All Forum Posts by: Evelyn Roper

Taxes and insurance seem low to me too. I believe that if you purchase the property the new assessed value will raise your taxes based on sales price but I am not certain of that. I call my insurance agent and ask him what my policy will cost. I give him the address and based on the amount I need to insure the home for, he can usually give me a pretty good ballpark figure. I wish I could get taxes and insurance at those rates. For my primary (SFH), I pay 1,300 yearly and am only insuring the house for around $80,000 (plus contents. You might research further to see how accurate those rates are.

Good advice above!  One thing I wanted to add was that although your offer may be rejected if you require a home inspection, you can still ask for one.  I have bought a home "as-is" and did get an inspection done before we finalized the Closing.  It all depends on how motivated the seller is and whether or not they have multiple offers.  

http://www.bankrate.com/finance/money-guides/computing-capital-gains-on-home-sale-2.aspx

I was browsing around today and just happened upon this article shortly after I read your post.  Maybe it will help?

@Thea Linkfield I am interested in the same.  I have thought about bidding but  I have heard that some auctions have second liens or mortgages still attached.  If it is listed on auction com, how do you go about checking to ensure that you aren't purchasing someone else's debt?

Thank you for your reply, Joel.  I should expect the auction to be cancelled then?  If it ends up being an active auction, I should find a new realtor.  This would our first investment purchase so I am hoping to learn about the foreclosure, bank owned and auction processes.  

I have been interested in a REO SFR and have seen it several times (for several months) on MLS, Zillow, Realtor.com and Auction.com. The price has been reduced several times already. Yesterday, I called my realtor and scheduled to look at the property tonight. I planned on putting in a cash offer as I know the home will not qualify for financing. The realtor called me this afternoon and informed me that the property was under contract so I would be unable to look at it. It was no longer listed on Realtor.com but later this evening it showed up on auction.com with an auction date beginning on April 18. Is this normal? Does the realtor just not want to deal with it? Should I try to purchase my first property without a realtor using auction.com? I have heard a few horror stories but we are very interested in this house, the price is great and it would make a good rental (or flip) property. it is close to home and requires mostly cosmetic fixes. (I haven't viewed the property inside though the exterior appears to be in decent shape.) If anyone can give me any insight into this situation I would be incredibly grateful! Total newbie here :)

@Jordan Lagrassa Glad to help. Also, keep in mind that the payment calculated on the amortization calculators do not include any monthly escrow payments (taxes, insurance, and PMI)

I use bankrate.com.  They have an amortization calculator that allows you to view the schedule with  anoption to add extra payments (either as a one-time payment, a yearly payment, or to each monthly payment.)  Www.amortization-calc is also helpful but doesn't offer the extra payment options.