All Forum Posts by: Kevin Lovill

I was just informed of a property from my brother-n-law that's in pre-foreclosure. The owner has not listed the property and is willing to let it go to foreclosure. I have an appointment with him. When I meet with him I don't want to sound like this is my first experience with a pre-foreclosure. How would I approach this transaction. Would the homeowner need to give signed consent for the bank to release information about this property to me. The purchase price was 139,000 in 2004. Comps for the same square footage are around 150k, recent comps. I not sure if I make the offer to the homeowner or the bank. At this point I'm assuming it's not a short sale. Would the bank determine the value from comps or the payoff. What the best way to negotiate the deal. Thanks for any advise. Wait one last question if I negotiate a deal less than the balance does the homeowner responsible for the balance and will the bank approve it, thanks again.

I assume their able to do the same as RE attorney's correct. My only question is would you not still want to use attorney to cover your interest. I spoke with a RE attorney today. Their fees were around 600-700 dollars for the closing, title search, etc. Seem's legitimate to me tell me if you think different. Whats the fees for the title company. RE attorney was a set fee.

Thanks for the info. Sometimes it seem they try to hinder your bid even if a couple of thousand you always have that thought in the back of your mind.

I've signed a few contracts when I've made my purchase offer. I've read pretty thorough through them. Things that you have stated appear on them. As far as who the agreement is between the amount and contingencies, condition etc. I've seen online at Legal Home forms there several different forms you can print for a fee depending on the situation. I would assume these forms would work. Have you ever used this website before. I just wasn't sure in the scenario when I run across FSBO I would like to have a contract with me so I wouldn't prolong the deal. I would just want to protect my interest until I fill comfortable with writing them on the scene. Thanks very much for taking the time to respond.

I been focusing on properties less that 100k my fathers a contractor and I have and adequate amount of cash to finance the properties and rehab them under this price range. I placed several bids over the past couple of months and nothing has landed. I'm a little conservative on my first deal but I'm trying to make it as smooth as possible. When making a bid I look at no longer 12 month mainly 6 months comps, previous purchase price, rehab and holding cost closing fees associated with the deal and commissions along with tax assessments. Most properties I would like to have 3/2 bed to bath. Then I try to figure what is a good price range, typically somewhere the middle to lower price range to put it back on the market. If you have any suggestion please tell me. Thanks for your time.

sorry to sound so green. On FSBO would I contact a title company or attorney and tell them I'm purchasing a home FSBO and need a contract. And since there's no free lunch what do they charge for a contract. Would you write the contract in the field or would both parties meet at the attorney's office to write the contract and close the deal. I know these are basic question but, until you go through the process I'm assuming nothing at this point.

Where do you get the contract for this deal and when it comes to closing I realize you have to use attorney what exactly does the attorney do at closing. Outside the closing what else has to be done like title search etc so I'll no exactly the format and what to expect once the offer is accepted.

Thanks for the good info it helps to have knowledgeable people around you. Thanks again.

I tend to follow nationwide somewhat on this question. The buyers agent is working on commission and may not have my best interest 100 percent of the time. If I could bypass the buyers agent and speak directly with the listing agent I could possible put a few extra dollars to the bottom line with the correct negotiation skills. I just think sometimes buyers agent may try and convenience you to bid little more or if they know your flexible on your price the may convey this to the listing agent without any salesmanship and trying to make quick few bucks. Tell if you think I wrong.

I've been using realestaste.com which I mentioned before to me its a great site try it. I know the previous purchase and price on all comps. I usely focus on the six months and the dollar per square footage before I even take in to consideration the property. Do you guys look at homes if there 3/1 bed bath or 2/1 or wall unit a/c if so do have problems turn those around. Thanks for all the info.