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09-28-2009, 04:22 PM
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Member
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Join Date: Sep 2009
17 posts, read 4,569 times
Reputation: 12
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Anyone tell me about buying a foreclosure property...
I would like to live in San Diego and I'm looking for a way to afford it.
Areas of interest are:
92121 Torrey Pines
92122 University City
92117 Bay Ho
92117 North Clairmont
92117 Clairmont Mesa West
92110 Bay Park
92109 Pacific Beach
92109 Mission Bay
92107 Ocean Beach
92110 Morena
92108 Mission Valley East
92108 Mission Hills (Friars Road)
92103 Hillcrest West
92103 Midtown
92116 Kensington
Park West
92101 Little Italy
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09-28-2009, 06:27 PM
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Senior Member
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Join Date: May 2008
Location: Temecula, CA
960 posts, read 572,504 times
Reputation: 330
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What's your budget?
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09-29-2009, 05:51 AM
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Senior Member
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Join Date: Sep 2006
335 posts, read 101,826 times
Reputation: 206
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Whatever you do - wait until the property is completely foreclosed and owned by the bank. Don't waste your time on short sales.
Check out Redfin. They show all properties in the area, including those in foreclosure.
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09-29-2009, 07:33 PM
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Senior Member
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Join Date: Jul 2007
185 posts, read 77,167 times
Reputation: 32
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This is a cautionary tale that happened in Greeley, CO. I expect it could happen here, too. My friend was trying to buy a house from HUD. They kept finding more stuff wrong with it that would need to be fixed before the sale could go through. After the latest 'final' inspection resulted in another $15 grand of repairs, we twigged that HUD was trying to dump this wreck of a house on any sucker who would keep playing their game. He told them that this late in the game, *they* needed to drop the selling price by the $15 grand from the latest 'final' inspection. Of course, that didn't work. So he's now going after a different house.
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10-04-2009, 12:55 AM
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Junior Member
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Join Date: Oct 2009
Reputation: 12
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I always ask my clients what payment would you like to be in? Do you have down payment? Do you want a house or a condo? Down payment for a conventional loan are 10% down or FHA 3.5% down. If you wish to elimiate mortgage insurance you would need to put 20% down. Once they know, it's easy for me to run #'s on my system to find them something. It's true that the best way to go is bank own properites, that is what I show my clients first but I also will show them only short sales that are already approved by the seller (lender). One thing you have to remember is that you have the right to do your home inspections and you also need to understand that almost everything that is out there right now is " sold as is " Banks or home owners that are selling their home in a short sale will not buy for any repairs. One thing that you could ask for help with closing cost and 99% you will get it. You could also ask for a termite report from the seller. You can find good properties out that might need only a little of TLC. I know all the areas that you are looking into and get ready to pay a little more then other areas in San Diego. Right now is the right time to buy, it not easy but you need to be patient and don't give up. I hope this helps.
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10-07-2009, 10:39 PM
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Senior Member
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Join Date: Apr 2009
260 posts, read 73,282 times
Reputation: 67
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Have a lot of patience with you!! Although there are a lot of bank owned properties for sale most will have several offers on the table so just bring a lot of patience with you and you'll be fine.
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10-10-2009, 04:09 PM
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Junior Member
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Join Date: Oct 2009
Reputation: 10
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Re:Anyone tell me about buying a foreclosure property...
Investing in foreclosures is safe for people in all ages. No age limits, any one can invest. Flipping is possible in these kinds of investments, the discounts are such huge and large. Half the time you make a deal on the property for less than half its price. Thus you can buy and immediately sell the property if the buyer is ready. This also fetches you good profit. Please log on to: www m3reo com to know more details.
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10-10-2009, 09:16 PM
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Senior Member
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Join Date: Jul 2007
185 posts, read 77,167 times
Reputation: 32
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Quote:
Originally Posted by CooperRichardson
Investing in foreclosures is safe for people in all ages. No age limits, any one can invest. Flipping is possible in these kinds of investments, the discounts are such huge and large. Half the time you make a deal on the property for less than half its price. Thus you can buy and immediately sell the property if the buyer is ready. This also fetches you good profit. Please log on to: www m3reo com to know more details.
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What planet did you just get back from? Do you happen to remember that we're just now maybe recovering from an economic meltdown? Flipping just ain't happening thesedays!!!
Or, as I more strongly suspect, is this a blatent advertisement? |
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10-11-2009, 07:38 PM
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Member
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Join Date: Sep 2009
17 posts, read 4,569 times
Reputation: 12
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Not an advertisement. A serious buyer who is looking to live there. NOT FLIP. Thanks for the input so far.
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10-12-2009, 06:10 AM
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Member
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Join Date: Mar 2009
27 posts, read 11,308 times
Reputation: 10
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No, I believe he meant, mr3reo. That is obviously and ad. (SCAM)!!!!!
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