All Forum Posts by: Christopher Malone

Thank you @Brandon S. Lewis ! I will be posting on a month to month basis for now. As my business organically grows, I will post more often. I hope I can provide you with helpful information. 

Chris 

@Linda Quinton No worries :) 

@David McEwan Thanks! I still have a long way ahead and i'm excited to share it with you all.

@Linda Quinton You can monitor the topic by clicking on the tab above (Next to Start New Topic) or below the tread on the left side of the Post Reply tab. 

Thank you for your time and interest! I will keep you posted with both, the good and the bad.

@Nhi Nguyen Thank you, and thanks again for taking the time to read my post!

If I can inspire at least one person through this thread, the way I have been inspired by reading the forms, it will be well worth it. I admit, I was a victim of analysis paralysis, but my agent motivated me when I was going to take another week to think about taking action. 

Thanks for your post!  

@Mark Creason I have been looking at some zip codes on the North side of Chicago, and a few zip codes on the south side. One of the reasons I got licensed is to have access to the MLS and and utilize all of the information to research and narrow down a farm area.

@Lorcan MacGrath I believe what you are referring to is a "subject to auction".  The bank sets a minimum amount that they are willing to accept that is not disclosed to bidders. However, once a bid meets or exceeds the minimum price, the Bid form will indicate that "the reserve has been met". If the bidding does not meet the minimum  price, the bank is not obligated to sell.

I hope this helps

@Kevin Siedlecki That is correct. The auction listings are released just hours before the auction begins. This gives potential buyers a chance to run the numbers, and even drive by to see the outside of the property. If the numbers do not add up, or the property looks as if its about to fall over, no one buys it. It then goes back to the bank and placed on the MLS at a steep discount.

Hello @Kevin Siedlecki 

A property goes to auction when it is first foreclosed on by the bank. The starting bid is normally the remaining balance of the mortgage. If the property does not sale at auction, ownership goes back to the bank, this is known as Real Estate Owned (REO). At this point, the bank list the property with an agent and the property is listed as a REO foreclosure.

I hope this answers your question,

Chris   

@Ramon Jenkins I enjoy reading Wendell's updates every week, he shares a ton of knowledge. Thank you for tip! 

@James Enright Thank you for your suggestion, I will definitely look into them as well!