Fuck bros either im retarded or fuck google because i CANNOT find answers to this shit
If i buy a foreclosed property for cheap do i own that shit or what the fuck does that price listing mean?? Also where can i find properties like this to purchase?
I figure it wpuld be good to get some shitshack condos and co-ops and fix them up and rent them out for that sweet passive income. Any help for an absolute newbie retard would be appreciated
You could legitimately escape from that bear by walking at a moderately brisk pace.
Oh yeah if you have to ask the mentally retarded LINK addicts here for real estate advice you're too dumb to succeed in real estate and should stay away.
I literally cannot find the fucking information i need anywhere on the internet and i could not manifest this information into my brain even with an IQ of 400
I HAVE to get it from somewhere, no one is born knowing these things. Anyway, it's less advice i'm seeking than it is the particulars of how buying property like this demonstrably works, really
The reason the bear is round is because he's fat. You don't need to Google this, basic elementary math would have been enough.
bear...
Depends on which state, but you buy the property at a sheriff’s auction. The auctions should be advertised in local newspapers and at the county courthouse.
I want to pat that bear, adopt him, name him Rufus, and feed him copious amounts of sugary foods: secure in the knowledge that he's too fat to even take a swipe at me if he ever chimps out.
>tfw no obese bear bro
Dude that's unhealthy for the bear - how dare you.
Sure, but let's say the price is like $50,000 on a listing
Do i own the property if i buy it that way or is there still a mortgage i have to deal with? Do i have the option to pay it in full or down payment? Would the original total price affect the remainder on the mortgage?
If you purchase the property in the foreclosure auction from the sheriff then you own the property free and clear of all liens. Only way you wouldn’t own it is if the foreclosure attorney fucked up and forgot to include an interested party in the proceeding.
If you are buying it from the owner and it is currently going through a foreclosure then it’s not any different than buying a mortgages property from anyone else. They need to payoff the mortgage to give you clean title, if they can’t do that then the bank needs to accepted less than the value of the mortgage as a payoff - idk what this is called.
It’s not that hard to understand dude
Don't worry, he'll be getting a great amount of animal fat and protein as well. He'll just be going full BLOATLORD mode.
I need him to BLOATMOG any twinkcels who attempt to tresspass on my ranch.
-t /fit.
how come he ends the hahah with an h? what if he ends it with an a
You can buy outright with cash or get a traditional mortgage. Use this calculator to crunch numbers for a mortgage:
bretwhissel.net
Principal = list price - down payment
Balloon payment is how much money you owe at the end of the mortgage. Check out different interest rates online. 5% is pretty standard right now. Getting a shorter term mortgage means you pay more every month but you pay less interest. Longer term mortgage means you get raped on interest. Play around with the numbers so that you're cash flowing, meaning:
Yearly maintainance + taxes + payments*12 + yearly personal income = rent*12
It's not that i have trouble understanding stuff like this
I literally lack the details and facts themselves, i never learned this shit in high school nor during my time at college
Okay thanks, i'll take any info i can get on that
If you're buying a tax-foreclosure make sure that the State doesn't offer a redemption clause. Some states require a 1 year grace period. The good thing, if you get one that is redeemed, you normally get a 10% premium on top of your buy price in return. The bad thing is that the property may have to sit vacant for a year. Nothing like an unhappy former home owner and an empty property...
I bought my first property at 21 and did all the work for both seller and buyer without a realtor.
If your foreclosed property is from hudhomes or a bank listing or va loan foreclosure you will be fine. If you are buying a property at a Sherrif auction or a short sale you can be liable for other loans or back taxes. If you talk to a closing office, they will be able to put you in contact with someone who can do the needed research. You can do it too but involves going to the courthouse and looking at tax records / loans under that person for that property.
Generally banks will give you an investment loan for a foreclosure if you qualify. A primary residence is also possible (hudhomes are first available firemen/cops/military, then to those who will use it as first time resident then investors). Often on foreclosures banks want 20% down.
Huh, damn, well i'll look out for that then
Sure, but im just looking at very cheap, fix-er-upper properties, ideally i would like to purchase them all at once + repairs in bursts, is that a simple matter? These foreclosing properties can get really fucking cheap (15-50k range) and i look at those and go "wow holy shit" but i just wonder if the number they put on the front is the FULL price of the building or if it is advertising bait or there is some other catch
How tricky can buying a piece of shit, fixing it up, and then renting it it out be right? I know essentially how landlording works (i am quite confident that i do, as far as evaluating current tenant laws, budgeting for repairs/maintenance and inspections + possible property mangement acquisition goes, at least) so i wont get into that topic too much
Yea I've been following this exact path. I don't want to discourage you because doing SOMETHING is so much better than doing nothing.
