All Forum Posts by: Mikel Graham

That's what I suspected. thanks for the information.

Yes, I'm beginning to realize this. After some quick searches I've come to realize that both are quite unreliable.

I've begun searching for recently sold properties in my area and creating my own comparables to refer to.

I'm looking various properties to potentially place bids on. However, I'm noticing a large disparity between the Eppraisal and Zillow values are some of the properties. Here's an example below...

Eppraisal: $60,456
Zillow: $16,800

How should I interpret this information. The list price for the property is $10,800 and in the auction phase (if that makes any difference).

Would this be worth going after at all? Why or why not?

Thanks,

M

After speaking to a realtor earlier today, he has began sending me his lists of foreclosed properties. There is one property that has really caught my attention.

It's a 3 bedroom, 1.5 bath, 2,106 sq. ft. house. The opening bid is $10,800.

I want to go after this and fast. Everything I've been reading is for banked owned REOs AFTER the auction period.

If I am to pursue this, what do I need to do?

It's hard to say Joel. Based on the notices I looked at, all of them are bank owned and recently foreclosed.

Hmm, would you mind explaining why you feel this way?

I did some searching for recent (past 2 weeks) foreclosures at my county's recorders office. I just got back from checking out the properties and all but one still had tenants in them.

What does this mean exactly?

I'm looking for properties to wholesale but it seems to be that these recently foreclosed properties are technically off limits.

Could I still place on a bid on these homes? Should I just wait a week or two and check them out again to see if the tenants have left?

Any advice would be appreciated.

Hmm ok. Why is a title search necessary when dealing with REO? I can understand if the property was in a person's name (not a banks). A little confused here.

Further, what purpose does a title company serve aside from the title search?

Hi Greg,

Thanks for the quick reply. I really appreciate that. I just have a few clarification question. Bear with me as I am still new to this and I'm an engineer at heart, so this isn't exactly my typical line of thinking.

If I'm dealing with REOs, do I need a title company? If I don't, then that returns me to the original question (how do I avoid a double closing?).

The purpose of doing a title search would be pointless since it would be an REO property (or am I missing something here?).

If this is completely left-field, please help me understand.

M

Hello everyone,

This is my first topic on biggerpockets. Excellent source of information. I'm jumping feet first in wholesale real estate. Meeting with realtors, finding properties (outside of internet listings, I've found a few that aren't listed yet, and will be checking them out tomorrow actually), and arming myself with raw knowledge. I have some goals I'd like to meet and fairly quickly at that. One thing I haven't quite got a solid grasp of...

How do you AVOID double closing? I've been reading mixed messages about this (as with just about everything to be honest). For some, avoid like the plague, for others, you have no choice.

It seems pretty easy to avoid this when doing an assignment: just have the buyer pay me and the seller in two separate transactions. However, from what I'm gathering, it's growing more difficult to find deals that allow assignment of contracts.

So, when you're NOT allowed to assign a contract, how do you AVOID doing a double closing?

I've heard of people using trusts to do this, but I'm not 100% clear on how that would work.

Any and all help and advice would be appreciate.

I have an ambitious goal of closing my first deal in the next 4 weeks.

M

Michael, thank you for the form.

Just a quick question concerning it though, do these numbers account for labor? I'd like to know if this is just cost of materials or if labor is included.

Thank you,
M