OfflineThe hard-hit southern California and Las Vegas housing markets will experience a mass sale of repossessed Freddie Mac properties on April 24th and 25th. Hundreds of New Vista and HomeSteps REO properties will be auctioned off in Las Vegas on the 24th and hundreds more will be sold at auction on the 25th at the Inland Empire.
People eligible to attend the initial auctions in the mornings of these two days are first time homebuyers who are eligible through the Neighborhood Stabilization Program (NSP). The program qualifies buyers for closing costs and down payment assistance when the new buyer takes over an REO property. In the afternoon separate auctions will be held for those who are not qualified under NSP.
The auction is being held to clear property prior to the end of the First Time Homebuyer federal credit program. Each home has been inspected, repaired and is ready to move in.
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
Thanks for sharing this with us! You always have such good info Cindy!
This sounds like it could be a big time opportunity for a lot members on here, especially those who are just starting. Some these auctions are disappointing, but with Freddie doing the unloading I think it could be really good.
I would have never had known if you hadn't posted this, so thank a bunch!
That's what makes this site stand out. It is the amount of information that is shared by the second/minute. Thanks for sharing Cindy. God bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Cindy, thanks for sharing I only wish they had an auction like this in the Atlanta area. However, I don't believe Georgia is in such a bad shape as
California and Vegas. I'm sure some of our members will benefit from the info
you gave.
Is the after noon available for investors / wholesalers
Is their a web site for this auction
What your due dilgence time frame for these properties
How much down payment need ?
POF need ?
Do you have to close in 30 days ?
Can you flip or wholesale these properties ?
Thank you for provide this information Cindy
You're all very welcome. I love finding things I think will help out members of my DG family and sharing them on the site.
And Ibrahim, things might not be so rough in Georgia, but they sure are in Florida. You might want to check the Freddie Mac website to see if they will be doing the same thing for properties there.
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
Thanks for sharing, We really appreciate it. Since we are trying to get into our first home.
Always great to hear from you.
God's blessings to you and all yours.
Angel.
NEVER SAY DIE!
I would advise you to go to the Freddie Mac website and, armed with the information in the article I provided, do some research to learn the answers to your questions. Although it would appear from the article that the afternoon auctions will be open to investors. I also believe that the seasoning requirement was suspended a few weeks back in order to allow more properties to close, but this is something you will need to confirm with your research.
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
Hi Angel,
This may be the perfect opportunity to get you into your first home.
You need to go to the Freddic Mac website and make sure you qualify as a first time homebuyer who is eligible through the Neighborhood Stabilization Program. There will a form for you to fill out and I believe you may need to attend a class, so be sure to check it out asap so that you will be qualified to bid the morning of the 24th. Get a list from them of the houses that will be auctioned. Then do your due diligence and check out the house(s) you are interested in online. Some of these properties are in iffy neighborhoods and you want to make sure that the house(s) you want to bid on are in good neighborhoods with good schools for your kids.
You will also be eligible for the California homebuyer tax credit, which is 5% of the price you pay up to a max of $10,000. The credit will be spread out over the next 3 years and it is possible that with your other deductions, you will end up not owing any CA taxes until 2013.
Also, if there is anyway you can close by 4/30, and it appears this is geared to allow you to do so, you will be eligible for the $8,000 Federal First Time Homebuyers Tax Credit.
And finally, the city of LA offers financial assistance to buyers of homes located in certain areas of the city. Make sure you go to the city website and check this out as well.
Good luck!!!
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
Cindy,
This is great information! I already knew about this Auction from the F-Mac website where the information goes more into depth about what properties are being auctioned and how to qualify prior to bidding. In addition, I will also be attending there to increase my buyers list as not everyone will be able to afford the homes from starting bids. Perhaps, these buyers might benefit from some of my wholesale opportunities in LA, Orange, Inland, and San Diego counties.
Tom
Hi Cindy,
Thanks alot for the heads up!
Peace and Blessings,
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
We will be in Oregon on vacation while looking for a home to live in up there, so no opp. to see or meet any of you there @ the sale although we'd like to. There's ton's of stuff for sale cheap here. Someone lately is always offering me a home for sale cheap, because they know I live @ my work... that was rent free up until last week, when the Co. anounced they are moving to a new lot w/no living quarters for me, & they're not willing to pay anymore for my Top-Notch Skills... so after 10 great yrs. it's the big "C-YA"! @ least I'm going out on top! Our deal is, we want out of here anyway, been here myself since 94, but always too busy earning a living to make any real $$$... if-ya-know-what-I-mean! I really think the water, i.e. or really I mean the lack of it(Lake. Mead, the drinking water here, & is only @ 44% full)will someday be the real issue for Vegas. We are by no means trying to be negitive, we'd buy 1 too if it was a place we wanted to stay, myself I've had enough 116 degree days....just calling it as we see it. Buy low/sell high & we hope you-all do well! Rodger & Diane Allen
Hi Cindy,
Thanks for sharing information on Freddie Mac Auctions. We will keep our eyes open to see if any of these auctions will be scheduled in our area in the future. Also thanks for all your encouraging words. It's nice to know that the Dean Graziosi family helps each other out. God bless. Rod and Shelly L.
Shellsell
Was anyone able to go? If so, please let us know your impressions of the auction, how many people showed up (and number of owners vs. investors), if you bid on any properties and if you were able to buy any, how high winning bids were vs. starting bids, what your luck was at the tables and if you took the jump from the Stratosphere Tower.
Looking forward to hearing if any DG students closed any deals in Vegas.
Thanks!
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard