Warning: real estate post! Thought you might be interested in the fact that I've finally thrown in the towel and started hunting for residential RE for investment. I've thrown a fair amount into angel investments this year, but I've given up finding an income stream anywhere outside of real estate. Put in a bid on a pair of foreclosed condos, and I've tracked down a couple of single family homes.
Regarding pent-up supply, the situation in Oregon is unreal. I tracked down the house I'm trying to buy from Chase after pursuing the "owner", the county, now-defunct EMC mortgage, BOA, LSI Title, Lender Processing Svcs, and finally Chase. Chase said talk to LPS about the auction. LPS said "don't bother" - everything in Oregon for Chase is buried. Said it would be six months minimum. This was supposed to auction June of 2011. Now they're saying it won't happen before June 2012. Finally found a local Chase mortgage agent who is trying to get a dollar amount for a pre-foreclosure sale to get it off their books. What a situation. Was a neg-am loan by EMC, owner stopped paying as soon as the interest charges hit two years ago.
GREENPOINT MTA TRUST 2005-AR5 | STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., | WELLS FARGO BANK, NATIONAL ASSOCIATION | EMC MORTGAGE CORPORATION.
Somehow Chase ended up owning the loan. Shocker - the place was rented and she stopped paying the mortgage while still collecting the rent checks...
I've tried to find a decent RE agent to help me do this, but so far I've struck out. They all seem to think they're going to get my business by spending five minutes setting up an automated MLS search mailing for me. Clowns. Nobody's willing to actually work for me, dig up stalled foreclosures or evaluate the value propositions represented by the various houses for sale.
Do you have any advice? Ideally, I'd be able to set a filter that shows the asking price vs. prior sales prices. If I can get a 50% discount to 2007 in close-in Portland, I'm interested. Unfortunately, the only way I seem to be able to do that is manually.
`BC |
