All Forum Posts by: Bryan .

I have also seen some comments that appear to be arubber stamp report on HUD homes. Several that were completed by the same inspector had the same verbage, stuff like screen door missing which turned out to be incorrect upon my inspection...

Thanks All Cash, you're right, sometimes I let my temper flare. I am moving on

I was negotiating on a REO property owned by a bank. After many delays I finally gave them a "final and best offer" of $117,300 in which I required an answer by the end of the day (last Tuesday). They came back to me and accepted my offer if I agreed to close by Nov 16 and completed my inspections within 5 days. I agreed and signed the offer. I assumed I had a deal. I was notified of Friday that the "supervisor" did not agree with the price and now needed $121,000 or the deal would not go through. I think the law in Pennsylvania states that if a party makes a counter offer and the other party accepts, you have a contract. I advised my agent that I would not pay more than the $117,300. I am considering getting an attorney involved, but I don't want to end up spending more time and money than it's worth. Any opinions?

Good points John, I hope Josh does an interview with you. You gave me great advice to read "Weekend Millionaire". Perfect for my situation, Thanks.

I found that you need patience when negotiating on a REO. I'm currently waiting over a week on my latest offer and my agent (who happens to be the listing agent) has told me he expects an answer by the end of the day more than once. I'm hoping my patience will pay off...

Minna,
You're right. I am trying to buy a REO from a bank right now. They are asking $129,343 on their website. I offered $110,000. They countered $131,000! I've never seen anything like it. I guess they don't know what's going on in the marketplace. Talk about frustrating, I almost want to stop looking at houses until the pain sinks in a little more.

Ditto for Ryan on falling in love with a property. I saw it in your post as well. I am bidding on my fourth property (haven't bought one yet). I really wanted the first, very much liked the second, got better with the third, and now if this one works out, fine, but I'm only willing to pay x amount. It's much harder when you really want it...

Realstats.net is a site that reports on property in Western PA. There may be something comparable near you.

Dennis,
I have found most of the folks on this site are friendly and willing to share a lot of good information. I hope you consider Jon's suggestion and join us. I'm a newbie to REI and I have learned a lot from more experienced folks like yourself on this site. I'm sure that if you join in you will benefit also. Congratulations on what sounds like a thriving business.

I have family in Detroit and visit occasionally. Several months ago I was astounded by the number of for sale signs throughout Southeast Michigan. I was there two weeks ago and many of the "For Sale" signs are now For Rent/For Sale. I suspect that with the lack of buyers, many folks are now trying to rent their place and rent prices will plummet if they haven't already. I have never seen so many for rent signs in one area.