real estate is my job

No, I'm not an investor, which is completely different. I sell real estate. I hold a license in my state as a real estate broker. What does this mean? According to one phone call today...nothing.

Dear Mr. I know it all about foreclosures:
First things first. I don't know 'what was owed' on this listing, nor does it matter. A person might have owed $52,000 on a home, and didn't pay it. They get sued, and the home is sold at a Sheriff's sale. If no one buys it, the mortgage company has to sell it, in which case they hire me. They may sell this loan to another mortgage company or asset company in bulk, along with maybe 300 other loans which were foreclosed on as well. Let's not forget about the other judgements and liens that may have accumulated -- maybe a $1900 sewer lien from not paying their water bill, a mechanic's lien for $8900 for a new roof they didn't pay for, and a judgement from Capital One for a credit card they forgot about and didn't pay back...adding another $5400 plus court costs. Add in the cost to clean out the property ($1,200), winterize and board up any broken windows/doors ($200) and pay for any utilities on a monthly basis ($100/month for possible 5 months= $500). Now let's add in my commisssion (3% for my company, 3% for the company representing the new buyer), and the asset management cut (maybe $1000). Oops...not to forget other closing costs and lawyer fees of $4,000. Now, that home that the original owners who didn't pay $52,000 has cost the mortgage company $79,606 just to break even!! So, if you only care what the previous owners "owed", your offer of $52,000 wouldn't cut it!! In fact, I bet the asking price on this particular situation would be closer to $89,900 if the appraisal justifies it----
Also, as a bank repo foreclosure specialist, I don't get a copy of the appraisal from the seller (in my case is a bank, mortgage company, or trust via an asset management company). I also do my own opinion of value on the property, as well as an updated one every month until it sells. I also get bids for repairs that I see may be needed. I am not a contractor or a home inspector. I do not test for foundation problems, mold, roof issues, or radon. I do not know how long the people before lived there, or why they didn't pay their mortgage. Guess what? Its not relevant. What is relevant, as an investor, is if this property will pay off as an investment for you. That's it. If a home is listed at $89,900 and has only been on the market for 10 days, I bet the bank will laugh at your $50,000 offer, provided you can get financed. I don't even think they would counter a cash offer at that price!!
But, if you don't believe me or my opinion (I have been dealing with foreclosures since 2004-- and I talk to the sellers and know what their minimum acceptance price is), please bother someone else, because you just sound like a waste of time to me anyways!
Sincerely,
four years of foreclosure experience listing properties for HUD, VA, Ocwen Servicing (non-va), Litton Loan Company, Ameriquest, National Default Servicing, Citi Residential Lending, and GMAC (including Homecomings).

Ah, I feel better now! Okay, resume your friday!!