All Forum Posts by: Jeff Morelock

First the numbers...

ARV = $150K

Repairs = $37K

House is in a nice deed restricted community in SW Florida priced at $77K.

Here's the deed restriction

If house is purchased by an investor who intends to the fix and sell the property, the investor cannot sell the property for more than 120% of the purchase price for 90 days. 

Once 90 days is up, the investor can sell it for whatever the investor wants. 

Since getting the $150K includes adding a bedroom and a bathroom, and will most likely take 90 days anyway, I think its worth doing. 

What about you?

Its so much easier to teach it than to do it.

I wonder why the gurus skip that topic when they pitch their $1997 courses. 

I realize this is an older post but if you're looking for a solid off-MLS deal in Bradenton, let me know ASAP!

Thanks

If you're really after REOs, find an REO agent in your area. Once you establish a relationship with one or two of them, you will get a shot at some good properties. Once they hit the "public websites" they've been picked over a bit.

Great question - I'm looking for one too.

I'm an REO agent. The short answer is that banks are not letting listings go active in areas over-saturated with active REO listings. If they do, prices will drop again.

Thanks for the post. Good info.

My last vacation was in 2006

I'm an REO Agent in St Pete FL. These days banks would rather sell a property to an owner/occupant - even with financing. Banks get paid on the day of closing so they don't care if it is an "all cash" offer.

Since banks received bailout money, they have to participate in "neighborhood stabilization" programs which means they want to sell to owner occupants. Many banks instruct listing agents NOT to even accept offers from investors for up to 15 days after the property hits MLS.

Bob's correct. Just about every REO in the Tampa Bay area, and I'd guess all REOs everywhere for that matter, are going to have multiple offers within an hour of hitting MLS. That's why you'll hear the phrase "highest and best" offer a lot when going after REOs.

To you success...