All Forum Posts by: Edward R.

Yeah, I just don’t get the angle!  I would if it was an up and coming neighborhood but it’s changing like that.  It’s not in livable condition.  The owner (looking at other property records) seems to like tax forclosed properties (owns 5).  I was just curious how it’s beneficial financially holding onto; such as writing off the loss of rents not having it rented.  Either way; I’m sure he’s doing something righ

Hi!  I own investment property that I rent out and take my write-offs, but I just use my CPA to do the paperwork/return.   What are the tax benefits to holding empty properties that hold little value?  It sold for $44K and would take 50K to fix up and even then value would be barely $125K.  Taxes are $2,500K year.

Why I ask:  There was a house on my old street that sold at a tax auction 4 years ago.  the cape style home was picked through like you wouldn't believe (walls town apart to get to piping, windows removed)  it was a shell of a house that sat empty for 4+ years bofore tax auction.   Guy who bought seems to be a local property (rental) investor who also lives in a 1/2 million $$ home.  It's been boarded up even since he bought it 4 years ago.

How do they justify holding it?  All you could write off is property tax, lawn mowing and ????   

Also, Does anyone know What Quicken Loans does with foreclosure properties? (I think it's Rocket mortgage too) Do they do REO sales or send off to an large investor type company?

I did, lots of flat fees but mine was a broker in neighboring city that covers many local MLS groups. Also conversed with a few who use their services and reviews were spot on. Was a true and worthy flat fee broker. I have heard other take the $$ post it and thats all you ever hear!

Thanks.  I just didn't know if it was possible so far along.  As mentioned, it was slated for sale but delayed.  It's gone through 95% of the foreclosure process.  I've looked through all their records at the courthouse house and such.  The listed foreclosure amount for  principal due was about 120K  Total foreclosure was 138K.  Amoutn I'd be comfortable with is $100-115K (cash of course)

Well Offer was accepted! It was a VERY solid offer with great terms and buyer. Multiple offers came in. FSBO route was a alot of work and for a one time deal DEFINATELY not worth it, but 2 a year or so I can see it. MLS flat fee is the only way to go. I did a great website, blasted my FB groups that have thousands of local members, excellent visible house. but in the end it was the MLS that brought buyers to my house. FB listing was a joke and attracted idiots; including one who asked for the address (website was the address and in the website)

• PRO FSBO:
• *  It Educates you!
• * You control discussions and negotiations and in a way your price
• *  $$ Yes you save some money
• * Keypad lock - A MUST for easy access for realtors.
• CONS to FSBO
• *  LOT and LOTS of time prepping.  Could have spent time doing other stuff and spending family time for beginning of school.
• *  STRESS - Planning and preparing and organizing for appt. and discussions. wasn't as bad as I anticipated, but could behave been.
• *  TRUST/INTEGIRTY - I think Realtors like dealing with realtors.  I believe there's hesitation with FSBOS because realtor VS Realtors know what to expect and act within Ethics (I think).
• *  PRICE- I feel more multiple offers could have came in and would have been taken more seriously.
• In the end though I worked with a smaller botique firm and a large franchise and still got a great price.  As for price, BE careful if you list with a realtor.  I friend of mine who is a succesful realtor laughed when I told my price and explained.  I stood my ground and went with my price.  I stood my ground because I focus on a "niche" client and he focuses on what numbers show for the market.  I got the client type I anticipated when I first bought the rundown house and that client will be getting a nice home.  
• Closing should go smooth and stress is weaning a bit.  

HI! I've bought a few properties over the years, Foreclosures and have done the "courthouse steps" sale due to foreclosure. There is a house I'm eyeing and I knew the person living there (LEft due to spouse issues and starting anew) House is a great lot, good condition and for the right price would make a great flip or other investments. Contacted lawyer representing the bank as to if it sold at the courthouse in May,; answer was "no due to FHA moratorium till years end"

Are there other methods to try and buy the house like short sale?  Or is the only way to wait for forclosure sale at courthouse (which it could be bought back from bank because I haven't figured what their minimum price "could" be.   I likely could get the former owner work out an arrangement (moved out 6 months ago, service BlackKnight company closed up house)  

Well I think I'm going with this.. "The Seller will review offers Sunday night at 9pm. If there are any offers then please be sure preapprovals are ready and/or proof of funds is indicated and shown"    I was thinkin of monday but some offers may not want to wait another day.  ANd most shopping are preapproved or know to have proof of funds letter.  Again, another hom in a same area went on today and multiple offers due my th 23 (yes they have multiple offers already.

First person looked today with their realtor (whom they should fire, weird story there) and texted they know it wouldn't be published MLS till Wednesday (cause that's how I did it my website and FB groups and I mentioned to the realtor how I'll likely be asking for all offers to be submitted for Sunday). They asked "when are all offers due, we loved the house"

QUESTION: MLS requires a Delayed negations addendum typically. SHould I file for that and how should I word "Showings Thursday thru Sunday with all offer due by Sunday midnight" (or Monday noon)

I've only bought a few properties and held onto them for STR/Airbnb. First time selling on my own. This is what I placed on my website: "

Showings by Appointment only

Potential buyers; please have mortgage pre-approval documentation or proof-of-funds letter prior to showings."

I think many serious buyers know this is pretty much a requirement in this market if they want to get ahead. Have two showings scheduled for early this week before it goes on MLS. The other wording is letting people/realtors know that offers will not be reviewed until Saturday or Sunday. As others have said on here, It's alot of work unless you do this for a living :o) But I always wanted try it and experience it.