All Forum Posts by: Alex Steward

Cricket11

That's great. I am also interested in a property currently owned by WaMu but they seem pretty adamant about any REO offer concessions, in addition to their REO' bring over priced considering they are "as is".

Looking at new lately, I hope they change their attitude just because their shares took a 17% dive just yesterday. I hope that will soften them.. :lol:

strive for the life

You said it right...I just looked at a REO property listed for over 5 months which is very unusal in dutchess county NY area. I went to check the house today. Open the freaking basement door and I can tell from the smell that that house must have a serious mold issues.

I took a contractor friend of mine with me and he confirmed with a another buddy who worked on this house in the past that this house has mold issues and I should not be offering more than a price of the land. And also keep in mind, it costs a lot of money(~15k), permits and time to bring down and house and build a new one.

So I be careful about mold issues.

donflips -- Thanks for the motivation.

Yeah, I found out from public records that this house is owned by Washington Mutual and yesterday their shares took a dive of 17% in addition to the annoucement that NY attorney general may bring charges against them for pressurizing the apprisial companies to inflate home prices.

I just keep looking for any reduction in price and sadly the place where I live there ain't that many reo which sit for more than 4-5 months.

Just to state the obvious...I was denied. I will have to try again in a month or so maybe with like 135,000.00 or more.
:crying:

Don..

Thanks for posting your story. I know my best offer should not excessed 160,000.00 for this property.

Let see what bank has to say. I think they not gonne say anything just because they know the property is at very good location and its only been a 1 and half months its been on market. They just gone deny my offer most likely but I will keep an eye on it for next couple of months and then throw in the same offer.

I just want to get a feel of it..see how desperate they are.. :lol:

Quick Update:

The offer is in for 125,000.00. My agent told me that normally they get back to you with 3 business days.

I will keep my fingers crossed..... :lol: even though I know there is only .01% chance they will accept the offer but...I will let you guyz know.

This is my first REO offer..so even though I don't want to admit it I am little emotionally attached to it... :lol:

-Alex

Calixto and John:

Thanks guyz..unfortunately I don't have anyone who can actually look this up in the real estate agent MLS. But it's good to know that it is possible to find that kind of information from real estate agent MLS.

Now here is the question can an ordinary person like me can get access to the real estate agent MLS. I don't have any real estate agent license but I wonder even if you are an agent you would need to pay monthly fee to get access to the real estate agent MLS...is that true?

Hi all...

Question for all real estate gurus:

Is it possible to find out how long a house been on MLS or when was the house listed on MLS. I have not been able to find that on the public MLS but I wonder if you could find that on the real estate agent MLS.

If it varies from MLS to MLS I am particularly interested in MLS for dutchess county NY. I am thinking that if somehow I can sort the MLS listings by the date listed than the home which are listed the longest may have some potential for possible good investment.

What do you guys think?

-Alex :D

Jon...

You saved me bro...!! :idea: I trust your numbers and now I will only offer $125,000.00 only. I mean the worst case, I will be denied...but hey, I know that already. If I don't have the balls to ask it I may never get it and you are right the bank may not be so much willing to finance this deal with even 20% down payment.

The only reason I am upbeat about this property was that I know the area very well and I know this corner lot will sell within couple of months with little effort. This is a 1 acre lot in a very affluent area and I bet the land value is worth around 80-90$ to begin with so it may been a good deal. I see your point, I am taking a very high risk for very little money.

Let'm find a better risk taker. Thanks again. :lol:

Thanks John...

I think, I am going to offer 185,000.00 and I will mention in the offer that that house needs many significant updates, currently has no certificate of occupancy.

Let see what happens..!! I will keep all of you posted..!!

Question:
I will limit the offer to be valid for 14 days only. You think it should be enough for bank to decline/accept the offer?
Is there any particular wording I need to make sure it don't come bite me later?