How to find foreclosed homes and short sales.

By
Real Estate Agent with Key Realty Group Inc. 200512291

There are a few ways to find great deals on foreclosed homes and short sales. The most popular but the least effective is cold calling off a  default list. You can get this list from your local Title and Escrow company however these are rarely folks who are interested in selling but  usually people who are trying to save their homes. They  are usually highly offended by the uneducated offers from Real Estate novices who's experience consists of a video course they bought at 2 am from a Saturday night infomercial. I have seen company's actually selling these lists for anywhere from $10-$100. DO NOT BUY A DEFAULT LIST. You can get this info from your local Real Estate broker or title company for free. One thing most people do not realize is the default amount on the list  IS NOT WHAT YOU CAN BUY THE HOUSE FOR! It is the amount of the first position lien. There are often several other liens that must be dealt with before a title can be cleared. The other popular but worthless way to find deals in drive around looking for run down houses people might sell for a good price. You might as well drive around and try and find money people drop by accident.WHAT A WORTHLESS WASTE OF TIME!!!! The very best way to find an amazing deal on a foreclosed property or short sale is to contact a Real Estate broker who specializes in distressed properties. These pros know where they are and  how to negotiate SUCCESSFULLY with the banks. YOU WILL NOT SAVE MONEY  DOING IT ON YOUR OWN.This is called stepping over dollars to pick up pennies! Don't do it! I have watched several investors spend months or even years trying to get  banks or anyone to listen to them and look at their ridicules offers with less earnest money than they spent on the get rich flipping houses  books they just bought.  The market is to good right now to waste time. Use the following criteria to find a Broker who can help you take advantage of this home buying investors dream market we are in.  

   1. Find a broker who is currently being hired by the banks to do BPO's (broker price opinions) , and have REO (bank owned) property for sale as well as work as a buyers agent specializing in REOs, short sales, etc. They will be able to give you the first shot on their bank owned listings as well as having connections with the old boys clubs that often have the bank owned markets cornered.

  2. A investment buyers agent  should be an expert in short sale negotiation with at least 10 successful short sales under their belt. I am on a personal level with as many bank asset managers and employees as possible. I make sure they know me and like me. This allows me to really navigate the bank and pull favors to the advantage of my clients.

  3. Willingness to show you allot of properties is key. I take my clients to see 15-20 houses minimum. You cant know you have the best deal unless you see what the competition is about.     4. Information speed is key. My buyers see the new important listings as soon as they come on the market. this gives them an incredible advantage. 

     5. Tie the deals up fast!  Even in this buyers market the best deals often are sold with a bidding war. I tie up my buyers possible purchase before this has a chance to happen.  

 For Lane county Oregon go to www.teamthayer.com If you are outside of Oregon I can still help so log on to my site or call me @ 541-543-7287

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Realtor Referral Network
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foreclosed homes
short sales

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Ambassador
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Lizette Fitzpatrick
Lizette Realty - Lexington KY - Richmond KY - Lexington, KY
Lizette Realty,Lexington KY MLS - Kentucky Homes -

Good ideas here. I am working on my first short sale for my sellers right now. Not my favorite thing to do.

Nov 07, 2008 08:30 AM #1
Rainer
152,649
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Step by step, excellent advice again. Keep following the instructions and things will work.

Nov 07, 2008 03:38 PM #2
Anonymous
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Justin Thayer

Lizette

That's awesome. This is how you are going to excel in this business for a while. Dont be afraid to just go for it I would love to hear how the short sale turns out. Please feel free to read the short sale information on my web site @ www.teamthayer.com or call me @ 541-543-7287. I am always willing to help.

Nov 07, 2008 03:44 PM #3
Anonymous
Anonymous
Justin Thayer

Fred,

 Thank you for the encouragement feel free to comment on my posts or call me anytime @ 541-543-7287 for advice or to give me tips. I am always looking to improve.

Justin Thayer 

Nov 07, 2008 03:47 PM #4
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Rainer
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Team Thayer Key Realty Group Inc

We will sell your house faster for more money
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