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I would suggest to call Lisa 702-499-3081 she is with MetLife Home Loans and specializes in FHA and VA loans. She is knowledgable about this subject and very honest, she would be the best person to talk to in case like this.RegardsDamian
In my opinion the best search tool is Home Buyers Scouting Report. It doesn't have its own website, the only way to get an access is through an agent with the access to this tool, or go to www.LV-agent.com and click on the banner at the top of the page. HBSR is updated several times a day, so it's very accurate, and you can set your search criteria anyway you want. You can also make notes about any property and save them in your notebook. You can also see sold properties in your area.Contact me if you need any help.Damian
I also suggest to stay away from short sales. They take up to 6 months, if everything goes well. Less than 8% of lender approved short sales close. Why?- it take so long for the lender to respond to any question or request that most buyers just walk away and find another property which they can close within 30 days- Loan programs change constantly and if the buyer is qualified for a certain loan now, he might not qualify few months from now- if there is a 2-nd lender involved, he might not agree to the pay-off that he will receive- The lender agreed to the price, the transaction is in escrow, but the foreclosure department was not notified and foreclose on the property anyway- just because they can.- The lender requires the seller to sign a promissory note to pay back the bank the lost amount.For more information how the process works visit http://www.vegas-foreclosures.us/gpage1.htmlShort sales are not worth the time and aggravation-DON'T DO IT.
"George",1. I don't think anybody should take seriously comments made by somebody hiding his identity.2. Every area of the country is different, there are areas with very active real estate market right now, if someone knows what he's doing he can really make a good profit on flipping- there are plenty of bargains out there, but again everything begins with the right attitude.
There are other hot RE markets. I just spent several weeks in Bahrain researching this area. To see investment opportunities in Bahrain go to the website I created while there, www.bahrain-investment.comYou can contact me with any further questions.
Andrew is right, any investment property has to generate a positive cash flow. I am a Realtor in Las Vegas, NV and I work with investors for years. Right now you can buy a bank owned property, way below it's market value = instant equity, and have a positive cash flow. But this is Vegas, I don't know other markets.