Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : SiliconInvestor All Stars Forum -- Ignore unavailable to you. Want to Upgrade?

To: SouthFloridaGuy who wrote (953)	7/9/2007 11:52:30 AM
From: CapitalistHogg™	Read Replies (2) \| Respond to of 1718

it's no problem... <for now> i actually have no idea which method of acquisition would be the best for the time and money invested. because i respect both you and John's opinion, any crumbs or leads thrown in my direction would be very appreciated. the reason i thought pre-foreclosure might be better was because the laws in Minnesota make it more difficult to throw someone out in the street. i've read a local article that made a strong case for pre-foreclosure (can't find it) and a RE agent friend of mine complained about the process. time is money and i hate headaches... like i said i'm a novice when it comes to RE. as far as the market goes my intuition says i have PLENTY of time to learn before the $hit hits the fan. but then again maybe not! what if i miss the 'sweet spot' where asset pricing might be ok/great but financing is impossible. state laws are already making financing more difficult for the self employed (such as myself). anyways back to sipping coffee and spending time with the dog... <g>

To: SouthFloridaGuy who wrote (953)	7/11/2007 10:05:54 AM
From: Pogeu Mahone	Read Replies (1) \| Respond to of 1718

lig you know nothing about real estate, but believe what you want. =================== 've heard the same, please ignore comments by the ignorant poster who responded to you. Good post. =========================== edit: To: StreetSmart71 who wrote (950) 7/10/2007 12:44:27 PM From: Dave54 of 983 If I may chime in here. I was a real estate agent in Shreveport Louisiana during the oil bust during the mid '80's and the resultant real estate crash. Once a bank repo's a property they have clear title and there is nothing unusual at closing time, ran smooth as any closing. As inventory builds in the area you're interested in, the prices will drop much further than what you will be able to negotiate with a troubled homeowner. He's trying to bail with no loss, the bank on the other hand as their BOP's(bank owned property) on the books increase will come under pressure to liquidate that inventory and they will! I was listing BOP's that were in 100K-90K neighborhoods, as inventory built up to peak, I was selling those repo's in the 70K range. If you were a well qualified buyer that could close quick (no contingencies), the deal would be struck. As this real estate crash gets to peak is when to pounce, in the mean time due your DD on the areas and keep a watchful eye for sale signs and the eventual empty houses. A quick trip to the clerk of courts office will tell you who the mortgage holder is. In the initial stage of the bust the banks will try their hand at selling these properties with out the aid of realtors, the sign of peak is when they list them with realtors. If you wait, you will get a deal that will be better by 15 to 20 %, than if you help out a distressed homeowner, you must bear in mind these guys probably don't have any cash or other liquid assets to sell under what is owed. Another note is as these guys go down they become depressed and that is also reflected in how they care for their homes as they are going down the tubes, which is also another bargaining tool with the bank, the repairs needed, negotiate bucks off don't ask the bank to do the work. Your very best deal will be if you offer all cash and zero delay for a closing. Hope this helps and good luck.