Buying Preforeclosures & Short Sales

Discuss strategies for getting a purchase done before the auction. Approaching homeowners, working with Realtors, working with lenders, equity purchaser laws, subject-to financing, and related techniques.
Submitted by David from CA - 01/25/2012 - 11:03am

I am a license california real estate broker, but I am not a member of California Association of Realtors, so I don't have access to any of their offer letter templates. Where can I find an offer letter template? I would like to put in an offer to purchase a primary residence for myself in Califronia.

Submitted by Matt from CA - 01/20/2012 - 12:46pm

I have a friend that has cash to invest in foreclosed properties and ive learned that i can make money with no money and not-so-good credit. But how exactly do i do this? if i contact homeowners in pre-foreclosure, what do i say to them? What do i look for when searching for the best deal?

Submitted by Barry from CA - 01/13/2012 - 4:49am

As an Investor can I offer CFK, and get a Deed In Lieu then short sale the property?

Submitted by frustrated from VA - 01/09/2012 - 8:25am

The process is absolutely rediculous. I was told to give notice to move out by the mortgage company because i was approved but now 30 days later i am living in a hotel and still waiting for the underwriter to approve. I am so sick of this waiting and just ready to get on with normal life and living. I feel they could move a little faster and get me into the house so i dont have to keep occuring the extra expenses of hotel living. My realator told me i could be sued if I back out. Is this true? What can I do?

Submitted by Debbie Kalfas from CA - 12/29/2011 - 10:07am

I noticed a property that sold over 45 days ago is still showing as a "preforeclosure" with a sale date set for Feb. 2012. Is this an error?

Submitted by Ryan from CA - 12/13/2011 - 3:40pm

I'm new to this business and am wondering where I might go to find some good training or education on just how to purchase foreclosures so I don't lose my shirt. I've purchased investment properties before but haven't done too well.

Thanks...Ryan

Submitted by Brandon Love from GA - 11/28/2011 - 7:59am

im looking for a four bedroom 2 bath. my wife aand i have 5 kids and both have stable jobs. our credit just is not the greatest. we would love to own our on home and stop paying such high rent prices also give our kids a home they deserve. Is their anyone that has any advice or that can help? please contact us asap

Submitted by Esther from CA - 11/07/2011 - 10:32am

We submitted a fair market value offer on a property 3 months ago and are still waiting for an answer. We are the third buyers (first two supposedly cancelled). I believe that One West Bank (Indy Mac) isn't fulfilling their responsibility to the current owners who are attempting to save their credit and don't feel that they care whether the ppty. is sold or not...
What can we do to have the bank respond and make a decision?

Submitted by Don Olesko from MI - 10/20/2011 - 10:30am

Looking for more information on this listing in Northern Michigan, is it possible to make offer?

Submitted by skip mcclannahan from TN - 10/11/2011 - 4:54pm

Seeking to purchase a recent foreclosed home- home owner went through bankruptcy. He has mortgage insurance, at least on the first, . First lender is gmac. How does this play out? Who would I contact about buying the home? Does the insurer pay off the first lender, and they ten have the home. How does this effect the 2nd lender?