All Forum Posts by: Blair Poelman

Deadlines are deadlines and the language of a state sanctioned / approved contract is usually pretty solid, but when it comes to keeping EMD, I usually don't put much energy into fighting for it. In the case of a default, I always come down really heavy-handed on the first notice saying I'm keeping it, but unless the defaulter just rolls over, I'm not going to do much to pursue the EMD.

Considering your agent was doing both sides, he/she will likely end up taking some heat from either the broker or the buyer for letting the thing fall apart and putting the EMD at risk.

I am looking for a buyer of a large parcel of land in Washington State, located approximately 500 yards off the Snake River, 15 miles outside Colton, Washington. This is a bank-owned foreclosure REO property and it is not listed. Property is 30 acres and includes a farmhouse and outbuildings with power and water connected. Previously foreclosed with a right of redemption at $55k which is now expired. A search of the Washington State Department of Ecology indicates there is a claim of water rights, as well as a surface water right.

The owner is looking for a buyer immediately and is willing to give a substantially deep discount.

Buyer pays brokerage and real estate fees. Please contact me directly to be introduced to this deal. 

Blair Poelman, 385-208-2666.

Call the assessors office.  I believe they have a subscription system however from what I recall it's a little bit expensive and is not very user friendly.

You can pull the public data from the various websites and then go and extrapolate everything, but unless you've got a pretty good programmer who can build out some engines to go scrape everything you will end up doing a lot of that mining manually.

Opportunity to pick up Mixed-Use retail / residential / office property in Boise, Idaho.  Property sits at a highly desirable location on a fairly busy corner.

Property has a 3-story 6700 ft structure built in 1999. Sits on .2 acre corner lot.  Suitable for retail or office throughout entire building, or ability to occupy the top floor as a residence / apartment rental.  

Market value is in the $400's.  This is a bank-owned property and we are looking for a cash buyer who can maximize a discount on the deal by closing fast.

Buyer pays brokerage fees.  Please call or text me directly for details. Blair Poelman, 385-208-2666

@Eran Matalon

You would be really lucky (or maybe unlucky) to buy a "REO bundle". An REO tape is pretty much a unicorn these days - especially in good areas, and especially where the assets are within close proximity to each other. Even when buying multiple properties from the same seller at the same time, pretty much everything now is one to one - meaning one parcel, one contract.

I've bought and sold a decent amount of properties, many purchases were directly from financial institutions, however there is only 1 occurrence in my life (7 years ago) that I purchased a bundle of assets on the same contract - and half of those assets were total garbage and the deal was a disaster.

Flip or student rental opportunity. REO / bank owned / Gov't foreclosure SFR. Home is in Price, Utah on the north end of town near the wave pool, park, and CEU.

2200 sq. ft, 4 bed/2 bath, 2 kitchens, 2 car garage.  Newer furnace & water heater.

Estimated renovations of 16-22k and ARV at 140-146k.

Please contact me direct if you are interested.  Blair Poelman, 385-208-2666.

Hit your local REIAs and try to get involved with somebody who is doing a flip so you can learn some of the business without having to fully dive in - pretty much blind.  This business isn't super complicated but there are a lot of moving parts that most people don't understand when they start out on their first deal - which is one reason many first-time flippers are also last-time flippers.

Also, flipping TV shows are pretty much all BS.  Nothing in this business happens quick enough to be an exciting TV show full of dramatic twists and turns that lead to a sudden Champagne cheers showered by a buttload of money.  You want a realistic renovation show, tune into This Old House.

FSBO sellers are hard to deal with - plain and simple. They are trying to save money (nobody blames anybody for wanting to save some green), but they are often times doing it to their own detriment.

I have never "steered" any client away from an FSBO, however I do have an obligation to inform my client that, as per the buyer-broker agreements in my state, if they have hired me to help them purchase a home, and the home pays less than the rate that was agreed to on the buyer broker agreement, the BUYERS are on the hook to pay the real estate commission. More often than not my clients are expecting a seller to pay the commission, but adding 3 points on top of a sale price oftentimes deters a buyer from even looking at a FSBO.

Beyond that, a buyer might not be able to finance a buyer's agent commission with their mortgage - so it may have to be paid out of pocket, which will often times mess up finances and DTI ratios, which then causes a problem with underwriting, yada yada yada...

FSBO sellers don't know what they don't know - doesn't mean they are dumb, but it usually does mean there are delays, appraisal conditions or repair issues, miscommunications, paperwork issues, etc... Additionally, there is a substantial amount of liability that a homeowner assumes when they sell their home. If they miss a disclosure or forget to give even a minor piece of paperwork it could come back to bite them pretty hard for literally the rest of their life. Brokers and agents have insurance to protect them from this - an FSBO seller usually doesn't even have the slightest concept of what liabilities they are taking on.

There are many well educated and highly experienced FSBO sellers that are easy to deal with - many are here on the BP communities, but the folks here are not the normal FSBO sellers. Those that are here are at least getting educated and have some experience and will know what to look for and how to deal with whatever comes up. However the typical FSBO seller doesn't do this for a living so they really just don't know how to get a deal done clean and neat, and compliant. It really does take work to get a house sold - even in such a heavy seller's market. It's technically very simple for anybody to do a FSBO and get an offer. Keeping that offer in place, and moving a deal to completion is a totally different story.

This is kind of an obscure concept:

"foreclosure" refers to the reason why a property is up for sale (somebody didn't fulfill a financial obligation). "Bank Owned" refers to a status of ownership (kind of).

When something is foreclosed, the ownership is taken over by whoever the note or lien holder is / was - sometimes called "the beneficiary", or "the bank", but technically it is REO - which is a pretty vague term that refers to "real estate owned". It could be a bank, or a hedge fund, or a bond, or the US government, or a credit union, or an individual, or a LLC, or a corp, etc... Really could be any person or entity that held a note that defaulted.

based on the info you provided (which is very minimal) I can only speak from my experience, which may or may not have anything to do with your situation... but when somebody calls me and says they are looking to sell 15 SFR's, chances are the seller is effing desperate to unload a bunch of sh**ty deals.

Do your research on that one.