Posted by Jeff on July 09, 1999 at 11:24:14:
So Mike…how did you go about doing this? did u call the bank and request a list of their REOs? At that point (after reviewing the list) did u make an offer on some, or did they offer you something to get the ball rolling? I like this concept! tell me more please
CARLTON SHEETS IN S.C. - Posted by RITA
Posted by RITA on May 12, 1999 at 11:23:04:
HAS ANYONE PURCHASED ANY FORECLOSED HOMES WITH ZERO DOWN?
Re: CARLTON SHEETS IN S.C. - Posted by Mike Oldfield
Posted by Mike Oldfield on May 14, 1999 at 02:17:21:
Yes EZ
However the best time to buy property no down from the bank is when it is in default but not yet foreclosed. They have much more incentive to work with you because they want to avoid the cost of foreclosure. I bought two this week in this stage of the game. The lender actually threw more money into the pot AND discounted the debt owed so i wouldnt fly away. They would rather have me (bird in hand) before foreclosure than (two in the bush) take title and HOPE to heck that somebody shows up to buy EVENTUALLY. Banks know better than anybody the time value of money. Dont be fooled, they want out as fast as they can. They will pay for the privelege. That is exactly what they did for me TWICE THIS WEEK
Good luck
Mike Oldfield