All Forum Posts by: Mark D.

Reo Broker just emailed me that his SFR listing in 90043 just fell out of escrow because buyer couldn't secure loan. 4Bed/3bath 1800+ square feet just reduced to $290k. Need a cash offer Asap that can close by the end of the month. PM me for more details.

I use the free search with Pipl. They changed their website recently but if you scroll to the very bottom their is a link that says "old version". Click on that link and use that search. Works great if you have the persons name and the city that they live in.

Try contacting an agent in the same office as the REO listing agent or broker. Often times the listing agents have enough listings and so the other hungry agents in the office bring the buyers. Many of these agents would love to work with you because they want to list the property for you post rehab.

I'm interested in purchasing a particular property that is going to public auction on Monday for delinquent property taxes. What is the current redemption period once the property is purchased? Also, how competitive are the LA county Tax deed auctions? This will be my first time attending one of these auctions so any other relevant info would be much appreciated. Thanks

http://www.cnbc.com/id/44732320

Bienes, Did you buy more Gold on the dip? They raised the margin requirements last week to help exacerbate the selloff and it worked. Saw this article today quoting St. Louis Fed President James Bullard planting the seeds for QE3.

If the property will provide net positive cash flow and is not located in a war zone then I would keep it. Let some body else pay off the mortgage and have another asset to hold as a long term hedge against inflation.

Gold will pop when Helicopter Ben stops dropping trillions of dollars from the sky and Europe decides they are not going to spend 4-6 trillion to save the Euro, period.

I think it is simply profit taking. In my opinion, the fed has no choice but to embark on QE3 and I think they will do so by the end of the year. Let's see what Bernanke announces tomorrow at Jackson Hole. The markets are begging for more stimulus. If they don't get it, look for markets to start dropping again.

There is no question that the banks are sitting on inventory. They were banking on selling assets as the market recovered.

I work for an REO Broker in L.A. and almost all of our REO listings fall out of escrow at least 2-3 times before closing. Because of the fierce competition that you are describing, buyers will bid up the price just to get in escrow, then perform due dilligence and ask the bank for a reduction. Most the time, the bank won't give them the reduction they want and it will fall out of escrow. My advice, monitor these properties to see if they fall out of escrow. I sold a condo last month that fell out of escrow 3 times initially, so the bank got fed up and slashed the price by $75k because they realized they were asking to much. Because my buyer had already done his due dilligence previously on the property, he was able to offer cash and waived all contingencies.

Also, you may have better luck right now searching for REO or probate properties that are overpriced and have been sitting on the market for a longer time. These properties have to sell and since they have been sitting, they are off the radar of most investors.