Posted by lukeNC on April 12, 2006 at 15:08:34:
this is where the lender accepts a discount to payoff the loan and basically says, “we’ll take x amount to payoff the loan”. No short sale package, hud statement or anything.
I’ve done quite a few of these with Bank of America.
where do you find most of your deals - Posted by David Tx
Posted by David Tx on April 12, 2006 at 10:45:10:
banks, forclose auctions, re agents, fsbo, online, and how do you go about finding them. im just trying to find a system that works for finding ny deals.
Re: where do you find most of your deals - Posted by lukeNC
Posted by lukeNC on April 12, 2006 at 10:58:19:
Most of my real estate deals come from low equity pre-foreclosures.
I’ve found more than my share of deals this way:
abandoned, “no-equity” pre-foreclosure homes in need of repairs. I find the owners, and negotiate short sales or straight loan discounting. Then, flip them to rehabbers or keep myself, fix up, then sell. Mostly though, I’m flipping.
I’ve concentrated on just these homes in my county and surrounding counties.
Re: where do you find most of your deals - Posted by Tom NHq
Posted by Tom NHq on April 14, 2006 at 08:02:36:
Luke,
How are you finding your pre-foreclosure deals? I’m also looking to find my first deal and know of a few rehabbers that I could flip them to. Any help would be greatly appreciated. Thanks.
Re: where do you find most of your deals - Posted by Kevin - WA
Posted by Kevin - WA on April 12, 2006 at 12:26:29:
Luke,
I am going to sound like an idiot asking this…but what is “straight loan discounting?” I have done short sales, but not understanding the difference here.
Thanks,
K