Help - What Should I do with this REO

Help - What Should I do with this REO

Months back I've saw this particular REO listed under realtytract.com with extremely low asking price ~13k compare to the nearby house ~600k.

Here comes my questions:
1. anyone use realtytrac.com service before, which need subscription in order to see the house info. This site also recommand nearby realtor service. Should I use it?

2. I've managed to found out this REO address in full today(I think), but don't know which bank owns this REO. Any way I can find out which bank own it?

3. While I was search the deed info of the REO, I found the address and the number of the RE company own this REO or should I say the RE company who handle this particular REO for the bank.

Should I call this RE company which is far from this region? or should I use a RE agent to purchase this house?
Any suggestion of the advantage or disadvantage of it?

4. Please correct me if I'm mistaken. I remember somewhere I saw that banks are suppose to list the REO asking price as whatever the original owner owes; therefore, in this case, asking price of ~13k is what I can purchase up to right?

Thanks,
Kathy

__________________


If you don't have to use a

If you don't have to use a realtor, dont

Contact the # there and ask aout it. if thats the house and you have money on you, make an offer to purchase in 30 days.

If you go to contract you may have to put down 10% if you think its worth it.


elix

Thank Elix. =)

I was a bit disappoint yesterday that for a while no one seems to willing to answer my questions.

Thank you for the advice. I'll give the number a call today and found out.

If I can make an offer to purchase in 30 days, should I also included the "Other terms and conditions", such the one mentioned in "Your Town" book?

-No penalty for early mortgage pay-off
-All unpaid property taxes to be pro-rated and credited to me(the buyer) through day of closing
-Seller to satisfy all other liens and bills accrued to date against property prior to closing, including but not limited to, the water and other gas and electric utility bills
-Buyer to receive title insurance reflecting clear and equitable title for the property
-First mortgage payment to be made 60 days after closing
-Property to have interior painting completed
-Entire property including, basement, and grage to be left in a clean condition and free of debris

Again, thank you!

best regards,
Kathy


That sounds about correct,

That sounds about correct, though the 60 days after closing might not fly. Generally if you close in the middle of the month say feb 14-16, your first payment isn't due until April 1st. Its that unwritten 'free month' rule.

If people don't answer your questions, go somewhere else where they will; this is small fries to get upset over.

If that is not the #, ask them if they have any other houses they are looking to unload??? If they seem skeptical, immediately let them know you are an investor who can quickly take them off their hands with a smooth and quick closing. It doesn't hurt to ask the name of the person on the phone and if they know someone as well; they might just and leave your number with them and let them know if they know anyone who is looking you could save them money since they wouldn't be going through an agent.

Try and end all convo's with "thank you very much for your time and again if you know anyone looking to buy or sell, please keep me in mind...."

Hope it helps


Thanks Elix!

I've just made the call. As I process, this lady is a bit cool about the property I requested, and all she told me is that this particular REO home is not for sell. I have tried to ask her why nicely, but she just won't tell me. Then, I told her I'm an investor and looking for REO properties that I can close quickly; therefore, would you mind to exchange information? Well, she just say no, and hung up the phone.

Even though someone just hung up on me, but I'm happy I made the call.
It's not an easy step for me to make a cool call.

Now I got another question on this, if this REO home isn't for sell, why it appear on foreclosure list?

Should I give a try by going thru an agent?

Thanks,
Kathy


Kathy, I've been Hung up

Kathy,

I've been

Hung up on

Cursed at

Hung up on

Cursed at

Hung up on

Cursed at,.....you get the picture right??? Just use this as a learning tool. If you felt comfortable move onto the next one.

I suggest if you ever have 2-3 hours of just RE time, go on craigslist and make 2-4 posts per state. Yes all 50 states. 2 posts that you have homes for sale, 2 you want homes to buy.

Once you get responses, and since its CL, ask what state they're interested in, once you find out, come on here and ask if anyone has anything to offer.

When you reply to them asking what the addresses are, let them know you will first need to see a POF and not that transactional funding letters(sorry DG'ers but that doesn't mean you have the money to buy). Out of 20 that contact you, you'll be lucky if 5 are for real or are really buyers. Probably in the same boat as you. Remember ask them what they are looking for eaxctly and once you know ask around, etc and dont be surprised if you find what they need

Let me know if you need further help


Wow, all 50 states!

OK. I already made a cold call which is a big step for me.
Yes, I'll start to post tonight as suggest and let's see what's the outcome.

In terms of POF, how can I tell whether it's a transactional funding letter or not?
I do no have any experience on this. Would you mind pm me a POF sample?

