All Forum Posts by: Ken Hughes

Sorry Mike, I was not trying to be disrespectful so don't keep quite I appreciate everyones imput. Your right OH did not go up as fast or come down even faster as we have.

My packet is solid but I do have a question. Some suggest adding media articles documenting the severe downturn specific to our area and others say it is a waste of time. Are there any best practice suggestions out there.

Thanks Mike,
I faxed in my package for both the first and the second at the same time but the first has still yet find one of my four fax attempts, so I began talking to the second. Going forward I will always start with the first, and will finish with the first on this deal before I readdress the second.

I realize that it seems to be an unrealistic offer but as any Floridian can tell property values are off by more than 50% from the peak in a lot of areas including mine. Some of your fellow Ohio investors that rolled the dice in Florida at its peak can vouch for me. Simply put, the BPO agent said the house would not move at any price over $200,000. The most recent comp. was a year ago at $300,000 and the market has been crushed since then. Jon 1/3 of peak is common here as well.

Thanks all for your insights and please post any additional information you may have, as I am along way from giving up on this one.

Thanks for your response David.

$450,000 is owed on the first. It was purchased in mid 05 right at the market peak. The last comparable sale was in 03/08 at $300,000 and now all the listing comps are at $250,000 and below. The BPO agent told me nothing will sell unless it is at 80% of list or below so I assumed the BPO would come in around $200,000 maybe lower making my initial offer of $132,000 seem resonable to me. It sounds crazy for a $500,000 home to have a $132,000 starting offer but in this market it has little chance of selling over $200,000.

Can you explain to me why the second would be so concerned what is owed the first? I can understand the first negotiating a higher price. Thanks again, you give great advice to everyone.

Nick,
I really do not know why the second wanted a BPO it was the first time I have heard of that but others have told me since that it happens occasionally. I will continue to work with the first as you suggested. I'm not giving up on this one yet, just baffled by the progress so far.

Thanks for your response and suggestions.

Yes Chase did a BPO for the second.

Wells is the first and they are still trying to find one of the 3 packets I have faxed them so far but I wanted to start with the second anyway.

Yes, I have been speaking with loss mitigation daily.

I'm not sure what I can gain offering to do an appraisel. I walked the BPO with the agent and she said the local comps that I provided, which were current listings, were actually to high and that is why there are no current sold comps. I provided listing comps at $240,000 and talking to Chase yesterday they told me the BPO came back at $250,000 today they told me they came back at $300,000.

Thank you for your reply if you have any additional insight please post.

I am having trouble with Chase on a second mortgage. After numerous conversations they continue to say they will settle for nothing less than the full amount $50,000. They are saying my bid for the house is to low at $132,000. I do not understand their fixation with the $132,000 since the are not they are not the primary lender. Their are no current comps in the area and the current listings run about $240,000 with nothing moving. Chase requested a BPO which I walked with realtor and reviewed the area MLS with her and while she did not give me her BPO price she did say those listings are not moving because they are to high. In my most recent conversation with Chase they said the BPO came back at $300,000 which I know is rediculous. Has anyone else had these issues or advice. Thanks.

Funny. A buddy of mine that is a real estate investor from Ohio is down tending to properties and can't wait to get back north to get away from the heat.

It's still fast growing but building has been even faster and prices are coming down quickly. Fortunately we are just beginning our real estate foray and are analyzing several ways to take advantage of its inevitable return to appreciation.

Your right Melbourne is a great area and thanks for your reply.

Hello, My name is Ken Hughes and I am from Melbourne, Fl.

I have an extensive background in management and working with people.

I am a newbie and looking for all available resources to grow my knowledge base. My experience in real estate is limited outside of owning a house. I have always had an interest in real estate but never the time to pursue it. Now is that time.

My goals are to apply my business experience into creating a successful real estate investment career. Shert term my partner and I are looking to start wholesaling and possibly rehabbing(time permitting). Longer term our options are still open as we network and explore the various avenues that are open to pursue.

This website has a wealth of information and any other suggestions would be greatly appreciated.

I look forward to interacting on this site with all of you and hope I can be of help to others as I gain more experience.

Ken

great luck with your goals, especially since half will be mine!!