All Forum Posts by: Michael Dorey

@Michael Dorey How long has the property been listed on the site? You're submitting your bid at a 29% discount and stating the property only needs cosmetic work, I've only bid on properties in desirable locations in major cities so a 29% discount would never happen. The best discount I've ever had accepted was 12%. With these low priced homes, you have to look at the percentage of the discount you're asking for because if you only use the dollar amount you're asking a lot of the Asset Manager for a property that only needs cosmetic work.

The most important thing is to have your cashiers check for the deposit ready to go because you'll have a short window to submit your paperwork if your offer is accepted.

Less than a month. It doesn't need major work. But does need carpet throughout and sheet rock patching and painting. Some bathroom work as well. But nothing too bad.

But that's why I'm here. Don't wanna lowball and miss my window. But don't wanna pay to much either.

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Originally posted by @Terrell Garren:

I've done a couple HUD and Homepath purchases. Each time, I used a local attorney to close and record the deed. The closing fee was around $500 each time.

Thanks. That doesn't sound bad at all.

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Would you mind going into that a little deeper about the lawyer deal. I'm thinking your talking about at closing. But not sure I understand.

They pay lawyers if I use their closing attorney? Is that right?

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Have an opportunity to invest in a foreclosure. But I have a couple questions.

List price is around 35000. It is Fannie Mae owned. Thinking of offering 25000 cash.

Home needs only cosmetic work to make rentable.

Any thoughts or concerns I should be aware of.

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All Forum Posts by: Michael Dorey

Michael Dorey has started 12 posts and replied 34 times.

Post: Buying foreclosure property from Fannie Mae

Post: Buying foreclosure property from Fannie Mae

Post: Buying foreclosure property from Fannie Mae

Post: Buying foreclosure property from Fannie Mae