All Forum Posts by: Noelle Yarn

@ernestgrindle I was out bid by an investor with cash. Im having trouble finding something in Virginia Beach as most people have mentioned. The other issue is I am also looking for a place for myself as well.

ok thank you both

I am in need of a Virginia real estate lawyer.  My family has inherited a property that has a lien on it.  The real problem is the mortgage was taken out by someone who only had lifetime rights and the heirs did not sign off on it.  Now that the lifetime owner has abandoned the property the Chicago title company is holding the lien.  I am wondering if I there is a lawyer in Hampton Roads area that could write the title to ask to have it removed since it was not done properly and in fact it was done illegally.  Does anyone have any suggestions?

Is there a lawyer that could write this for a fee? or help me with this? 

Matthew Spyker yes it is in Norfolk. Ok thank you

Ok thank you! That definitely helps. The property has been completely gutted and in the middle of a rehab. It has only been on the market for 3 days. One unit is smaller than I realized and realtor says I could probably only get $800 for the smaller one. So unless They accept a much lower offer doesnt sound like its the best investment right now.

Brandon Johnson i am looking for cashflow and while using fha to purchase first property. I dont believe there is much more that I can do to add value and force appreciation since it will be turnkey. What would you possibly offer to make this a deal??

I would live in one unit for a year then rent it out for another 950 when I move. So total rental income would be 1900. I didnt think about trying to refi after a year though. Im also working on an inherited vacant property as my next investment.

I am looking to purchase my first owner occupant duplex in Hampton Roads area.  When I run the numbers it feels like I'm missing something.  Could use some advice.

List price:180k

2b/1b in unit A and unit B.  Listed as renting for 950 each.  I would like to offer at least 20% off list but it is a new rehab so re agent says stay at list price (of course).  it is in a good location and I would use fha financing putting payments at 1170 or so. This would only be for a year and then rent out both units.

Any thoughts as to whether offer list and if not what would you suggest?  Is this a deal or move on?

And do all brokers have to have NAID to submit bids on HUD homes? My realtor has managed to talk me out of 2 HUD homes. But my fault because I didnt research and understand the process. Thank you for this thread!

Originally posted by @Greg H.:

So it has been 2 months or so since the new Asset Managers have taken over in the Denver and Atlanta Regions and things have changed significantly during this time.  Although 2 months is a small sampling, I have noticed the following changes :

- Based on the bid results I observed, no bids are being accepted below the 87-88% threshold regardless of days on the market.  Previously , Hud's  aged inventory would manually review and accept bids significantly below this threshold

-Price drops are not following any specific pattern based on days on market.  Previously price reductions of 10% were expected every 30 days.  Currently, there are some properties being dropped 25% within 45 days while some have no price drop in 60+ plus days

-Many bids are not being countered. Previously most bids over 50% of so net to HUD would be countered with the 87-88% net to HUD. I have had bids in the 80% range not even receive a counter

Obviously, these are not changes in favor of the investor.  Personally, I have gone from 2-3 purchases a month to 1 in 60+ days

What are some of the rest of y'all seeing ?  Please only reference bids in the last 60 days or so

So when you say net to HUD if a HUD property is listed at 150k and I offer 87% net to HUD my offer would be 130,500 and that would more likely to be accepted? Am I understanding this correctly?