All Forum Posts by: Jeff Cooley

Don't go anywhere her husband  (the real estate attorney ) is affiliated or does business with as they will use his knowledge to their advantage, not yours

go to a reputable title company and they will be able to help you through every step and know the local legal issues of your state and local govt. You always want title insurance for your protection. They may even have a purchase agreement for you to use. Pay attention to learn more and more and ask lots of questions 

sounds like your looking at auction properties. I have always been able to see foreclosures in IL?  Auctions can be different and a lot of times you cannot see inside them. In that case I personally would not be comfortable until I got it for a substantial discout. "Who takes the risks, takes the rewards" 

accurate rehab analysis is going to be your primary concern, get help if you are the least bit unsure of costs. You can always get foreclosures cheap, but they can eat up lots of cash to get them ready. Why buy a 20000 dollar foreclosure and put 40000 in rehab (60000 total) when you can buy the another house on the block that is already done  for 60000.... just isn't worth the effort to rehab. If other houses around it are selling for 100000.... now you have real value. Best of luck 

Hello Jill

The seller is going to get as much value as they can.. that's just business and you cannot be caught up on what they paid for it.The real question, what is it worth to you? Price is always negotiable. I would make sure that repairs and selling price would still be 20 to 30 % minimum below market value after completion that way you could still have equity as a long-term hold or a a fair return on a flip. Keep in mind that a fire sale is called "fire sale" for a reason. They can be very expensive repairs.  Just be extra careful with repair costs. Best of luck and msg me if you need any help 

cash flow with good possibility of appreciation. ... no guarantee of the appreciation but you can have an educated decision. If you have those 2 the rest will take care of itself. 

As long g as all electrical is separated and new it looks pretty good but do add for some cap ex

I agree with a couple of the other posters. I think you should just say nothing at all about reasons and politely say that you have made a decision to go with another applicant at this time, then shut up ! Put the burden on them to prove it in court if they truly feel they have been violated.  The key is to remain quiet and calm and just let it go. Never argue or try to prove your point.

My question to them would be " why are you only selling 1 and why this one ? " Are there hidden problems with that perticular building ? you will be at the mercy of the surrounding property and I'm not sure that would be a good idea. deal would have to be really good. 

Hi Chris

I would think that the bank would want the appraisal for their protection, but if it will save you 400 dollars and you are absolutely sure tthere are no issues with the property, why not ? They must trust you fully. Interesting?