OfflineGood day all you DGs....
I have just stumbled upon a reo property. I need advise how to proceed with speed please
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i am a beginner and want to be part of a really strong network of people i have done a few guru conferances but decided that dean is still the best . i now just have to get together with people that can help and assist. i can do it determind and broke but have the ability and the go to get this done
oooops forgot to add this is a homepath property help please
I have just stumbled upon a reo property. I need advise how to proceed with speed please
i am a beginner and want to be part of a really strong network of people i have done a few guru conferances but decided that dean is still the best . i now just have to get together with people that can help and assist. i can do it determind and broke but have the ability and the go to get this done
you need to provide more information than what you have here... what are you intending to do with the property? Wholesale it? Have you run you numbers yet? Have you gotten comps? And most importantly, do you have a buyer's list? Who are you selling the property to? Does the property meet your buyer's criteria?
Do you have a real estate agent who is registered with Fannie Mae who can put in your offer?
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Charmaine,
You definitely need to provide more info in order for anyone to help:
- Do you have an agent who will be able to submit your offer?
- What is the asking price?
- What condition is it in?
- What are the prices of homes that have sold in the past 6 months that are less than a mile away?
Hope this helps,
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
FIRSTLY THIS IS A HOMEPATH PROPERTY. THE PROPERTY IS BEING SOLD AT $89,000 THE COMPS ARE READING $180 - 325 MED RANGS IS $225,000
YES i HAVE THE AGENT TO WRITE THE OFFER
BUT i AM BEING TOLD BY SOMEONE WHO HAS YEARS OF EXPERIENCE THAT THE BANK WILL NOT LOOK AT MY OFFER BECAUSE IT IS A 7 DAY WAIT AND THEN THEY WILL TAKE A OWNER BECAUSE THE PROPERTY MUST BE OCCUPIED FOR A YEAR BY A HOME OWNER HOW DO I GO ABOUT THIS i WILL ASK THE AGENT TO WRITE IT FOR $78,000 HARDLY ANY REPAIRS NEEDED
i am a beginner and want to be part of a really strong network of people i have done a few guru conferances but decided that dean is still the best . i now just have to get together with people that can help and assist. i can do it determind and broke but have the ability and the go to get this done
I HAVE A BUYERS LIST BUT NO SPECIFIC BUYER FOR THIS PROPERTY
i am a beginner and want to be part of a really strong network of people i have done a few guru conferances but decided that dean is still the best . i now just have to get together with people that can help and assist. i can do it determind and broke but have the ability and the go to get this done
Charmaine I do not want to be a Debbie downer but even if your numbers are great the exit strategy is not in place......
Your buyers determine your exit strategy, second if the bank will not loan then looking to a private money lender will probably be better for you
And lastly even when you could do this deal I sense a lease option maybe be the best bet (because it needs to be owner occupied for a period of time are you prepared to live in the basement or attic?)
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
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Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-