All Forum Posts by: Angie Williams

Lol No not at all. It's listed at $9,800. I put an offer in at $8,900. This is in upstate NY. Like I said the comps are low to mid 100's and actually some were higher the comps are almost identical to this home. But, I have bought houses in Philly at $11,000, another one at $14,000, $7,700, etc. The key for me finding properties at such a low asking price is having numerous RE sites send me email alerts literally all day long on my phone in my desired areas. I run a ton of comps, google map street view is my best friend and just read each it all, etc. I have to do my due diligence or I could risk a losing a lot if I didn't with such low prices. If a listing just hit "the market" I'm notified immediately as well as price drop alerts. But all of my homes are foreclosures, short sales, and FSBO. I have very very rarely (maybe twice) bought a property through an agent. Don't get me wrong I put in a blind offer once like I always do, first I do tons of research, and found a home listed at $5,500. I had an accepted offer within hours. The market value/comps were great. Next day took a ride to Philly to see the home, and pulled my offer out ASAP. It wasn't a block I could even get out of the car in. The street just had "get off our block" written all over after seeing the neighbors reaction. Sorry for the long rant but majority of my investments are semi to full rehabs. But for those buying prices and sale value you can't go wrong!

Thanks everyone, listing Agent got back to me finally yesterday. She sent me the "contract" that Greg helpfully explained to me in his prior post. So, 18 pages later my offer is in as of today. I hope I get some word back within 24-48 hours. Fingers crossed!!

Excuse me "fieldstone" not flagstone.

Phil Brannock Hey Phil, Thanks for the response. It's more elevation then a steep hill. It is not man made either. I know flagstone has issues with moisture over time, hence it starting to slant or slope. But the agent did say they did a lot of work fixing up all around the homes foundation and went into foreclosure before fixing a part of the back of the house. I think your right I'm going to get an inspector in there before anything is said and done. Although the property is being sold only for $8,900 and comps are in the low to mid 100's. its kinda a steal! it's been on the market also for 120 days so either investors haven't looked at it seeing its such a small town or the locals can't afford to fix it up. It is in a extremely rural area but near two major universities. Wish I could post a pic for you to see to get a better understanding. I'm going to check link out right now. Thanks again!

Hello BP! I want to purchase this home. It's on a hill and I was a bit afraid about the foundation. This is what an agent wrote to me about the property I'm interested in putting an offer on. Any advice or thoughts at how much work I could be looking at with foundation. I'm not worried about baths, windows, and doors. That I am use to rehabbing. "It needs kitchens and baths, roof, windows, doors, flooring. Also, there appears to have been alot of structural work done on it as part of the foundation is newer. The rear of the foundation, (fieldstone foundation) has caved in on the inside of the house, has not reached the exterior. Many of the floors are heaved and slanted." Any advice would be helpful. Thanks in advance!

I'm not sure if you read my responses I understand REO's clearly cause that's what I invest in. I do not and have never had to deal with a Fannie Mae property. My properties have been short sales from home owners and foreclosures I found on my own and dealt directly with the bank or the listing agent for the bank.

Russell Brazil Thanks. So in order for me to try at getting this property I should dismiss the listing agent? She is apparently still writing up contracts for my offer, and find another agent to put my offer in a second time?

Wayne Brooks Thank you for your opinion. But with all due respect I owned, sold, and rented approximately 23 properties in the past two years that were bought in foreclosure or as short sales. My question was pertaining to a Fannie Mae property that I have never dealt with prior, not how my offer was presented. But Greg has explained it to me and now I understand what the agent meant by submitting my offer with a written contract. My letter of intent to purchase is my "offer." I mainly use it with bigger purchases such as multi families and buildings. If I would have just used the word "offer" we wouldn't be having this back and forth about my LOI. So let's just say my offer. That wasn't my question of topic to begin with, I just wanted advice on a FM property. Also, I do not need an agent seeing I have had my RE license since 2005. I do not use my license due to the fact I opened my own investment company. Thank you for your response anyways.

Greg H. Thank you!! That's the information I was curious about and looking for. I just needed a better understanding on how Fannie Mae properties are sold and the process. The contract aspect is what I was a bit confused about. Thank you again.

My letter of intent includes both a purchase price (offer) and an explanation of the assumptions that the purchase price is based upon. My letter provides a very clear outline of the proposed transaction so we can negotiate before committing to a "contract." When I put an offer in on any property I always create a letter of intent, I prefer to have my proposed transactions in writing rather then spoken words for my own benefit of a paper trail. I'm just confused as to why she has to write up "contracts" first before she introduces my offer. I don't know I'm not familiar with how Fannie Mae properties work. I did see on the website I could propose an offer online or through agent, I assumed the agent would be my best bet. Now I'm thinking the computer offer may have been more affective.