But I cut my teeth from 15 to 18 doing construction. I'm sick of it and won't ever do another one. What I can tell you is that usually there's a reason those properties are cheap.
It is extremely easy to buy a $25,000 house, spend $25,000 & 500 hours of work. Then wind up with a $50k house.
On foreclosures I'd need to know your source. Usually if they are on zillow (huds, va, freddie mac) you are fine on previous taxes etc
If your IQ was a fraction of what you say, you'd hire an attorney to walk you through it. As you say, no one is born with that kind of specific knowledge. Nor are they born with knowledge about brain tumors, but yeah, if you get one, just fix it yourself because you think you're brighter than average. Knowledge. Isn't free...It costs time and money to understand the rules, but you somehow think you should be able to skip all that. Maybe you're right. Go to your local law library and start absorbing. Personally, I wouldn't even h an attorney right out of law school even though they're smart (had to take a few tests to get into law school, after all), they have had three years of training on top of an undergraduate degree, and they have passed the bar exam (not an easy task.) Still not good enough because they don't have experience yet. You're so far below the those make you don't even see why they're important. Go play lawyer, lose your shit, and work on humility and practically, then get back to us. Fucking douche. Just because I'm smart doesn't mean I'm ready to do my own quadruple bypass surgery either, or even neuter my own goddamn dog. Sounds like you're trying to justify a poorfag existence without admitting that you're a poorfag because you never cultivated a useful or economically viable skillset. Sorry for your luck, dude.
The foreclosure properties are auctioned here. The published amount is what's owed on the mortgage. Add some lawyers fees, and the bank(that now owes this property fees) and you get the full minimum. But that's what the auction starts at.
Is this what you are asking for? Or the price set up by the bank after the auction fell apart and no one bought it?
>hudhomestore.com
Scooped up a foreclosed "HUD home" for ~30% of value 7 or so years ago. Not sure about auctions, but I had no problems. Make sure to get title insurance. They don't have the same inventory nowadays but still worth looking.
Like im looking (not planning to buy though) at a 14k~ property on a site called Trulia, not sure how they stack up vs Zillow
I literally have no idea what the fuck you're on about, mate, perhaps ypu posted in the wrong thread
If i were to theoretically buy this piece of shit right here
trulia.com
Would i own it with no mortage left to pay or is there some caveats im retardedly and grossly glossing over?
I'm a Realtor in FL, and I've helped clients get foreclosed homes before. I wouldn't necessarily constrain yourself to just looking at foreclosures. Sure often enough you can get a good deal, but you can also get a good deal on any home. Banks (who own the foreclosed home) are notorious for being inflexible and a pain in the ass in general. Just go look around for a good deal, and then move forward with that.
Ask a Realtor to help you find a good deal. Realtors are free to home buyers, as they are paid a commission by the seller only at closing.
Oh, excellent, i can certainly do that then, thanks, that will probably help quite a bit
That's your starting bid.
Add around 3k for the fees and bring a check with you to the auction. If you are the only bidder you'll get it for around that much.
If you're going to buy a bank owned property I recommend getting your real estate license and /or look for a mentor. REO properties require cash sometimes 100% of market value, some are sight unseen which is dangerous and you have to account for complicated caveats set by the mortgage bank's REO dept. You may have to wait years for the right deal for you. Listing price is what the banks Real Estate Broker thinks it will sell for, the market price. If you can find out how much mortgage was owed to the bank at foreclosure (your broker should be able to find out) you can usually split the difference between listing price and amount owed. If 50k is owed on a 120k listed price you may be able to give it for 80k, put 10k to reno and set rent to recover 10-20% cash or cash return while staying competitive on rental rate. 9k NOI on 90k cash in is 10% cash or cash return. CCIM has all kinds of calculators you can use. They are ment for Commercial property but they could help you learn how a RE investor works.
That is called a short sale and they are very complex.
Although I don't understand exactly what your talking about you've given me a new perspective on restate buying. Thanks OP
> Picture unrelated
Trump literally does everything on the red side and he's pretty damn successful. I reject your unrelated picture.
Ah, very well