Thread: Foreclosed homes

I don't know ma'am. The "biggest"? I'd say banks don't give a ****. They get a portion of the PMI, they make money by investing overseas and with huge construction loans and tax liens. REO's are only a small, small portion of how a bank makes money. Many of us understand why banks don't care. Probably why it's near impossible to get someone on the phone. Foreclosure, Short Sale, USDA approved loan, FHA backed, construction loans -in 2011: they're all the same and take forever to close. The rules for banks and their reserves change weekly. Time = money so count me and many others out. An FHA backed loan by the way has become harder to qualify for. Banks and government backed loans and the process has simply made it financially dissuasive for buyers, so they ask themselves "Is this really worth it? Do I really want to own a home this badly? What good is a 'great rate!', if won't have a job in two years?" The answer is a resounding "no" and therefore that attitude (caused by banks and regulations changing weekly) trickles down to Realtors and their brokers.

My client from Nov. of 2009, whose listing just expired, has to re-list "in order to qualify for the Short Sale" (for example). As anticipated, I called his lender on her cell. That was a week ago, still no answer. This past client I'm going to be giving away on Wednesday.

Consider if it is worthy to buy a foreclosed house with how the economic status is right now. You should also think about assuring your financial obligations once you already have the property.

I once considered investing in foreclosed homes. I was planning to buy HUD homes and hopefully fix them to be turned into rental properties. However, certain acquaintances of mine told me stories about their not so nice experiences in investing in foreclosed homes. The most common story is that a good number of these homes have squatters in it or is so damaged because the banks who owned it either did not put security or the least checked up on the property. I even heard from one woman that the house she bought was occupied by a drug gang but the bank did not inform her. It was a nightmare to try and get those people out of there.

I see now the thrust of your original question.

Yeah, that's the world of Section 8 housing miss. -some things never change. Just like the movie: The Super with Joe Pesci. His dad was right. The landlord fixes the toilet, the very next day there are chicken bones in it.....again. You can't win a race that's designed from the start only to be played by "people" who have no scruples. Their lack of education notwithstanding.

Nowadays, it's worse, as you can imagine, and from what your friends told you. Unless you have a strong constitution and some heavy hitters on your side, or want to risk jail by flying under the radar, "investing" in Section 8 housing isn't worth your health. The games these "tenants" have been playing since the end of The Korean War, will eventually weaken your immune system. -Yes it will. It's biology and you can't stop it. Forget all the stories you hear from the gurus like your sitting on the beach earning 20% while your "management" company collects the rent and "fixes" any problems that "may" occur. Yeah, right, and my Uncle's the Pope. Liars, every one of them. Plus, if you're dealing with HUD,that's a whole other headache. Just some sick, backward logic cyclical system designed to keep the uneducated on the government teet forever. "How much is your rent Mr. landlord?" It's $900 a month Mr. HUD employee. "Oh, we'll give you $600. The rest is up to you". I understand Mr. HUD, I'll just ask my perpetually unemployed, under-educated mom of ten to kick in the rest. And I know, I have to rent to them: It's the laaaaawwwwww. Okay Mr. Law way as Billy The Kid would say...

It used to be one could get the donut squad down to a unit to roust the shitbags...Nowadays, they have illegal machineguns and gangs thirty dirtbags strong ready to pop anyone "comin in dare hood".

You can invest in foreclosures. Like Single Family homes, in good neighborhoods. They're hard to find, but they do exist. Then, since you'll be using your own money, you won't have to deal with the government telling you who you MUST rent to (to an extent). You can make the rent payment as high as you wish is what I'm saying. There are some of these up n coming neighborhoods almost everywhere. Make the rent $2000 a month and no "I'm not taking Sec. 8 recipients". This is allowed because you're using your own money, not the government's money.

Aaah, Well back in the past when I was soooo lonely, my love life was a damn disgrace. Needed someone to love and hold me, that's one of the reasons I was out of place.
Soooooooooooo, it was love, when she finally kissed me. Had me all worked up inside. I was alone but, cupid missed me. She up and left, and I allllmost died.

Foreclosed homes approach through a particular service contract action and not a universal contract action. This might or could not involve your aptitude to get title cover, it presently focus on the assets and it is personage the past. Stay that in brain throughout your discussions.

There is no harm in buying foreclosed homes but, one should look for better option otherwise it may turns into bad investment. According to me this can be the sore point of buying foreclosed land or any other property.