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Author Topic: Anybody here ever buy a foreclosure direct from FHA?
glassman
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I'm preparing an offer on a foreclosed property and i have no clue about what the policies for contributing to closing costs are at FHA....

i usually ask for the seller to pay significant closing costs, but this is a cash deal and the last time i did a cash deal the closing costs were pretty cheap since the mortgage tends to be the main closing cost...

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Don't envy the happiness of those who live in a fool's paradise.

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Ace of Spades
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I don't know, but over here in Florida there are some great deals right now everywhere, even though I heard experts say they rock bottom won't hit for another 2 years.....prices are still amazing.

I was watching a documentary about the economy...might have been "capatalism" or one of those, mabey "freakonmics".......Any way they were talking about Rich people buying up Forclosures and cheap properties from the poor. And they profiled a guy that specializes in helping investors or average joe scoop up cheap condos. His site is called Condo Voltures. He specialized in Miami/florida area.

http://www.condovultures.com/

they're supposed to have some of the best searchable database linked with banks, ect.

EDIT : I looked it up...it was in Michael Moores movie...Capitalism : A love story....He specializes in buying bulk condos.

it makes sense buy forclosed condos...and multiple unites in bulk...for even more discount

check it out..

http://www.youtube.com/watch?v=aNfk1TzoagE

...Very interesting

Condo Vultures® Realty - Capitalism: A Love Story Film Clip

http://www.youtube.com/watch?v=noLY4YDCLko

....I love Michael Moore....started a big trend in amatuer documentaries

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T e x
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http://www.fha.com/fha_requirements_closing_costs.cfm

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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a surfer
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The negative to the condo buying is the escalating costs of monthly association and maintenance fees due to the shear number of derelict owners.

My dad has bought over 25 foreclosure homes direct from the court house and then sold them into the market for a small profit.

His theory is to help liquidate the homes to "end users" that can't afford to pay cash for the full amount.

He has a list with photos made 2 weeks prior to the foreclosure date to speculate and narrow down which ones to bid on. However over half of the daily foreclosures do not sell due to the initial asking price being too high. Hence it goes back into the hopper.

Here is an example from 11-15
http://gmaps.kaeding.name/saved/PJT11-15.2

Then along with that he has a photographer go out and take photos of each one.

I must add that he has slowed down his buying due to fears of what he thinks is in store for the next few years.

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glassman
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I must add that he has slowed down his buying due to fears of what he thinks is in store for the next few years.

yeah, i offerd a price so low that the realtor got mad...

however, i supported with documentation my reasons in my offer very carefully...

i did ask for what amounts to all settlement costs since there's no mortgage.... i expect to get outbid on this, and i don't really care cuz if somebody else buys it for more? i'll bid on it again when they abandon it for the reasons i outlined...

the interesting issue here is that since i outlined the problems that make this property almost worthless? the new buyer, if it is not me, could sue the listing realtor if they accept the offer directly without disclosing the information i have provided them... hence the anger at me [Wink]

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
I must add that he has slowed down his buying due to fears of what he thinks is in store for the next few years.

yeah, i offerd a price so low that the realtor got mad...

however, i supported with documentation my reasons in my offer very carefully...

i did ask for what amounts to all settlement costs since there's no mortgage.... i expect to get outbid on this, and i don't really care cuz if somebody else buys it for more? i'll bid on it again when they abandon it for the reasons i outlined...

the interesting issue here is that since i outlined the problems that make this property almost worthless? the new buyer, if it is not me, could sue the listing realtor if they accept the offer directly without disclosing the information i have provided them... hence the anger at me [Wink]

Why would the realtor have to disclose the info you provided/outlined to another buyer?

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It is impossible to make anything foolproof because fools are so ingenious.

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glassman
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the septic system on the property failed and the buyer will be replacing it [Wink]

the house floods....

been watching the property for along time waiting for it them to finally foreclose...

they even tried to get the guy to start making payments again and just add the three years he stopped making payments onto the end...

the property is only worth the lot value and the repiars to make the lot buildable again could exceed the value of the lot if the buyer is not(already) an excavator....

it's common down her for them to build whole subdivisions with imporper drainage... they used to grow rice in many of the places they put in subdivisions now...

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Don't envy the happiness of those who live in a fool's paradise.

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The Bigfoot
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Once the realtor has been informed of a problem they are legally obligated to disclose.

If you ever work with a realtor in selling there will be some subject where they will tell you outright that if it isn't a big issue they don't want to hear you talk about it.

Of course...the onus of proving the realtor had prior knowledge of the issue can be difficult to accomplish.

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No longer eligible for government service due to lack of tax issues.

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glassman
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Of course...the onus of proving the realtor had prior knowledge of the issue can be difficult to accomplish.

hence their anger when my offer laid out these problems explicitly, and my insistence that the mortgage co be sent a copy of this letter with/as part of my offer...

i also dropped by my settlement attorneys office and signed and left a duplicate letter... they ahndled my last settelemnt, and now have a copy of the letter timestamped to the hour just prior my offer...

i may get the property for a price that is acceptable to me only, but only becuase i have painted everybody into a corner.... take no prisoners, and ask for no quarter...

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Don't envy the happiness of those who live in a fool's paradise.

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glassman
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i should add that i may not get the property, and i fi don't? i could care less. i won't do a deal "just" to make a deal... why risk my hard-earned money?

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
Of course...the onus of proving the realtor had prior knowledge of the issue can be difficult to accomplish.

hence their anger when my offer laid out these problems explicitly, and my insistence that the mortgage co be sent a copy of this letter with/as part of my offer...

i also dropped by my settlement attorneys office and signed and left a duplicate letter... they ahndled my last settelemnt, and now have a copy of the letter timestamped to the hour just prior my offer...

i may get the property for a price that is acceptable to me only, but only becuase i have painted everybody into a corner.... take no prisoners, and ask for no quarter...

Was the info in the letter from an engineer or something? Or a letter of your opinion on the property? Just curious.

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It is impossible to make anything foolproof because fools are so ingenious.

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glassman
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Or a letter of your opinion on the property? Just curious.

you don't need an engineer to see raw sewage flowing across the ground... you do need to walk the property tho, which they do not want to do... the septic leak is a good 100 plus feet plus from the house. I suspect it may even be a cess pool instead of septic tank because the location suggests it was in place before the house was built in 1950... the leak is right on the property line too... another issue that lack of regulations allows for [Wink]

you have to realise that in MS we collect some of the lowest taxes in the country, and you get what you pay for... instead of gov regulators, you have to hire lawyers who steal from you too...

interestingly, FOX liars are looking at he new census figures and claiming people are moving to "red states" for the "favorable" tax laws- LOL... yeah right... nobody comes to set up shop in MS for the economy unless the State gives them millions of our tax dollars to do it.. they don't come for the well-trained labor that for sure


therealotrs were pissed, cuz they know exactly what i was doing, and they did in fact have me sign a form that said i didn't need to see the disclosure form, which of course they will do over and over again if they can...

just another example of why this country is flat on it's back... caveat emptor buddy... first rule of business. it's not regulation that's ruined our country it's just plain dishonesty.

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Don't envy the happiness of those who live in a fool's paradise.

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