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.
300 Wilshire
3 br/2 ba
1,630sf
2.43 acres
Current High Bid: $145,000
Eight days left.
Here is the direct link:
http://www.realtynotebid.com/bidpage/bidpage.cfm?item_id=100021&AP=0&AB=0
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!
Great find jim.Do u think they will extend the tax credit?
Awesome idea, and so great to see this finally come to pass! 😉
Anything to help clear the market in a transparent manner, free from interference by weird agent dealings or our beloved friends on the Senate finance committee, is a good idea.
The fine print:
“RealtyNoteBid.com’s Sellers reserve the right to accept or reject any bid on this website regardless of how that offer is made, whether or not it exceeds the reserve price and whether or not it is the highest bid offered.”
So the seller can back out for any reason, but you can’t:
“If you are a winning bidder and you fail to complete the closing process due to fault of your own, a $2,500 liquidated damages fee will be charged to your credit card.”
The contact info page lists only a phone number, no street address. I would definitely wait for someone else to be the pioneer customers of this site.
That has pets.com written all over it.
You mean they wrote a whole website (actually quite simple design, a modified web store) to sell an inventory of 3 houses? Fairly disappointing.
This is a start, and something like this is needed. It’s also worth noting that for all offline auctions happening today, all of them allow the seller to back out. That’s a pain, but it can be priced in to your efforts.
I hope none of you are buying AIG stock.Stay away from these companies that are basically bankrupt.People are going to learn another hard lesson as they did investing in pets.com.
–“I hope none of you are buying AIG stock.”
Actually, AIG is probably a safer bet than buying a house. It is backed by the federal government until the end of time. It’s like buying treasuries at this point.
–“People are going to learn another hard lesson as they did investing in pets.com”
Pets.com did not “pose a ‘systemic risk’ to the global economy.”
From Wikipedia;
“The Treasury Department suggested that the potential losses to the US and global economy would be ‘extremely high’ if it were to collapse and has suggested that if in future there is no improvement, it will invest more money into the company, as it is unwilling to allow it to fail”
The stock is up 13% just this morning.
http://www.google.com/finance?q=NYSE:AIG
Reserve met: No
Next…..
bubblenerd,
I think you are being sarcastic but if you insist step up to the plate and buy some of that AIG at 50.