CRR Blog

"I'm so Glad I got out of the Market!"

A subscriber and I were going over a property set to go to auction in the next few days.  The amount owed was ridiculous in terms of current value, but the foreclosing first would clearly change all that when it went to auction.  As we spoke I asked if she had made an offer yet? She said, No.  She was considering bidding. You see, she and I had spoken before and she had seen the writing on the wall and pulled her money out of the stock market well in advance of this decline that seems to be catching many people unaware.  She knew that stocks are a variable that can be good at one time but can drop in value, just as equity can.  She also knew that the stock market cannot exceed its own value forever.

That said, the money she had taken out near the market high had already proven her wisdom.  She would not have as much to invest in real estate today if the market still held her assets in the roller coaster of the last week.  The joy in her voice was self-evident. She was right and she is still right.

So we went over her options to bid at auction, and the potential opening drop bid the lender would have to create in order to secure a buyer at the Trustee Sale.  I pointed out an important fact.  The lenders do not want the Trustee Sale auction to happen.  It just looks bad to the Real Estate Market if too many homes go to auction.  It is better for everyone if the lender accepts a Short Sale Offer.

My suggestion to this wise investor was to make an offer, even though the Trustee Sale is only days away. The sale has not yet been postponed.  We all are seeing postponements every day now.  I pointed out that I had felt that the lenders were postponing for no obvious reason other than to limit the number or PERCIEVED FORECLOSURES. They are letting people stay in the property until an investor makes an offer and opens escrow.  Based on this notion, I suggested she make an offer for less than the expected drop bid price and be ready to haggle it out and get a great deal.  I expect to hear that they have an escrow open any day now.

She has my confidence because she understood all of the instructions we gave her.  I believe that this is the solution for all of our retirement needs. Whether we want a great price on our own home that will weather a drop in equity in the future, or we want to pick up income properties that will make our futures comfortable and FREE of financial worries, Foreclosure investing is the way to go.  Finally I pointed out that you can always get funding with an offer, whereas at the Trustee's Sale we need all cash. Either way we get a deal, and that is a lot better than staring at the computer screen and watching your retirement go up in smoke.

Find your Retirement Villa Today for Less... with a little help from CRR...

A buyer just picked up a beautiful Spanish style home in Pacific Grove in Northern California.

The home has a market value of $1,255,146.  The borrowers owed well over that amount.  The first loan took the property to the Trustee's Sale and "Dropped" the bid to just $773,500.  There were at least two bidders who saw this for the bargain it was.  The auction just happened yesterday.

The bidding progressed, as this type of opportunity is one that can bring out multiple bidders. The final purchase price was $970,000.  Go to the website and take a look at the property at 171 Laurel Ave in Pacific Grove.  The new owner is certainly right to be proud. Not only did they pick up a gorgeous home...  They saved about $300k.

Can you do this?  Yes.  Study what they did.  Ask us questions. 

Then you can find your Dream Home too.

2 out of 4 of Monday's Low Bids in Pomona are Reverse Mortgage Foreclosures!

If you have been attending our recent webinars you may have noticed we place an emphasis on making offers prior to auction.  You will also have picked up on the increasing number of reverse mortgage foreclosures that are becoming a part of the daily Trustee Sale routine.

In taking a quick look at sales scheduled for Monday, I ran the drop bid report and found that half of the low announced bids are reverse mortgages.  This means the bid is set at the low announced price. It also means you may have a vacant home.  It also means you may have missed out on a chance to make an offer to a family that could have made arrangements to sell the home to you through an escrow.

Two examples:

A 3BR/1BA Home on 55th St in Los Angeles opens at $306,761.40, with an estimated value of $396,111.00.  There was an offer just waiting to be made for months on this property.  Now time is short.  Could you still make an offer? Of course, YES.

A 3BR/2BA Home on Cimarron St in Los Angeles opens at $257,000.00, with an estimated value of $340,000.00. You could have made an offer here too.  Could you have also made an offer to buy the note at a discount?  Yes.  The only thing that holds us back is a missed opportunity caused by a lack of research or simply forgetting the options to purchase that Kurt has taught you.

But Fear Not! CRR is here for you.  We are here each week day to help you.  Every W3ednesday and Friday we provide the training that shows you how to develop your target list and act upon it.

There is always more than one way to make a deal happen.  Learn the ways, and do your research!

Good Hunting!

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