Thanks,
Kathy


location,location,location.

im just starting whit dean graziosi program i will be official as of saturday the 10th of april im in a im not sure stage rigth now reading some of the comments and being a 44 year old male married whit three kids my back is up against the wall i need this to work i need this to be real,if its reo,forecloser or just a good deal,does location play a important factor in getting ahead in the realestate business and can i make these deals from home on my computor,can i find property whit no money down, i know it takes work anything worth having in life takes work i just need to know if dean can deliver on what he is teaching.


Elix,

I'd be interested in seeing a valid POF as well. Is there a way to post a file to this thread?

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
Checkout my websites: www.zionpropertiesandinvestments.com
Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


Dadidmici

I have 4 kids, homeschool, don't have any babysitters or people to watch my kids and I'm on the journey. Laughing out loud I stay up until 12:30 to 1am every night, but I am making progress slowly but surely! The only attitude to have is 'I WILL DO THIS, and I CAN DO THIS and NOTHING IS GOING TO STOP ME FROM DOING THIS!'. Your destiny will come from the attitude you have about it! Good luck!

PS, search for 'freeindeed'(Carol, with 7 children, 1 is handicapped) and Rina (4 kids I believe); they both have children and are extremely successful with these methods!

Your first step is to start a journal (on the left, 5th down to track your own progress (it really helps to look back on where you've been and how you've progressed through the process). BTW, This is actually hijacking a thread, but you're new and I wanted to let you know, because I was new only a month ago too Eye-wink )

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
Checkout my websites: www.zionpropertiesandinvestments.com
Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


Harry

Personally, I think location is the key, even I'm fairly new here.

It doesn't matter whether is a house for your own or an investment property, one day you got to sell the property; hence, location matters. As I seen and pay more attention for the market around my area as a start, the more research you do, you will find out while the market is hot, good neighborhood housing(i'm not talking about high-end housing here) raise much more and faster compare to 2nd or 3rd tier neighborhood. On the other hand, while market goes down, good neighborhood usually is the last to fall and the percentage of price drop is much smaller then 2nd or 3rd tier neighborhood in general. Of course, local factors mentioned in Dean's book also comes in play. This is a general rule of thumb.

Just my 2 cents and hope this helps!


Thinking outside the box...

First, many thanks to zion properies & gateway for the words of encouragement. I am a true believer in taking action and thinking outside the box. I am working on my buyers list now. Construction has been a part of my life for the past 15 years so it is easy for me to talk to follow contractors. One of the ways I am going about finding possible buyers is through the real estate section in the papers; today I came across a new home builder, he is more on the high end home building, but I think I can work with him. The question I asked him was how is the market doing on the high end side of the business? He basically said what I already know "its slow." The price range for his homes are in the area of $500,00 and above. He is willing to work with me, 6 to 8% finder fee. Now, I need to figure out how to find buyers who have that kind of money. I have some idea on how to go about it and its definetley thinking outside the box. One idea I have is talking him into lowering his price to accommodate the market we are in.


gateway

Call the Phone Number on the listing,its either going to be a realtor or the listing broker.Tell them you are interested in house and do a walk through,do the comps and look very carefully at everything inside and out for any repairs that need to be made and do all your calulations then determind your offer price for the house.Try a lowball offer to start they may counter or except your offer,you can always recounter their offer higher a little at a time.Use the agent or broker doing the listing,you will have better service with a listing broker as they will continue to work with you on other Investment deals.Hope this hepls.

whurndon
H&H PROPERTY SOLUTIONS LLC


Almost free property

I decided to bid on some homes on ebay, yes ebay. Of course the majority listed on there are in depressed, formerly thriving neighborhoods. I'm in Illinois but I bid on a house in Flint, MI frame SFR, 900 sq ft 2 BR with bsmt. I wound up being the winning bidder and paid $455 (not a misprint)plus $1500 closing costs which also covered backtaxes. What I will do with it, I do not know.
My thoughts are someone lived there at one time and another family will eventually live there again.


Dadimici18

I'm not sure about your area. In case if it's hard to find buyer. How about talking to the builder for lease option that buyer also need to put down x% of money? This leave your buyer more option even if they don't have enough cash on hand.


whurndon

Thanks for the advice. It turned out that I think it's a tax lien foreclosure property; therefore, I only see the ~13k compare to 600k area. The interest part is that the lady I talked to seems doesn't want to reveal too much info about this property; maybe they are the one holding it and want to sell later to make a big profit on it.

Again, thanks!


onthelynx95

Way to go!

Do some research for the FMV for your winning bid property. You can either post an ad in classified ad section or you can post in craiglist.com to sell or rent.


Syndicate content