I recently wanted to purchase a few foreclosures to add to my inventory of homes; so Tammy and I traveled to California near San Diego. I arrived at San Diego International Airport the weather was perfect as always Sunny. Highs 72 to 77.

Tammy went to get the rental car as I looked for our luggage, Tammy got the GPS on the Ford Explored and it was programmed with the San Diego Marriott Hotel Marina directions and the 6-7 houses we wanted to see.

I purchased approximately 200-214 foreclosures homes in the last 15 years, I was ready; I had all of my Zillow data with me, certify checks and what I was going to experience on the first foreclosure action it was new to me.

The Auctioneer stated that the lender had four other REO homes on the same neighborhood not on the market, the lender was waiting for clear titles and time bring of the essence; was there any one willing to offer 50% on appraisal vale on the house he was going to action off or on any of the other four houses.

Let me stop here; I have NEVER. NEVER, NEVER EVER had the lender buy the house back because no one wanted to bid 50% on the appraisal vale. What is going on; I know that I got great deal from the Resolution Trust Corporation back in the day; however that was because no one at RTC new that they had value homes for sale sitting vacant; Until I did the research and called them, that I wanted to buy the houses.

Can some help me with this dilemma; what does the lender know about four houses that sold for $675,000.00; the lender was holding 100% with a COFI mortgage that started at 1.8% in 2004.

Do I buy at 50% of value, or wait like the other home buyers and speculate that other home owners will default.

Would I be happy to have a $675.000.00 mortgage on my house, when my next door neighbored purchased his house for $337,000.00 (SAME HOUSE DESIGN) or will I say forget it,

Carlos

Baltimore HUD Homes