looking for the boggle head guide to foreclosures equivalent

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looking for the boggle head guide to foreclosures equivalent

Post by Guest422 » Sun May 02, 2010 10:47 am

Can anybody recommend a book or resource?

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Post by djw » Sun May 02, 2010 2:22 pm

This is a rapidly changing subject which is very state and bank specific.

Start by chatting with two or three very experienced realtors from different real estate agencies and two or three very experienced loan officers from different local banks, including one where you have an account even if you have your mortgage elsewhere.

Realtors should be willing to talk because they'd like to broker a short sale for you.

Local loan officers should be willing to talk if you say you're interested in exploring a refi.

If you catch them on a slow day, they may be willing to chat for quite a while and drop some useful hints along the way.

I recently bought a home after searching with two realtors in two different towns. As we drove around, I kept milking them for useful info that came in handy later on when I zeroed in on the house I wanted to buy. I got them talking about who they'd recommend for a home inspection, termite inspection, and home insurance. I asked about foreclosures and short sales in the area and heard several stories of actual cases involving particular banks that provided me with useful info.

People generally love to chat and share their knowledge if they have the time and are hoping that being nice to you will bring some business their way.
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Post by jej » Sun May 02, 2010 3:05 pm

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Post by rogue409 » Mon May 03, 2010 6:49 am

the REO, short sale, and foreclosure forums at biggerpockets.com might be helpful although those are targeted towards landlording, investing, and flipping a bit more.

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