Investors – how do you like the idea of buying mortgages that are in default? Or once foreclosed, buying the properties direct from the seller/lender?
Here’s a link to a company doing it:
They’ve just gotten started in the last few months, so tread carefully, but I love the idea. If the offering/bidding process was this simple, we’d sell more homes.
They are selling notes and properties through an internet auction.
Check out this one in rural Oceanside, out by Fallbrook:
The lender just foreclosed on this one (with a $150,000 opening bid!) so you are buying the property, not the note.
3 br/2 ba
Current High Bid: $145,000
Eight days left.
Here is the direct link:
Like most auctions they have a 6% buyers fee packed on top of the winning bid, but still, there could be some deals.
If you make a bid on this or any item through their website, during the registration process they ask you how you were referred. If you put “Jim Klinge” in the box, I’ll get a chunk of their fee – and it won’t cost you any more!
You gotta look everywhere these days!