All Forum Posts by: Holly Rust

I'm getting more and more familiar with REOs and the process they go through, all thanks to Bigger Pockets!

Now, I've found a few recent foreclosures and I went and paid them a visit yesterday and found each home had already been assigned to local Agents through papers in the windows. Luckily, one of the agents I have been talking to regarding another property and the other has several other REO listings. If these properties have been assigned to agents is it a safe bet that they will go onto the MLS soon - maybe not next week, but in a month or two, depending on repairs the bank may do?

Also, the homes had "No Trespassing" in the window. Is it okay to just walk up to the door of these homes to get the phone numbers and peek into the windows? 

I appreciate the help! We're one step closer to finding our dream home!

Add: Yup, they're renting out through CW Sparks Management.

I was reading how hedge funds are trying to profit off of all the foreclosures. Oh well...

Just holding until the market gets better to unload? I thought I saw an ad for one of the homes for rent, but it may have been junk.  I thought about driving by one if I could find one by the office to see if it's vacant or not.

Thanks for the help! I'm new at this stuff, so excuse my lack of knowledge!

'Doh! Should have done a little more research. They're renting these properties out.  Awesome.

Anybody heard of this group? They are holding a TON of homes (foreclosures) in Tarrant County, Tx (Fort Worth). In the neighborhood of 100 homes. How did they aquire them? Buy pools from banks? Auction?

Obviously, contacting them is out of the question, but has anyone delt with these folks before? I think I've read that it's a hedge fund. Market is getting good here in the Metroplex...any chance of them unloading these properties or what their process is for doing that?

I get the feeling I'm barking up a real tall tree.

Thanks!

It completely depends on your market/neighborhood/house. Here in North Texas banks are getting multiple offers on true deals (generally the deals here are deep discounts that need cosmetic rehabbing and minor repairs). Most offers go above the listing price. However, houses that have been sitting are usually NOT good deals and have major issues, generally foundation. 

So to answer your question, assuming there are no major issues, no REO here in North Texas goes without multiple offers above asking price. There's no negotiating. Those sitting aren't even worth putting an offer in on.

We're closely following the trails of a "coming soon" Homepath property. They uploaded pictures recently and the house needs serious cosmetic help - nasty carpet, floors, Dark paneling, dark cabinets, over grown yards, dead trees, etc.

We've been asking the listing agent about it and she said they're getting bids for repair work. The repairs will be completed before listing. She said it would be listed around 175,000. What kind of repairs are they going to do?? Remodel the whole thing and put a pool in??

A house next door with square footage within 25ft and everything updated except for the Kitchen floors and appliances was sold with a list price of 152000 in May.

Is this realtor telling us an accurate price or just throwing some number out there? I've been reading that Home Path tends to over price their properties, but this is a little outrageous!!

Bad news about the house. It has major foundation issues as well as plumbing issues. They're probably only getting worse with it being vacant and summer here. The house has been bank owned since January, so I'm sure that doesn't help.

I was looking at the records and the homeowners tried to sell the house for a while in mid-late 2013. It went through several price drops before it was just delisted and probably let go into foreclosure. I have a feeling the homeowner knew about the issue and couldn't afford to get it fixed and couldn't find a buyer.

We're not interested in fixing any foundations - especially major issues. So, on to the next! I appreciate the help, guys!! I love this forum!

Add:  emailed our agent on Friday about the house. Never got back to me. Would it be okay to just contact the seller's agents for information about the price, condition, etc.

Very frustrating. I was hoping for more info from our Agent by today.

Unfortunately, we are limited to our current area. This HEB would put us in the middle of both of our jobs. We work on opposite ends of Tarrant County.

And we're financing. I know it's no the best option, but it's out only option.