All Forum Posts by: Casey S.

Was wondering if anybody might have some tips for me?

Ive purchased a number of REOs but they have always been fresh listings that were good deals the day they hit the market. Offers were usually close to or above asking price. This is my first one to try to work thats been sitting stale for a while. Listed mid January for 151,500, two reductions since down to 139,800, last reduction was three days ago. I offered 119,100 and they responded within 12 hours with 137,900. I countered at 120,000. I am comfortable going up to 124,000. Hindsight I probably should have started lower. Once they counter back should I play the $500 and $1000 at a time game as long as I can and will they even play that game or should I just tell them highest and best is 124,000 and stop wasting everyones time?

Or is trying to deceifer any ryhme or reason to their process pointless?

Duplex BoA foreclosure- C class street surrounded by newer B class single familys. Listed Friday afternoon at 1:00pm for $48,500 with no pictures, met my agent at 5:45pm when I got off work to look at it and couldnt believe it still had a longterm tenant in one side that has been very nicely kept and the other side rentable as it sits, submitted cash offer of $48,600 with $2500 in earnest money at 7:00pm Friday night, offer accepted before lunch on Monday. Total make ready cost should be a couple hundred bucks but I always budget for new A/Cs if need be. Already have the other side leased as soon as I can close for total rental income of $1000/ month.

Different town and very different market. Good deals are almost impossible to find in this area but the market is consistently one of the most solid in the country-

Single family B class in highly desireable area surrounded by solid A class propertys listed on MLS for a few months at $109,900. Offered $90,000 financed with home warranty, 10 day inspection and all the usual BS, settled at $91,000 cash with a 3 day inspection period. Total of $2000 spent updating and fluffing it with me doing the labor myself. Easily leased to worry free tenants for $1200 month. Leases in this area are always signed up to 6 months in advance and as long as I do my part it will keep a 100% longterm occupancy rate. The plan is to refi it after 6 months and it should appraise approx $115,000. From an income standpoint this one is a dog but when you look at the market and area it is a steal.

The success of craigslist ads DRASTICALLY goes up with how frequently you post it. Once a day at minimum/ twice a day if your area is swamped.

Thanks for the help.

One question I should have asked more specifically is will the fees be about the same in the end or will one way be more expensive?

We are purchasing at about 80% of appraised value but we would be ok refinancing at that and not needing to wait 6 months to get the full value out.

I have done some cash purchases and purchased with financing also. I dont really have any refinance experience. I am looking at purchasing a home that we would like to get closed on fast due to the rental season where I live. Obviously cash speeds things up, which we can do, but we would really like to have it financed for 30 years at a low rate with one of the big banks/ lenders.

Are there any up sides or down sides to refinancing after closing a cash deal vs just financing it to start with?

Thanks!

Thats what I thought but wasnt sure if I could be missing something.

If I go with cash then closing cost really arent an issue.

My real estate agent works hard and helps with a lot of things that some agents wouldnt so I dont want to try to short her.

The house is a good deal at 85% so thats what Ill offer and stick to. Thanks!

Thanks J Scott!

What can I do to effect #2 and #3?

Are they likely to accept less on a cash offer? Ive purchased some HUDs in the past but always dealt with financing. I hear a lot of foks say they will accept 85% of asking price pretty often. Would I be better to go in at 80% of asking price on a cash offer?

Thanks!

Thanks!

I know this has been discussed but Im not having any luck finding it by searching.

Do yall have a list of questions to ask when your yellow letters get you the phone calls?

Any must ask questions or do not ask questions?