All Forum Posts by: Haider Zaman

@Anil.. either that was a poor attempt at humor or you weren't reading my question carefully.  Nevertheless, thank you for your time.  

BP Family,

I have a question regarding bidding on HUD properties. What percentage of the listed price (or ARV, whichever) are your bids on the HUD site?

I understand that this is a very generic question (considering property values are different all over the country), but my bids have usually been around 11-30% of the listed price and I haven't had any success.  Speaking in generalities, what % have you all had the most success with?

Any pearls of wisdom you all could share would really go a long way in helping me secure my first deal!

Thank you!

Haider

Hey BP Family,

I have a question regarding a HUD property that I am bidding on. I placed a bid on a HUD property of around 66% of list price. Just received an email from HUD saying they are putting a counter offer process in place for 80% (only offers over or at 80% will be considered).

I am fairly new to the HUD wholesaling process, so I have a question. Considering they just sent an email saying that they wont consider anything below 80%.. is this the lowest HUD is willing to go? Or is this email a generic email that is sent and if they get no bites, then they will re-allow lower bids?

Any guidance you all can provide would be greatly appreciated.

Thank you,

Haider

BP Family,

Good afternoon.  I am a wholesaler and am looking to buy a list of Pre-Foreclosure properties.  Can you recommend a few good sites/sources for a list like this?

I have used US Leads List for Inheritance properties and List Source for Absentee Owners.   Any recommendations for Pre-Foreclosures leads?

Thank you!

Haider

I think @Austin makes a good point.  You already have a legal contract with the seller. 

If i was in your shoes, I would call the listing agent and tell them you have a legal contract to purchase with the seller and to change the property from "Active" to "Pending" in MLS.

I am pretty sure the listing broker/seller have an Exclusive Right To Sell contract in place, which means that the listing agent will get his commission (from the seller) and won't complain about putting the status as "Pending".

Hopefully this helps!

Thanks,

Haider

Hi BP Family,

I am in need of your expertise. Could someone tell me how ARV relates to Total Assessed Value (MLS Tax Records)?

When computing ARV.. do any of you ever consider Total Assessed Value into the equation?

How about when you compute your ARV and the ARV comes out to be larger than the Total Assessed Value.. does that impact your offer?

I am just trying to grab a handle on how much consideration I should be giving to the Total Assessed Value (when talking to the seller, and then talking to the buyer after I have received the contract).

Any help from you all would be much appreciated.

Thank you,

Haider

Hi everyone,

I have a follow-up question. If i do get a property under contract (currently listed in MLS), shouldn't that property's status in MLS be changed to "Pending"??

What are your thoughts?

@DAVID,

Thank you for your advice!  David, could you guide me as to where precisely I could look for these public records? (which websites, or which office in my county could I go to to access these records)  Any detailed guidance you could give me would be really appreciated.  

Thank you,

Haider

Hello BP family,

Could someone recommend a wholesaler friendly title company here in Richmond, VA?

I would greatly appreciate your help!

Thank you,

Haider

Hey BP family,

I have a question regarding a wholesaling contract.  If for some reason the deals falls through, what is my (the assignor) responsibility to the seller should the buyer (assignee) backs out for whatever reason?

I want to make sure I am protected and can add any advice you provide into my contracts for my protection.

Thank you,

Haider