All Forum Posts by: Rizwan Qadri

Hi Friends,

I am interested in a Fannie Mae property that is listed for 370k and need already a roof to live in. It's 30 years old house and no upgrades have been made to it. Needs at least 50k to upgrade kitchen,appliances and bathrooms. It's a multifamily property with potential rental of 4k per month.

There are crazy crazy offers as per realtor ranging from listing price to few offers of 450 and 550k ( I was stumped on these).

I would like to get your opinion as to:

1) What do banks usually look at while accepting offers? Just money and in reasonable offers like!e highest one or they do consider other options. I would say money only as trivial answer :))

2) is it worth going over the listing price like 400k for this property as a reasonable offer?

Thanks

Riz

Or how to get correct assessment of the property..

I had a feeling about what realtor had recommended is way too low but I trusted since they are the ones assigned by bank to sell this.. not sure why would they recommend this low... anyways. how much should it be less than listing?

Hi Friends,

I am interested in a Fannie Mae property that was foreclosed and is going to come back to market this week. I know many folks in the neighborhood are interested in that property.

Besides the actual offer price, what other steps should I take to stand out if there are competing buyers. As per realtor the bank is looking for 379K as listing price but again this property need lot of work and realtor thinks 250k should be a good offer including the 50k rehab cost. This is going to be a FHA 203KLoan.

Looking forward for pointer and tips etc.

Thanks

Riz

Thanks a lot. Great advice. 

Hi Friends,

I am planning to buy my first property on FHA and looking for an advice on if I should spent the down for investment property first or primary residential. I have limited down payment for 1 property at this time but certainly looking for investment/cashflow/flipping properties?

Thanks

Riz