All Forum Posts by: Jason S

Scott thanks for your input, great suggestions.

Dick, thank you for the time you took into your response. There was a lot of great information.

BP is Awesome!! I have learned so much.

There is a house in which the foreclosure process just started 6/12/09. I am wondering how the best way to contact the next of kin (owner passed away). I know where the son lives and his phone #. My question is how is the best way to contact him and what should I say, any advice?

Thanks!!

M. Jones, Thanks for your response.
"heartless" was probably the wrong word. I agree that I would probably come off as uneasy or nervous because I have never attempted to purchase a home that wasn't listed. I am just not sure how to approach him by phone, mail, in person? Anyway, thanks again..

There is a house on my street in which the foreclosure process just started 6/11/09. I have noticed that this house had been vacant for sometime and after researching found out that the owner had foreclosure process started in May '05 as well. However, I also discovered that the homeowner passed away in October of '08. I was able to track down the next of kin (his son) but I have not attempted any contact. Should I attempt to contact the son or try and get in touch with the bank? I do Not want to come off as a heartless investor if I approach the son. Any advice on what I should do?? Thanks in advance.

I plan on moving and keeping my current residence as a rental.
It is time to replace the carpet and I am wondering if I should just put cheap carpet back in it or put in cheap laminate, as I believe laminate would hold up better? The laminate I am looking at is swift-lock from Lowes it's not the cheapest it's slightly above it at about $1.50/sf I plan on installing it myself(only about 550/sf total) or I could get cheap carpet and have it installed. Any advice on which I should install or anybody that has experience with the longevity of laminate would be greatly appreciated.

Jeffrey & Owen- Thanks, I figured it wasn't the best way to get a true market value, but perhaps a start. Owen when you say look at a lot more houses in my target area, what exactly do you mean. Sorry to sound ignorant but what should I be looking at then? Thanks!

J Scott

I see what you mean. I was getting the market value based off the local county assessor website as well as my comps. There has not been many recent sales in the neighborhood, however the last 2 were the $36,000 & $71,500. I am probably not going about getting my comps correctly because I don't know what kind of condition they were in when they sold but they are on the same street but after further research the one that sold for $36,000 is actually about 350SF larger. The one that sold for $71,500 is very close in size and has a current market value of $76,122 (again I am getting my info from county assessor) as I probably should be getting them from a realtor.

I Greatly appreciate your time and your advice and MikeOH makes it quite clear as well. Thanks!

Welcome Bob.. Good to see a fellow Sooner-

Mike & Jeffrey: Thanks for your replies.
I was planning to offer less than the $53k asking price. I was thinking between $36-$40,000 as my offer.?? Thank you.

I found an REO that has been listed on MLS for 12 days now. The Bank took bank possession on 02/02/09. I am new to this as I have never bought a foreclosure before and not entirely sure what to expect. The house built in 1961 is 932 SF 3 Bed 1 1/2 bath. 1 car garage with 2 car covered carport. I carefully examined it inside and out (of course I am not an inspector). Anyway, The asking price is $52,950.. (Market Value $72,000)The most (comparable)recent sales in the neighborhood were $36,000 and $71,500.. The average market value(based on county assessor) per square foot is right at $68/sqft. My intentions are to keep it as a rental property.

The garage is partially converted and I was thinking about having it framed in adding a window and siding to close it off, it already has ductwork ran into the garage. This would had about 250SF. I believe this would make it more appealing as a 4 bedroom since it does have ample covered parking? Thoughts? Cost?

It needs exterior paint, interior paint which I plan on doing myself. And it needs carpet.

I believe that It would easily rent for $650-$700 as just a 3 bedroom (based on local rents) and then $750-800 if converted the garage to 4th? I am nervous as I don't know what other unknowns I may find? Any advice on whether this a good deal and/or if I should convert the garage? How much lower would you offer?? As always I greatly appreciate all the wonderful information/resources here on BP. Thanks.