Newbie's First REO Purchase

Newbie's First REO Purchase

Hi everyone! I'm so excited! I started Dean's program a little over a month ago & have found a cute 17 yr old 2br, 1ba, ranch, REO property. It was originally listed for $45,000....with my realtor's help we got the bank to lower it's listing price to $34,500. I asked to have an inspection done before closing but when the water was turned on some leaks were discovered. The bank is in the process of fixing the problems before we proceed as long as it's within their allowable amounts. I didn't know that the bank would handle any repairs...I thought it would be my problem. So I'm waiting for good news as to when I can close on the property! Thank you to everyone for posting all your helpful hints & past experiences!!

Donna

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Way to go! Keep us posted

Way to go! Keep us posted on how everything goes and get busy on the next deal.

Brian


Nice Surprise!!!

I closed on the property finally and just found out some great news today! As I mentioned before the home is in a gated lake community so I had to go to the association office to fill out paperwork. I went to the office, filled out the necessary forms and after leaving received a call from the office manager asking me if I knew that the empty lot next door was attached to the property I just purchased. I had no idea...the realtor never brought it up. I called the realtor to verify and she told me that the lot was a part of the deal. I now have enough room to eventually put up a garage!

Good Luck To Everyone!!
Donna

PS
Finally getting electric turned on Wed. & hopefully last water leak fixed by end of week!!


Congrats

on locking up a your first deal! I'm so excited for you Smiling

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"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Donna

Congrads on your deal!! I'm next!

God bless,
Serena