All Forum Posts by: Ti Hon

I have heard several different stories in regards to the " Home Equity Line of Credit " in the short sale process in which the lender of the HELOC still can put liens on your assets such as your IRA accounts .. is it true ? The explanation I have heard is that since the clients are taking " cash " out .. therefore, the lender can go after the assets.

Also, I have read in this forum .. about 1099, IRA for 982 ... ect .. does it make any difference whether the property is owner-occupied or investment property ?

Please advise. Thanks in advance.

John,

Would you please give me the link. Thanks.

Shane,

According to your post, it's better off just to look for those properties in which they are listed on the market for more than 90 days ?

And, if they are listed for more than 90 days, what is your suggestion as the best way to approach?

Thanks in advance.

Hello everyone,

I have read many posts .. if not all for the last month or so .. but still quite not comprehend why banks are listing REO properties at market value ( at least in State of California ) eventhough I have seen some of these properties had defaulted loan amount plus the added costs of junior liens and legal fees included .. still much less than the listing price.

In California, is it true if the bank sell the REO properties above the default loan values + legal costs and junior liens .. the excess amount will go back to the original mortgagor ?

If that is the case, I have very rarely see where banks list these REO " at costs ".

Please advise. Thanks.

This message is response to Flipper ..

You mentioned in your earlier post .. " Stick around and learn how you can buy way below market properties and make some money as an investor " ..

Would you elaborate on this .. since most of the REO properites I see in the State of California is very close to market value. Are there any specific strategies or rule of thumb to follow in order to buy way below market values ?

I would greatly appreciate your input and advice.

Thanks for the detailed information James.

By the way, if the REO property is not yet been list on the MLS .. and the information I receive which also include the beneficiary ( I supposed this is the bank who now owns the property ) .. what is your suggestion as best to approach these instances. Should I wait until the property be assigned and list on the MLS ? or is there any other way ? Please advise.

Also, you mentioned " banks do tend to be very slow on responding to offers .. " .. what is the typical response time from the bank ? I have submitted a few letter of interest direct to the bank for more than a month and have not heard anything back .. ( since at the time when I submitted the LOI, the REO property has not yet been list on the MLS and there is no agent ) .. should I resubmitt the offer now since there is a listing agent assigned

Thanks in advance.

What do you mean beneficiary and trustee when talking about an REO. Once the property is an REO the trustee that was involved with the trustee sale is done with the file

I believe it's the bank who now owns the property ..

Thanks for both John and James.

Hello everyone,

I'm currently helping several of my clients buying REO properties locally in Southern California. I have read many postings in this forum which indicates how much difficulties of dealing with asset management firms and such.

I have a contact with a local broker who specializes in dealing with REO in the local market. He give me details of the REO properties before these get listed on the MLS .. with the beneficiary and trustee information included. However, so far for the past several weeks, I have made several offers direct to either the trustee or beneficiary of the properties .. ( more than 10 ) .. and have not gotten any results. As a matter of fact, a couple of listings since then have list on the MLS.

My first question is with the information I have, what would be the best approach .. for those properties have not yet been listed on the MLS. Currently, I'm sending a letter of interest to the trustee ( sometimes the beneficiary ) .. and if there is something needed besides to get more response from the lenders, please let me know.

My second question is .. if the REO property is now listed on the MLS through a broker .. I was told if the offer is also included with the prequal/approval letter from the same lender who own the property .. it has more merit than offers with approvals from different lenders since the lender who own the property can recoup some of the losses through their own loan .. is it true ? .. If it is, what is the process of obtaining the approval ?

I would greatly appreciate any advice and help.

Hello all,

My name is Ti from Orange County, California. I was looking for REO properties for some of my clients a few days ago, and stumbled onto this web site .. all I can say is .. it's UNBELIEVABLE.

My background is in computer and marketing. I get my RE license less than two years ago, and still learning. Even though I have only been in the industry not too long, but constantly working hard to build up a clientel as well as learning as much about investing in RE as possible. I have a few rental properties and looking to learn more about REO. C

Currently, I have a good number of people looking to get a " bargain " ( 15-20% below market value ). I'm here getting to learn more about REO's, and if anyone can offer any help and advice .. I greatly appreciate all of your help. Thanks in advance.