Working with REO Listing Agents
Like previously mentioned, working with REO listing agents is a big deal. The best situation is to find a lock box on the door with no “For Sale” sign.
This is a good indication that the home is vacant and the listing is still pending. There is no “For Sale” sign yet because the REO listing agent doesn’t have the listing yet.
So you have a few weeks, while the property is in transition, to contact the REO listing agent, and let them know you are interested in making an offer.
Now, before you call the listing agent, you need to make sure you know what the value of the property is and what you are willing to offer.
I will go through all this later… [Read more…] about Working Directly with REO Listing Agents
One of the most common questions I get a lot is “How Do I Know If This Property Is A Good Deal Or Not?” In fact, a gentleman this week asked me this same question… He said, “you are absolutely right when you say that people fail in real estate…its because they are afraid they wont be able to sell the house later… I am one of them. I have come across more than one opportunity to buy houses and I do not take them for that specific reason. Another reason that keeps me from making offers is trying to figure it out if its a good buy or not… how do I know if it’s a good deal? Will I be able to rent it if I decide to hold it?”
Question: Should I foreclose or short sale. Here is the situation. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the 
Question: Help me understand the difference between a short sale vs foreclosure. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the listed price of $60k. We are ready to close but I need to pay all the delinquent HOA fees, late fees and attorney fees that have mounted up. I can not afford to pay the $3000 in late HOA fees to close on the short sale. Now, I am facing foreclosure. I have asked the HOA to waive the late fees and attorney fees so I can do a short sale but they are refusing. Is it worth it to borrow the money from friends and family so I can do a short sale, or should I just let the condo go into foreclosure?
Answer: – I think you’re going to find it’s the same no matter what kind of loan you have. You have an obligation to pay a specific amount each month. If you cannot pay, the mortgagor has the right to initiate the