Member
Joined: 2009-07-10
Points: 34
OfflineName:
Chris Berry
Location:
Fort Mill, SC
csberry
All About csberry
OfflineTopics I've Participated In
| Title | Poster | Replies | Updated |
|---|---|---|---|
| New Forum Idea - New Investors: How to get started, how we got started, a Mentor for everyone, etc. | Indiana-Joe | 483 | 7 years 47 weeks ago |
| assigning a deal | D-HI | 630 | 9 years 7 weeks ago |
| Im nervous...making my first offer tomorrow. | larryshouses | 13 | 14 years 42 weeks ago |
Basic Info
Occupation:
Project Manager Commercial Construction
Children:
Have Child(ren)
Education:
Completed College
Status:
Married
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Mainly Just This One
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On 9:39am, July 21st, 2009 csberry said:
Forclosure Deal
I'm brand new to the game and just put in my first offer to purchase a forclosure property - extremely nervous!!! I plan to do an assignment. I've heard that assignments sometimes can work with banks so I'm giving it a shot. The house is in an HOA community that has a pool, playground, tennis courts, a lake - overall very nice subdivision on the outskirts of Charlotte, NC. The property's needs paint, carpet and the yard redone. I think after $3-4k in improvements, the FMV would be +/- $230k. The asking price is $179k and my offer is $170k which the realtor thinks the bank will take. The realtor is requiring $500 earnest money which will not be deposited until either I qualify for a loan or my buyer/investor presents his prequalification. I have 45 days to close and 10 days to "start my loan application", which because of my credit right now, I know I will be denied. My question is this to whomever can quickly help me out. Does this deal sound like it's worth pursuing especially since I cannot get the realtor to submit the offer without the $500 earnest check? Do I need to demand that the bank sign the Investor Disclosure Statement Acknowledgement (or any other specific document right now) or the deals off? Any other suggestions/comments would be greatly appreciated. Thanks all.
csberry
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Need Short Sale Advice
I just finished Dean's new book this past week and became interested in a house across the street from where I live. It's been on the market for over a year and vacant for 8 months. There is absolutely nothing that needs to be done to this 3-year old home - it's in pristine condition with a lot of extras. The FMV is around $265,000 and the asking price is $230,000. Apparantly an offer has been made (but not yet accepted) to the bank for this short sale property. I believe the offer is $200-$215k. Who has suggestions for swooping in at the last minute and trying to do an IEE or Assignment? What should I offer the sellers to keep them from accepting the other offer especially since I know they are desperate to sell. Thanks for any help.
csberry