Ask tommy2 about Real Estate

[tommy2]

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what is an approximate buy price percentage for foreclosed properties (relative to similar re in the same area)? and the average build up costs to bring it within spec? i know this question has a lot of dependencies, but i'm trying to establish a gap between buying legitimate vs. foreclosures.

are there resources available to identify foreclosures since they aren't the kind to be listed in the mls site. will this be a cold calling the banks effort?

and finally what is your feeling about foreclosure rates on the coasts specifically Cali and the NE? sharp increase? seeing as how the bubble has primarily effected these areas.

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I'm no expert at all on foreclosure margins. I have heard that it is a business of specialization (you really have to know a submarket cold to do well in it)...but beyond that no real ability to answer you initial question. There are resources to find foreclosed properties, but I don't know what they are (just hear about them in passing) since we don't do them. Someone here probably knows, though.

More foreclosures coming--NE, Cali and everywhere.