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Truth About Preforeclosures - Posted by EquityHunter
Posted by EquityHunter on July 01, 2005 at 19:38:19:
Preforeclosures: Save Your Money. Save Your Time.
Preforeclosures are the newest gimmick the rei investment gurus are using to separate you from your hard earned dollars. Most likely a rei investment group has arranged for a ?guru? to speak at a meeting where courses are sold for Hundreds of dollars which puts you into a data base for an ?exclusive seminar? costing Thousands. And then it leads to ?coaching? for hundreds a month. These gurus make you believe they hold the ?secrets?; when in fact, they are just selling you a bill of goods. If they were making so much money doing preforeclosures, why in heavens name would they be teaching you? They have not done anywhere near the deals they purport!
The fact is 99% of the people in preforeclosure don?t want to sell unless you give them top dollar. They will let it go to sale before letting someone else make money off their problems. Most file bankruptcy before the sale if they can?t reinstate. Your job is to find the 1% that will sell. Don?t forget every investor in town is trying to do the same thing as you. So the gurus came up with something that sounds good, SHORT SALE. Well, the lenders are selling at 90% - 100% of FMV. That is your gross profit before expenses. I?m sure you can find many deals in your area at 90%- 100% FMV ?without? going thru all the bullspit of an SS.
So before you quit your job, get a reality check when it comes to preforeclosures.
katie holmes - Posted by katie holmes
Posted by katie holmes on October 17, 2005 at 17:19:05:
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Re: Truth About Preforeclosures - Posted by Chuck Rosenberg
Posted by Chuck Rosenberg on September 06, 2005 at 08:37:17:
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4 of last 5 approved - Posted by David
Posted by David on July 06, 2005 at 22:32:29:
I’m in a market where a home goes on the market and sells with multple offers in a couple days, and I’m able to get short sales done.
Like other people have said, you have to make it an addition to your other investing, but how can you turn down 15-30k or more per deal, with only several hours of phone work once it’s all added up. I closed 1 this week, two next week and have gotten approved on 4 of my last 5. There are investors knocking on people’s doors and everything else to try for these deals. I’ve found that a certain percentage of leads that come your way from normal marketing will be candidates, and the more you work with them, the better your ratio will get.
Good luck!
Re: Truth About EquityHunter - Posted by ken in sc
Posted by ken in sc on July 05, 2005 at 07:00:54:
EquityHunter has posted on here several times saying that short sales don’t work. He fights back when others say that it works for them. He gets mad when those who say it does work don’t post HUD-1’s or some other kind of “proof”.
This board is a community of people helping each other. If EquityHunter belives they don’t work he certainly has the right to say so. But when others post that it can work, he should let them have their say as well.
Read all posts and believe who you want.
Ken
P.S. My company has closed 5 short sales this year - down from last years pace but still worth the effort. No, I am not going to give addresses and HUD-1’s.
Re: Truth About Preforeclosures - Posted by Rob FL
Posted by Rob FL on July 03, 2005 at 10:27:26:
I think it is today’s marketplace more than anything. In most areas of the USA, real estate is doing well. Interest rates are low. Demand is high. Builders, Realtors, and lenders are very busy.
When the market cools off a little things will change. There will be more motivated sellers and lenders. Right now is a good time to be selling off properties that you bought a few years ago that have appreciated quite well.
There are still deals out there. I’ve bought several pre-foreclosures already this year and done well with them. The deals are just fewer in number.
I’m another exception - Posted by js-Indianapolis
Posted by js-Indianapolis on July 03, 2005 at 09:52:07:
I’ve found preforeclosures, specifically shortsales to be quite profitable with less competition. Everyone is running towards equity. I’m running to where there is none.
I’m always amazed when I contact someone, first time, and they open up fully about thier equity in the home, personal finances, bakruptcy, etc. Maybe I’m lucky? Nah, I think years of being a telemarketer has made me good. Listen twice as much as you talk. Two ears, one mouth.
Why do they open up? Why do banks take my offers? The fact of the matter is that I really don’t know why banks accept my offers most of the time. Or why they deny sometimes (very few times, really).
My favorite was a 7 year old “paint and carpet” rehab in which the BPO came in at 118K. Everyone told me the bank would laugh at my offer of 67K. They accepted 75K. HUH? I didn’t question it. However, I sold it before I even had a chance to clean it for $113K, full asking price, in 13 days. This is in a market that average DOM is near 80.
Should I tell you about all my other exceptions?
