Michael

Have you thought about doing a dual agency ? That means you work directly with the listing agent to negotiate an offer, and that listing agent still works for the seller. The listing agent represents both parties to the transaction and most likely the listing agent won't have to split a commission. The agent keeps more money in their pocket, and that agent might do more to get the offer accepted.

A separate signed dual agency agreement has to be signed by both buyer and seller. I have done this in the past with some bank owned properties.

Latest Deal:
Only 6 Days on Market with multiple offers
List Price $49,900
My Final Price: $47,500
House is worth after $15-20k repairs about $110,000 - Sat Jan 12 2008, 17:30

Do not take the money out of your 403(b) account to purchase this co-op. IF your not 59 1/2 , you'll face a 10% early withdrawal penalty, plus the money you withdraw is taxed as ordinary income. If you do a loan, it's like being taxed twice on the money.

Think about it:
1. Your being taxed on the money you withdraw
2. You pay back the loan with after tax dollars
3. When you retire, your taxed again on the money when you take it out

a 403 account is a retirement account. Do not touch it! - Sat Jan 12 2008, 17:20

Your best bet for locating foreclosures are as follows:

Searching the county records for lis pendens. Lis Pendens means " pending notice of legal action" is filed after 3 or more mortgage payments have not been paid.

Read the legal sections of the newspapers. IT will tell you what properties are heading to the county courthouse, gives you sale dates, lien amounts, etc

Drive around the area your interested in, look for signs of abandoned or empty properties and search them out.

Get on your local MLS ( Multiple listing service) and see what bank owned properties are for sale.

I would not subscribe to any foreclosure internet sites. From my experience i feel it's just been a waste of money.Foreclosure information is usually general knowledge available to the public and it doesn't cost you a thing

SAVe your money! - Sat Jan 12 2008, 17:10