All Forum Posts by: Erica M.

no I figured out who the bank is. I called but there is no way to speak to asset manager. It's a dead end. Buyers are at the mercy of real estate agents and their word. So if things look suspicious... There doesn't seem like much you can do. 

 And what do you make of the price drop?  I think the bank is Sallie Mae. So you're saying I can call them and confirm?  I will tomorrow. Thanks!

Hi guys...I need some advice. Over a month ago we were among the first to put in cash offer on a foreclosed home. There were several other bids. We then put in highest and best. Told they would make a decision quickly, but still haven't heard anything. 

Now let me say we are using the realtor who listed the home  and she just seems to be giving us the run around on why we haven't heard back from bank.  She hinted at, and I already assumed, the bank went with a higher offer that is financed but are leaving us in the hook just in case.  

NOW!  I see the house dropped in price by $5,000. Can someone please explain to me what the hell is going on??  Second, is there someone I can call, like the bank, to get factual information about what happening?  Can I make a complaint?  What do I do?  This is super shady business.  we put in a cash offer, no inspection.   I just want the truth.  How do I get it?  Thanks!!

thanks!

thanks!  The more I read, I think I may ask the bank to  dewinterize and do an inspection. It's just too scary to not Inspect. 

Hi. We've been looking to invest in a SFH and making it a rental. We found a foreclosure at the 90k price point, which is good in our area (NY). To our surprise, the house looks pretty good inside. It's not too bad on the outside either. Problem is its winterized and no electric service. So we can't check out the utilities. I know our options, but I think we might forge ahead without an inspection. Is this a huge no-no? Have others taken this risk and it paid off?

The house is in a desirable area and I feel really good about the asking price vs it's market value. But Is it just too good to be true?  Is the bank hiding something?  What's lurking behind those walls?? Anything I should do or look for in particular?? I feel like I need to be a detective.  Thanks!

thanks @Trevor Ewen!  Very well put. 

thanks very informative!

Hi guys. I wanted to get your opinions on my next steps for an investment. I'm gonna put my business out here a bit so here it goes: we recently bought a 2 family. It makes us about 12k net income a year. We have about 100k left on a HELOC. A comfortable amount in savings. No debt except for 50k we used to purchase duplex. What do we do next?

1) focus solely on paying down 50k loan?

2) use 100k to buy a small SF?  We don't have time to rehab. Somewhat turn-key SFs are over 100k around here. So we kinda can't afford it. 

3) just sit and save for another property? 

4) get another loan?  

5) find a partner?  I don't know any other investors but I'm trying to talk to people in the community. 

Did I miss something!?  Please let me know your thoughts!!  I'm doing my homework in the meantime.  I'm really enjoying investing/real estate so I'd like to keep the momentum going.  Thanks!!

yes to diversify!