All Forum Posts by: Sam Leon

LOL, yeah but I am running against mostly other cash buyers.

I am a cash buyer too but a bit discouraged. Lots of cash buyers from South America and China pouring in. All speculative. Blackstone is buying a whole bunch.

Chris and Bill,

I can't make an offer without even looking at the place.

Miami, a short sale property listed three days ago.

I called on day one, no answer left voice message to call me back. Nothing.

Today I called again, asked if property is still available, said yes.

Asked if I can make an appt to view the property agent said no, there are already offers on it and he doesn't want to show it until seller rejects what he has.

I asked if the seller has been presented with the offers he said no, but will do it as soon as he frees up and he thinks there is enough offers for the seller to consider they don't need any more.

Talk about looking for the best interest of your client.

Miami, a short sale property listed three days ago.

I called on day one, no answer left voice message to call me back. Nothing.

Today I called again, asked if property is still available, said yes.

Asked if I can make an appt to view the property agent said no, there are already offers on it and he doesn't want to show it until seller rejects what he has.

I asked if the seller has been presented with the offers he said no, but will do it as soon as he frees up and he thinks there is enough offers for the seller to consider they don't need any more.

Talk about looking for the best interest of your client.

For the most part, banks are listing REOs at market value down here unless we are talking about really messed up houses needed extensive repair where pics showing 2x4s propping up the roof and black mold infestation etc...so...we are not talking about where the listed value REFLECTING the distress nature of the property and people are bidding up to and beyond that.

I remember in 2006 when the market was hot it was like that multiple offers on first day and bidding wars, I was talking to a realtor on a property and explaining my offered value based on several neighbor comps which are exact same houses in the same community with same layout and square footage basically same house did not justify that price and she said "oh no, you can't use these comps, this one is 1 month old, in today's market comps are useless if more than 1 week, next week this house go up another 15% in price!" well what do we know the market crashed shortly after that.

I wonder if this rapid RE market recovery is sustainable.

@Mark, just the seller signature, and if there is an agent the agent's MLS# and signature.

For those who are wondering what exactly is on the worksheet.

Basically they say DO NOT SEND IN CONTRACT OR FULL OFFER ONLY COMPLETE AND SIGN WORK SHEET.

The worksheet you fill in your name, property address, offer price, how much EMD, how many days for inspection if any, cash or finance, loan to value ratio, loan commitment period and closing date.

Then you sign after these paragraphs:

SELLER WILL NOT PROVIDE ANY KEYS OTHER THAN THOSE TO THE FRONT DOOR OF SUBJECT PROPERTY. THE PROPERTY HAS BEEN REKEYED TO A MASTER KEY CODE AND IT IS RECOMMENDED THAT THE BUYER CHANGE ALL THE LOCKS AFTER CLOSING.
BUYER HAS PERSONALLY VIEWED THE INTERIOR OF THE PROPERTY WITH THEIR AGENT PRIOR TO PLACING THIS OFFER.
BUYER ACCEPTS THE PROPERTY WITH FULL KNOWLEDGE THAT ANY HOA OR CONDO ASSOCIATION FEES ARE APPROXIMATE AND NOT GUARANTEED. IT IS THE BUYER(S) RESPONSIBILITY TO VERIFY FEES AND
ASSESSMENTS.
SELLER DOES NOT WARRANT THAT THE PROPERTY MEET ANY CURRENT CITY, COUNTY, STATE OR FEDERAL BUILDING CODES. BUYER ACCEPTS THE PROPERTY “AS IS, WHERE IS” WITH THE FULL KNOWLEDGE THAT THERE MAY BE POSSIBLE CODE VIOLATIONS. ANY INFORMATION PROVIDED TO THE BUYER FROM THE SELLER IS FOR INFORMATIONAL PURPOSES ONLY AND IT IS UP TO THE BUYER TO COMPLETE HIS/HER OWN DUE DILIGENCE. BUYER WILL HOLD HARMLESS THE SELLER IN ALL MATTERS RELATING TO THIS PROPERTY.

@Aaron, not sure. I am looking at some multi-family properties where before I was only looking at SFR, I also am willing to do more work and try to find those "handyman specials" that others may be overlooking. But it's been a challenge.

@Curt, this thread is not about a REO contract, this is about a simple one page offer worksheet the bank solicit from buyers and tell them don't send any contract just send the information in this worksheet and sign here and here and here.

I don't know about other areas but South Florida is really competitive nowadays and last couple of REOs I inquired about multiple bids on first day above listing prices. Most of the Freddie Mac or FNMA that caught my eyes, does not even make it to the 10, 15 days owner occupant period.

my offer is 85% of my comp but that's if the property is in livable condition...as it is now it needs a new roof, no kitchen no appliance, one bath is half finished, bunch of violations basically a disaster needing a lot of work. I am against other investors not end users as this isn't habitable and financiable.