where do i find these 30%40%50% below fmv deals?

Corey im also new to real estate, and just recetnly finished deans new book, but as far as finding deals if you havent got a pre-recorded message and put flyers and cards and things as such to drive deals torward you, You have to go out and look, or find an agent to represent you who brings houses to you.

the way you get them 30-50% off fmv is simply calculating the real worth along with cost of repairs, and take inconsideration of the houses around it plus the how much it was sold for last time.

then.....

you submitt an offer thats 30-50% lower than the FMV or simply 10-20 grand or more if you wish, less then what there asking for.

its much easier to get an offer accepted if its been on the market for more then 90 days...whether its a REO, or Pre, or forclosure but the longer its been on sale the more they can bend the asking price...

thus giving you a house for 30-50%off FMV

hope that helped

-Larry

Corey , Larry is correct and is giving valuable info from Dean's book.

Believe me those great deals are out there for sure !!

Randy

I appreciate the comments. As always they are always very helpful.

I am a mortgage broker looking to get Dean's book to profit from real estate. But my question is this. How do you find a homeowner in foreclosure that there is Equity on the house especially in this market right now where there is loans that are upside down. Because from my understanding that's the goal for Investors "Equity" and reading the comment above where you guys are talking about 30-50% off fmv you wouldn't be able to negotiate with the lender to bring the price down. From the comment above, looks like a short sale and the only person that can negptiate a short sale is a Realtor?

Anyone from New jersey doing real estate deals?

not super 100 percent sure but yes, equity would be the best and biggest concern for investors, if they can find a house with some. but if not, shortsales can also make us money,

talking to the lender on a short sale, can sometimes create equity for us, especially if the house is on the market for some time. they obviously wanna get the house sold, so it could be a profit if we as investors can grab a house for very cheap, due to the lender of the property trying to get any money the can with out losing any more.

even with the house not worth whats left on the loan, has no relation to what we buy the house for...know what i mean?

for instance....you buy a house at 200,000 thousand three yrs ago.
but now its only worth 100,000. due to bad loans and poor econmy you cant make payments and ask to short sale....

well we buy the house now for 75,000 and we create a profit for ourselves..

i think? hahaha like i said im relatively new to this but from reading alot here on the site and learning as much as possible i think im getting the hang of this.

anyway hope this helped..

-Larry

Do you need to have great credit to negotiate a short sale with the lender?

^ not really sure it, my guess is if your pre aproved for a certain amount than you should be fine dependin on how much the short sale is for.

Where do you find these 20%,30%,40%,50% deal's at out there? Well you have to kind of make 'em. Get an agent(any agent) to email you over an MLS listing of property that fits the criteria that you're interested in pursuing. Once you get those listings just go through them and find the specific ones that may interest you and fit in your price range(not saying that you're going to be buying them yourself). Do your due diligence on those specific properties. Find out as much as you can about them. Who's selling them? How old is the home? Why they're being sold? How much they're selling them for? The comps on other similar properties in that area. How much it last sold for? Most importantly! How long has it been on the market? How many sq ft of livable space does it have? Like I said, due delligence is the key if you're serious about a particular property. Go out and give it a physical inspection to see firsthand if it has any serious problems, or whether it's going to need lots of cosmetic repair done to it. Then you'll be better able to make those generous low ball offers you're asking about.

I hope that was a little helpful to you?
Well take care and happy hunting!

From my experience being in the mortgage industry and i have 5 yrs now in it. I can tell you that credit and full documentation is everything right now to purchase property even if you go FHA! The only difference with FHA is that you can put down 3 percent on a purchase and your credit score has to be a min of 620! As far as Short Sales goes, i don't think you can just call up any lender and negotiate with them "Your Self" you would need a real estate agent involved to negotiate a short sale, But maybe i'm wrong! DO not get me wrong short sales are great but you need CASH or a loan and show the lender you are a serious buyer. I am still trying to figure out how to do a short sale with no money and no credit. Unless you negoitate a short sale through a agent and then if the deal makes sense flip it to an investor for a finders fee! Any advise on my comment?