the OSO store and instead I got Pegged. Smokin deal but I can only watch one at a time. One is still upopened. Maybe if I can get some of the stars to sign the unopened copy it will be worth millions in a few years.
Send it out....I will have my wife sign it......

[BoatPI]

I have worked a few RE deals. But to make a real killing.. it will not occur until two things occur
1. An increase in unemployment, or
2. A significant increase in loan rates.
So many folks have elected to take adjustable rate loans, they will find out the downside when the rates go up to 7-8 or so percent.

[NashvilleBound]

An average home here in my area is about $120k-150k...for rentals that is. That would be a VERY decent 1200-2000sf home. Rents would be between $900-1200. do the math...why do you think I am here?...well, besides the killer lakes.
So what do you guys suggest for someone that is tired of donating to the cause and wants to/needs to buy a home? As you know the prices today are totally stupid and way, way out of line.
I bought my first home back in 2000 in South Corona for $209,000 and sold after 9/11 thinking that I got our just in time and made a little bit of money. Little did I know that the feds would lower the interest rates like they did and house prices increased like crazy. You know the story. Anyway, the house that I sold is now worth $550,000, which is totally insane.
A realtor friend of mine told me that I shouldn't wait and should buy know while rates are still low. He said that although prices have leveled out right now, they will still continue to increase, just not at the rate that they have been. I told him he was on crack and that the real-estate market is cyclical and what comes around goes around. With the home prices being so out of hand and with homes sitting on the market not selling, sellers will be forced to lower their prices in order to sell their property. Also, as the feds raise rates, the prices will have to decrease as well. Is he on crack, or am I? Should I buy or should I wait?

[Tom Slick]

An average home here in my area is about $120k-150k...for rentals that is. That would be a VERY decent 1200-2000sf home. Rents would be between $900-1200. do the math...why do you think I am here?...well, besides the killer lakes.
Hey NashvilleBound,
Just curious, are you the guy I sold the wakeboards too a couple of years ago?

[NashvilleBound]

Hey NashvilleBound,
Just curious, are you the guy I sold the wakeboards too a couple of years ago?
Yes I am...thanks..We have used those a hundred times. How about a copy of that movie??????

[jdogginla]

I'm at work, and had a few drinks, so I really didn't have the patience to read the whole thread, but forclosures are few and far between right now. I bought a few with no money down 4 yrs ago, and had good results with all. If you wait it though..........the foreclosures WILL be back within the next year. All these people that re-financed their houses and pulled out 100+ k with variable rates will feel the wrath of that decision once their rates jump a point. People will be hard pressed to make that payment. The repo's will return.......and when they do, BUY, BUY, BUY, AND BUY MORE!

[Mandelon]

I don't prices will dip much if at all on properly priced midrange properties. The days of crazy asking prices, and getting 10 offers on the first day are over. Priced right, prepared right, houses will sell.
Find a house that needs a little work, that has a 45 day plus market time and start making offers....all they can do is say no.
I am going to put in an offer tomorrow on a little commercial building......and have a 5 unit apt building in escrow to do a condo conversion on. Some people just do this for a living, and dont' even have real jobs.....that'd be nice.......I'm trying!!!

[jdogginla]

I don't prices will dip much if at all on properly priced midrange properties. The days of crazy asking prices, and getting 10 offers on the first day are over. Priced right, prepared right, houses will sell.
Find a house that needs a little work, that has a 45 day plus market time and start making offers....all they can do is say no.
I am going to put in an offer tomorrow on a little commercial building......and have a 5 unit apt building in escrow to do a condo conversion on. Some people just do this for a living, and dont' even have real jobs.....that'd be nice.......I'm trying!!!
The money right now........Las Vegas! Fastest growing city in America right now! U can still get in right now. :D

[NashvilleBound]

The money right now........Las Vegas! Fastest growing city in America right now! U can still get in right now. :D
I have heard the same thing...thoooo..its still a sellers market no matter where you go. Its just more affordable in Las Vegas or TN. Things WILL drop.... Buy low, sell high....right now its patience waiting for the drop.
One of the things I always do when I pay off a home is get a second, in first place, (its actually a line of credit in first) all lined up. That way I can use the money when times go south to buy more homes at smokin prices....and I dont have any interest if I am not using it. Banks only loan good %'s when times are good. Thats why you organize now. Instead of when the bank is holding dozens of new foreclosures a week and your in there begging for a loan. Never happen. I dont owe anyone anything right now....but I am certainly waiting for the next dip in the market...
patience grasshopper, patience.....

[totenhosen]

www.goldenfeather.com/inventory (my secret link..shhsshhh)
It was my understanding that CA has switched to another company to handle the foreclosures.

[Havasu_Dreamin]

Man, all this stuff depresses a non-homeowner like me. :frown:

[jackpunx]

Nice, looks like I'm going to be busy then. Heck you seem to have it all mapped out, need a marketing/sales job? :D
I could actually help you with that..

[AvengerBabe]

I send dirtbags to foreclosure everyday... Not many in California though because it is so hard to get a house in the first place.

[NashvilleBound]

It was my understanding that CA has switched to another company to handle the foreclosures.
I use that for my TN HUD info. I have been out of the CA loop for almost a year...your probably right.
AvengerBabe: I know a ton of hard working people who have lost their jobs, then familes, then their homes that are not dirtbags.

[AvengerBabe]

I use that for my TN HUD info. I have been out of the CA loop for almost a year...your probably right.
AvengerBabe: I know a ton of hard working people who have lost their jobs, then familes, then their homes that are not dirtbags.
Wow, I didn't mean to hurt anyones feelings! That is part of my job as well, is to provide solutions to hard-working people who have come across an unfortunate streak of bad luck and DESERVE every bit of help that I can possibly provide for them. However, I also work with ignorant, lazy, lying leeches who do not give a damn about anything and are just looking for the next handout so that they can spend $850 a month on their car payment when their mortgage payment is only $400.... Sorry, again, I did not mean to offend anyone at all, just get a little jaded from time to time. Just spoke with a woman who wanted my fax number so that she could FAX CASH TO ME.... interesting, a real genius there.....

[Havasu_Dreamin]

Just spoke with a woman who wanted my fax number so that she could FAX CASH TO ME.... interesting, a real genius there.....
Uh, um, yeah, uh, um, WTF!?!?!?!?! :rolleyes: :confused: :hammerhea

[Reaper1]

I heard they got some good deals in Beaumont. :jawdrop:

[MRS. REAPER]

I don't see prices in So Cal going down....some cities in the Inland Empire/Riverside area are still being built up with new homes and communities.....so if you bought new and low, the prices will eventually go up and continue to catch up with other markets.
Just my thoughts. :smile:

[Mandelon]

Vegas has a new home completed every 20 minutes. But the prices are not rising so much any more.......

[OutCole'd]

Vegas has a new home completed every 20 minutes. But the prices are not rising so much any more.......
When interest rates start rising, I bet there will be a bunch of forclosures here. Lots of people over buying with a variable loan.

[NashvilleBound]

Wow, I didn't mean to hurt anyones feelings! That is part of my job as well, is to provide solutions to hard-working people who have come across an unfortunate streak of bad luck and DESERVE every bit of help that I can possibly provide for them. However, I also work with ignorant, lazy, lying leeches who do not give a damn about anything and are just looking for the next handout so that they can spend $850 a month on their car payment when their mortgage payment is only $400.... Sorry, again, I did not mean to offend anyone at all, just get a little jaded from time to time. Just spoke with a woman who wanted my fax number so that she could FAX CASH TO ME.... interesting, a real genius there.....
I wasn't sure if you were crule or what. Good to hear you've got a sense or humor.....and a heart:)