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Foreclosed Property Investing

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lehboy

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Reply #15 on: Aug 20, 2007, 10:06 PM
I attended their workshop before but that was way back in 2004 or early 2005, before the books. Tried to brainstorm with some of my friends, but decided finally this wasn't for us...


fxwarlock

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Reply #16 on: Nov 19, 2007, 06:19 PM
guy's i bought the books of larry gamboa although kanina ko lang nabili ask ko na rin on this scheme what happen to the real estate tax? yung tenant naba  ang magbabayad  or the seller pa rin??...


Leezl

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Reply #17 on: Nov 22, 2007, 10:16 PM
Generally, the obligation to pay the realty tax is shouldered by the owner of a property, unless otherwise agreed upon by the parties.  The situation however, is entirely different in foreclosure.  Strictly speaking, foreclosure is an involuntary sale, so the buyer cannot expect the owner of the property to pay the realty tax.  If one buys in foreclosure sale, the buyer (or bidder) usually buys on an as-is-where-is basis which may include unpaid realty taxes.  Thus, it is the winning bidder who ends up paying all taxes and fees.  But with a considerably low bid price, the highest bidder could still be at a great advantage.  Check out   www.allaboutforeclosure.blogspot.com  (http://www.allaboutforeclosure.blogspot.com)          :watchuthink:
« Last Edit: Oct 19, 2010, 01:43 AM by FutureGizmo »


fxwarlock

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Reply #18 on: Nov 23, 2007, 03:23 PM
^thanks ate leezle!! :thankyou:... i saw in the newspaper about on properties in tagaytay that will subject for auction and medyo na incourage ako na umpisahan ko na kaya kahit ako lang mag isa mag nivest at my own money coz i have a prospect na, the price  cost of property is 12M H&L with a lot area of 3,500sq. mts..base on the term 10% dp, 10 yrs to pay, 10% interest per year.

i went to tagaytay yesterday to visit that property ,well offcourse kasama ko yung assistant ng broker.. in my initial checked of the property meron sya almost 500sq. m. na farml lot and yung house medyo ok pa naman.. btw, the auction date is on next week pa although they accept pre-auction to buy the property as early as long as you make a downpayment immidiately then alisin na nila sa list of auction yung property..

i told to the assistant na what if i decide to buy that property now.. the assitant of auction company make a call in the office to inform them, after the conversation iba na raw yung term nila naging 20% dp na instead 10% dp base on the published in newspaper and on that term pag ok daw sa akin they allow me to occupy the property...

  guy's i dont know if its good to make a deal with this people although maganda naman yung property kaso medyo na confused ako dahil parang may pinapaboran sila by discouraging to buy the proprty and maybe they sell to others na mas mataas ang price.

ok lang hanap na lang ako ulit ng iba..btw, mas practical ba na makipag negotiate sa auction company or sa banko mismo??..anyone here have an idea that the price of property is low compared to market value now??..
« Last Edit: Nov 27, 2007, 04:09 PM by nailbiter »


Leezl

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Reply #19 on: Nov 26, 2007, 12:03 AM

  :welcome:Hey fxwarlock don't rush into buying properties in auctions.  You might end up with lemons, alam mo na.  There are lots of properties out there na for auction but you have to do your research first.  Yung na meet mo na broker or assistant ng auction company na yun eh parang bogus yata offer nila.  Kasi if they are serious and professional people, dapat may isang salita di ba?  It was a good decision on your part to back out.  


cjap10

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Reply #20 on: Nov 26, 2007, 01:47 PM
sino na ba dito nakapagtry ng mga ginawa ni Larry Gamboa? Gusto ko talaga i-try to pero sana meron ako mahusay na mentor. I believe un ngang marketing ang mahirap dito. Ung paghanap ng property mejo madali lang, ung mga banks nga bigay lang ng bigay ng kopya ng listahan ng foreclosed properties, may mga nakuha na nga ako...  :hihi:


tutoy

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Reply #21 on: Nov 26, 2007, 05:20 PM
hi poh!!.. nabasa ko po yung books written by larry gamboa and im always read this forum.. ask ko lang poh kung anu yung mga pertinent documents na dapat iresearch para macheck kung ok yung property na bibilihin??

please discuss step by step....

thanks!!


cjap10

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Reply #22 on: Nov 26, 2007, 05:24 PM
sabi naman ni larry g. sa book nya, with foreclosed properties you are sure na clean ang papers dahil naayos na un ng bank, sasabihin naman ng bank or ilalagay nila sa catalogue kung ung property ay may lis pendens(?) or kung ung rightful ownership ng property is to be decided pa ng court.

ang alam ko na mga docs involved regarding properties ay ciempre yung title, tapos meron din deed of sale to be prepared naman ng abogado.
« Last Edit: Nov 28, 2007, 10:27 AM by cjap10 »


tutoy

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Reply #23 on: Nov 26, 2007, 05:40 PM
thank you sa info.. how about the amilyar?...what particular contract ang gagamitin if i have a buyer na sa nabili kong property.


fxwarlock

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Reply #24 on: Nov 27, 2007, 10:05 PM
thanks for your advice leezl :thankyou:.. meron ba seminar how to market foreclosed properties totally no idea talaga ako dito sa business but i want to start na talaga para malaman ko into experience lahat ng aspect on this businees......


Mr.D

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Reply #25 on: Nov 28, 2007, 10:18 AM
Have a plan and do the numbers. Sometimes you get carried away with prospective returns that you forget the costs that you would entail while owning a property. Insurance, taxes, maintenance. If you feel that the margins are not that good, walk away there will be other properties thats right for your investment appetite. Build up your cash reserves before you plunge in.  


IndiaFox

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Reply #26 on: Dec 12, 2007, 09:39 PM
wala bang pwdeng mag share kng panu simulan tong business nato????? lahat nlng ata nsa introduction lng...


tutoy

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Reply #27 on: Dec 15, 2007, 08:29 PM
anyone here to explain what does escrow agent and its function?


cjap10

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Reply #28 on: Dec 15, 2007, 11:16 PM
I read this from One Minute Millionaire :
Escrow Officer - an official working at a commercial lender's office, whose function would be similar to a mortgage officer in the UK


foolcha

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Reply #29 on: Dec 19, 2007, 12:21 PM
@ tutoy

escrow is use kung walang tiwala sa isa't isa ang buyer at seller para silang safekeeping sa amin kasi sa bank ang escrow agreement is signed by both buyer and seller na may condition na pag nabigay na yung bayad sa lupa for example i-release namin ang title ng lupa sa buyer. so in short namamagitan siya sa buyer and seller to facilitate yung transaction.

« Last Edit: Dec 19, 2007, 12:23 PM by foolcha »


 


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