All Forum Posts by: Kevin Powell

We are ready to start looking for our next flip. As many will point out, it is challenging at best to find good deals on MLS. We did find 2 nice ones last year. We are considering other sources for our next flip. Question is does anyone know any reputable wholesalers in the Akron, OH area. (Summit County). Also, for those who have worked with wholesalers before, what are the benefits of doing so and what are the risks? Are there specific items to be aware of? Contract concerns? Etc Etc Thanks in advance for the input.

Kevin

We are ready to start looking for our next flip. As many will point out, it is challenging at best to find good deals on MLS. We did find 2 nice ones last year. We are considering other sources for our next flip. Question is does anyone know any reputable wholesalers in the Akron, OH area. (Summit County). Also, for those who have worked with wholesalers before, what are the benefits of doing so and what are the risks? Are there specific items to be aware of? Contract concerns? Etc Etc Thanks in advance for the input.

Kevin

@Adam Mills @Greg H. Thanks for the input on this.  It helps to understand the process and I now have a better picture of how the sub 87% bids are handled.

Thanks for both of your ongoing contributions to BP.

Kevin

@Adam Mills how does the manual review process work? Does it happen automatically if the offer is lower than the auto accepted net to HUD? or is there something else that needs done when the bid is submitted to request the manual review?

Thanks,

Kevin

@Greg H.thanks for the feed back and the distinction between and automatic acceptance and the possibility of an acceptance - that is what I was missing.  

@Greg H. thanks for all the info on this thread.   I started reading on page one and then skipped to page 9.  Much good info here.

I am looking at a property that was listed in March 2017 for 54,900 and then price dropped in April to 49,900.  Now it says in August it is Listed again but at a lower price of 43,900.  

A couple of questions.  

1. For automatic acceptance should I bid 88% net to Hud of the $43,900 or 

2. Do you bid less than 88% since the price has been reduced.  I am really interested in your response on how the 88% applies after a drop in price even if it doesn't apply here.  See Question 3.

3. Or should I treat this as a new listing since the Event now says Listed instead of Price Changed and just bid 88% net to Hud.

Thanks in advance for your input.

@Jason Bott

Hi Jason:  I am in the same situation as @Paul Baldasaro.  My wife and I just got our first property and are bidding on another and could use some info on insurance.  Our realtor flipped a house and used a local agent but I don't know the details.  Would you be able to send me some info on the various programs you have?

Thanks,

Kevin

Sooo . . . we offered 101,100 which was a whopping $24,700 over asking and then crossed our fingers. Yesterday we were informed that we got the property. The next closest bid was $5,000 lower which made be feel that I had not paid too much. We are excited to get going on this. Their may be a delay in the closing as this is a VA their is some issue with getting the property transferred from the homeowner to the VA before it can get transferred to me.

I'll update once we get the property and get at the rehab.

Kevin

@Brent Coombs you nailed it on the head.  If I find out that I bid 1,000 too low then I will be frustrated.  On the other hand if I get it I'll be like, "Ouch, I over bid".  LOL and who said this wouldn't be fun!  There is definitely emotion involved here but it isn't the kind that is driving me to get the house at any cost.   The process of highest and best is what is driving me crazy and unless the winning bid is much higher than what we end up bidding, what ever happens I know I'll think I should have bid either a bit more or a bit less.   

All the input is great.  I agree with @Will Barnard that my soft costs may be a touch low and I need to check DOM. Financing is with HELOC and those costs will be about $500 per month. So now we have closing cost on the purchase, utilities & insurance left. Depending on how long it takes to sell my estimate could be low.

If this house was listed for $95K I would have offered full price but since it was listed for $76,400 it is bizarre to me to bid so much over listing.  Of course there is the whole, "Does someone know something I don't." scenario too.

We have to make a decision later today so I'll update the thread on how it goes.

Thanks and enjoy the day . . . it is beautiful here in Ohio.

Kevin