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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Wait it out or work it out... Posted by Ward-CA- on May 31, 2003 at 0:05 AM In Reply to: Agents and Trustee sales posted by Shirley M on May 30, 2003 at 8:50 PM : Hi Ward and company, : I am a newbie when it comes to investing. This site is an oasis amid a dearth of quality RE info on the net and I'm glad to have found it. : My question regards trustee sales and agents. I am interested in purchasing bargain properties at trustee sales in So Cal. My real estate agent/broker, who is also the owner of the agency, says she has a lot of experience buying at trustee sales. She says she can find me properties to bid on and will charge me a commission upon my purchase of a property. If I want to flip by reselling through her, she'll charge a reduced commission. : I am assuming that she has a good relationship with a title company and will get free title reports. : Should I rely on her professional expertise and experience to invest in this risky area of foreclosures? It sounds like a good idea, but as a rank beginner, I am not sure. Is this normal for agents to do? (I thought that agents generally stayed away from trustee sales.) : If I decide to go with her, and let her do all the legwork of finding good investment properties, is there anything I should look out for? If she finds good opportunities, I plan to at least double-check them to make sure they are sound investments. : Any thoughts on this would be greatly appreciated. =•=•=•=•=•=•=•=•=•=•=•= Shirley, Well, in this seller’s hyper real estate market, I’m afraid you won’t have enough elbow room to buy an honest-to-goodness good deal at any So. Cal. foreclosure auction. Oh, the bidding might open up at very attractive numbers, but it won’t stop until you reach nose bleed levels of 85% to 90% of FMV (fair market value). And if you then have to add a sales commission on top of that, it really won’t be worth it. But please don’t take my word about the state of this market without attending a few sales and checking things out for yourself. Your jaw will drop when you see the astounding price levels properties are being bid up to. As a consequence, most of my active trainees are working with defaulting owners before the foreclosure sales. Knocking on doors isn’t too appealing to many people. So anyone with a good self-image and physical energy can make a deal or two each month, resulting in monthly profits of $15K-$20K. And whenever this market cools off and dips into a buyer’s market you’ll find deals galore at the foreclosure auctions, with nary a yuppie in sight. Hope this helps. Follow Ups: PRices? Freddy 12:40 AM, 06/01/03 (1) What would you bet on a prediction?? Ward-CA- 2:54 PM, 06/01/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward and company, : : I am a newbie when it comes to investing. This site is an oasis amid a dearth of quality RE info on the net and I'm glad to have found it. : : My question regards trustee sales and agents. I am interested in purchasing bargain properties at trustee sales in So Cal. My real estate agent/broker, who is also the owner of the agency, says she has a lot of experience buying at trustee sales. She says she can find me properties to bid on and will charge me a commission upon my purchase of a property. If I want to flip by reselling through her, she'll charge a reduced commission. : : I am assuming that she has a good relationship with a title company and will get free title reports. : : Should I rely on her professional expertise and experience to invest in this risky area of foreclosures? It sounds like a good idea, but as a rank beginner, I am not sure. Is this normal for agents to do? (I thought that agents generally stayed away from trustee sales.) : : If I decide to go with her, and let her do all the legwork of finding good investment properties, is there anything I should look out for? If she finds good opportunities, I plan to at least double-check them to make sure they are sound investments. : : Any thoughts on this would be greatly appreciated. : =•=•=•=•=•=•=•=•=•=•=•= : Shirley, : Well, in this seller’s hyper real estate market, I’m afraid you won’t have enough elbow room to buy an honest-to-goodness good deal at any So. Cal. foreclosure auction. : Oh, the bidding might open up at very attractive numbers, but it won’t stop until you reach nose bleed levels of 85% to 90% of FMV (fair market value). And if you then have to add a sales commission on top of that, it really won’t be worth it. But please don’t take my word about the state of this market without attending a few sales and checking things out for yourself. Your jaw will drop when you see the astounding price levels properties are being bid up to. : As a consequence, most of my active trainees are working with defaulting owners before the foreclosure sales. Knocking on doors isn’t too appealing to many people. So anyone with a good self-image and physical energy can make a deal or two each month, resulting in monthly profits of $15K-$20K. : And whenever this market cools off and dips into a buyer’s market you’ll find deals galore at the foreclosure auctions, with nary a yuppie in sight. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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