It’s partially a numbers game, but more about getting a gut feeling on these that tells you when to give chase, and when to let them go. If you’ve got the mindset that they don’t “work” and the seller won’t sell, and the bank will only take 90%, then you will prove yourself right and never get one done. However, if you’re like me, and just dumb enough to believe your own BS, you’ll find a gem here and there that can make you more than most people make in a year.
Just my experience. If you want proof, I make banks fax me thier BPO’s (another thing investors tell me will never happen) and their subsequent acceptance offers. Fun to prove it does happen.
Re: Truth About Preforeclosures - Posted by Tommy (SC)
Posted by Tommy (SC) on July 02, 2005 at 15:21:47:
Working preforeclosures is like working anything else…it is a numbers game. Sometimes they get approved by the lender and sometimes they don’t. The ones that I have gotten approved, my net profit has been between 15,000 - 25,000. I don’t know what your goals are but if i only had four approve a year that would be a profit of 60,000 - 100,000 a year. I just had a preforeclosure approved this week…I had one turned down a few weeks ago also. I have other ways to make money in real estate other than preforeclosures. I play the game according to whats on the table. Diversify and make more money! Preforeclosures are just part of the game. Work the numbers!
Tommy
Re: Truth About Preforeclosures - Posted by Chyna
Posted by Chyna on July 02, 2005 at 08:03:16:
I definitely don’t agree. I think most people in preforeclosure are very willing to talk with investors but sometimes your first job is to help them understand the future consequences of letting their property go to foreclosure. It’s amazing how many people don’t realize what it will do to their credit and their future ability to buy another house. They just don’t realize the implications. And there are others who know but are in a state of denial…sort of like “This isn’t really happening. Somehow it will all be okay.” I’ve found that my first job in talking with them is to make them understand thay it WON’T all be okay unless they DO something.
As far as competition from other investors, that’s just a reality of this business, no matter which area you’re working in. I don’t have as much experience as most people posting here but I’ve found that the best way to deal with the competition is to do it sooner and do it better. Sooner obviuously means to act on these leads the minute you find them (and discover good ways to find them). “Better” is doing whatever you think it would take to make the seller want to work with you rather than all the other investors who contact him.
Chyna
Re: Truth About Preforeclosures - Posted by michaela-ATL
Posted by michaela-ATL on July 02, 2005 at 06:25:54:
I wonder also, how much the seminar busienss has changed the attitude of the banks? They might have been very willing to discount prices in ‘old times’, but also became stubbord when everybody was teaching people how to get rich on ‘short sales’.
Michaela
Truth About NMD - Posted by Hank FL
Posted by Hank FL on July 02, 2005 at 24:16:49:
1%
I guess that’s about right.
That’s why one needs to do so much marketing.
Gas, stamps, ads, and time all cost money.
So much for “no money down” REI.
Re: Truth About Preforeclosures - Posted by Will
Posted by Will on July 01, 2005 at 23:28:27:
Is that an article you cut-and-pasted, or is that your personal feelings on the subject?
So far I sure haven’t had much luck with 'em, but what do I know?
Any other thoughts or reactions?
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Never said short sales don’t work - Posted by EquityHunter1
Posted by EquityHunter1 on July 08, 2005 at 18:24:22:
I said they work when there is a mistake made on the BPO or it was “influenced”. Read all posts before you cast judgement. Otherwise most BPOs come in at 90%+ of value. If you can find a sucker to sell them to for more than that go for it as I guess you have.
Re: Truth About Preforeclosures - Posted by Tiffany Windmon
Posted by Tiffany Windmon on April 12, 2006 at 10:56:47:
I am interested in real estate preforeclosures, and I am not interested in paying a Guru to teach me. All I want to know is, how do you find preforeclosures? I don not believe in the sites that claim to have preforeclosure listings, I just don’t know who to call or where to start? Help me out guys.
jesse jane - Posted by jesse jane
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That was in the good old days - Posted by EquityHunter1
Posted by EquityHunter1 on July 08, 2005 at 18:38:51:
They are not discounting like that now my friend. You must be in one of the few areas of this country where every investor isn’t trying to do a ss but I doubt it. None of the info provided here is verifiable so what is the point of offering details? Everyone gets lucky once in a while, no matter what they are doing. The fact only a tiny amount of responses have ever said they make good money in preforeclosures speaks volumes. Alot more than a few responses as yours.
Re: I’m another exception - Posted by Blane Swenson
Posted by Blane Swenson on July 03, 2005 at 18:36:30:
OK js, exactly how do you “make” the bank fax you their BPO’s??? Despite my usually positive attitude, every bank so far has declined to do so. Thanks in advance.
Blane