All Forum Posts by: James Ramsey

The agent I am working with went out of town for the weekend. Should I go to her Broker in Charge to make sure that someone deos not steal my deal or should I wait til she gets back next week.

I am buying it for a rental unit. I have a deal with my bank that will finance purchase and construction cost with one closing and finance for 15 years at 6%.I have to put up 20% of total finance package. I can rent it for around 575.00 - 625.00 probably as a housing assistance property. It needs about 10-15 K to rehab to make it attractive but could be rented with about half that in rehab. So given if I buy it at 25K and put 10k into it leaving a mortgage of 28k with that financing I would have roughly 350.00 in PITI expenses including with possible profit of 225-275 per month. Don't know how that looks to the rest of you.

No prob on the insopection I am a contractor and home inspector

Well I got over my analysis paralysis on my first deal and made a low ball offer of 10K on a 40K property. 3 bed 1 bath. The house is an estate that has not been lived in for 2 years. They came back with 25K. Do I go back with a quick counter to seal the deal or do I let them stew? Is there a danger that their agent or another in the office will try to work up a deal with another client now that they know what they are willing to take?

For those that track them, what do banks that buy their foreclosure at the courthouse typically list them for and what kind of discount do they usually accept. I saw a house that I know is in great shape go for 78K at the courthouse. It was bought for 141500 3 years ago from a flipper who paid 80K and put 15 into it. It was recently on the market before the foreclosure for 114K. Should I upset the bid or let it go to market and season or worse be put in a pile of other homes for a investment firm to buy?

Anyone have any experience buying homepath homes. How much of a discount off of list are you seeing? House was just lowered by 5K to 66K Zillow has it on their site for 56 days. House was foreclosed on in Aug 2011