i really wana jump on the bandwagon but don't wana pull from my "nest egg/cushion"....I wish you the best of luck! There are plenty of good deals out there..Gwinnett being a very high area of foreclosures....
ah my bad.that kinda help..lol...umm www.realtytrac.com I heard is a pretty resourceful site..its just hard with foreclosures because they are usually scooped up before they are posted.
Well, ones that ARE foreclosed and the paperwork is all completed and if it didnt sell at auction...they'll be listed online. remax, listingbook, century21...etc etc. Otherwise, to get ahold of one thats pre-foreclosure/auction you'd need some 'special tools' and/or inside peoples to get into that.
Damn. I was hoping for buying a house for 100k keeping it for a few years and then selling it for profit..
so you gotta enough cash to buy a 100k house..where do you live again??? Lol... That is another difficult part is holding on to the property long enough to sell it. Banks are so strict on lending right now its ridiculous...my credit score is 762 and because i apply w/ "stated income" they are stingy....understandable though because thats half the reason we are in this housing mess....people saying they made a certain amount when they actually didn't and now foreclosures are left and right..
Well, i work full time and make a 'good' amount..loans wouldnt be a problem but regardless ..if i were to buy a 100k house id buy 90% cash ... my problem is right now i am losing value on the money i have in the bank.. and i cant figure out anywere decent to invest it..
real estate would be your best bet...but like i said holding on to the property/renting out etc would be the hardest part i believe...Obviously now a great time to buy...peeps in my moms neighborhood bought a house built in early 80s, ranch level one car garage..etc..for 75k its valued at 127k..so that would be something i'd recommend..finding something that cheap where its paid for and you could still rent for a decent cheap price to make some $ until market goes back up and you can double your money then
Even if you get it when its on the market you'll get it for WAY under appraised value. Just remember that there's ZERO negotiating with a bank owned foreclosed house. Its as is where is no matter what (some small things like pest control they will have to do depending on local/state/fed laws) The price on the other hand is VERY negotiable. Play that one well. Mine was valued at 85k, paid 60k for it. I imagine that I could have got it for 50~55, but I was a little too excitied on the first offer, which they took. Just offer REALLY low the first time.
There is a list of properties in the paper every week that are going up for auction at the court house.
Have you thought about just buying some land? i mean houses these days are a dime a dozen. look into buying some land on like say the lake. you can buy and put a house just about anywhere but only a few on the lake. 100k would buy a nice piece on the lake up here and people from atlanta come up here and build custom lake homes for there second home. just a thought.
I've done about 10 foreclosure houses in the last few years. I buy them to flip and some I keep and rent out. First thing is to get a list of the foreclosures for this month. The major foreclosure companies/lawyers have to advertise the foreclosure in the local COUNTY paper for 4 weeks prior to the sell. Maybe the Gwinnett daily news? I'm not sure of the official Gwinnett county paper. All auctions are held on the first Tuesday of the month on the county seat courthouse. HAVE YOUR FUNDS IN HAND. I can't state that enough and we still get people thinking they can show up and buy a house then go to the bank to get the funds. THAT IS ILLEGAL - its considered interfering in the sale of a foreclosure if you cannot pay right then and there. After thats its a matter of kicking the people out of the house. The best approach is to do it yourself. First thing to do is to walk into the courthouse and file for a dispossessory against the main person listed on the foreclosure and I add "et all" which covers any renters or spouses or whoever. This prevents the dispossessory from evicting the husband but not the wife, or the owner but not the tenants. I then show up at the house and talk politely to them and sympathise with them "bout them damn mortgage companies" and I let them know that I bought it from the mortgage company, and that I did not "steal their house" like people are apt to think. I also offer them $200 to leave within 2 weeks IF they clean out the house (that IF usually allows me to back out when they leave it trashed, which they always do). Another way to make them feel like you are on their side is to mention that they are entitled to any money made ont he sale of the house minus the lawyers fees. For instance, if the house only had a note on it for $100K, but it sold for $115K, they get the profit minus the lawyer fees. Most people don't know this. Of course most people have a second mortgage on the house so they don't get squat. Good luck.
No problem. Also, when it comes to fixing up the house for a flip, I can let you know what needs to be done and what actually doesn't. Don't believe all those shows out there showing people putting over 10K into a 3 bedroom house and making a nice neat $30K profit. Its reality TV, not reality.
Look for short sale listings as well as foreclosures. A short sale is what people do to try to get out of a house before it forecloses. Most of the time you can get it right at the loan balance.