All Forum Posts by: Shannon X.

Thank you too all three, and thanks for the link. Summed up a lot.

I went to go pay taxes today and while I was there I looked at the bulletin board for Auctions on some houses. While I was there, their was one house for auction but NO ONE showed up too bid, only two people on-site were the judge and representative of the house. While reading the paper, it showed the judgment was 240,000.

Now, this may seem silly but how come no one was at the bidding? If only one person was there to bid, wouldn't they be able to get the house at the starting bid...? or are all these shows getting too my head and their is MUCH more then just getting the high bid...?

What does it mean "The judgement of the house is ###,###"

Is this what the bid will start at?

What is the best way to add these numbers into a flip? should one add maybe 4 months holding cost if expected to sell within 3 months?

Do holding cost include things such as electricity, water, heat, ect... if so/not how is this calculated?

Thanks

Let's say someone stops paying their mortgage, due to losing their job, however they still have a 100k mortgage on the house. Now at this point the bank takes the house away. Now when they sell the house as foreclosure are they gonna try to sell it for what the mortgage was worth at 100K or will they try to make more then what is worth OR do they sell the house for whatever they want like 90K and then you are responsible for paying that back mortgage?

Clueless right now :)

Thanks

... SUCH as storage units, cleaning business, bar/club, food joint, ect..

:)

Someone's gotta have something going...

I may have already answered my own question and that is by brining in an appraiser... however I could be wrong and here is the question.

Let's say there is a house for foreclosure with everything pretty much done already... granite countertops, hardwood floors, new appliances, net light fixtures, ect... how would you compare this house to other ones recently sold on the market that has similar features like bathrooms, bedrooms, lot size, ect.. but not all the upgrades?

Thanks

This is just an example as I have been trying to learn the Max Offer price and fine tuning my math...

So the ARV is 245,000 using the 70% (When do you use 65% or 70%?)
Repairs would be 30,000
2% closing cost
5,000 holding cost

max offer should be 128,770?

Do any members run/own their own business other then real estate?

I'm a little confused on this and not sure how it works out.. and hopefully someone can help me out...

First, when you want to buy a house and someone owes (random number) 200,000 what is the most you can offer on such a house to buy and repair? (in flipping terms). I'm assuming you would have to flip the house for much more then what is owed, correct?

also, if their was a house and the owner owed the bank 100,000; then the bank takes it away from the owner due to the fact the owner was not making payments, is this 100,000 taken away then the bank has it in foreclosure and puts it up for lets say 150k? I may be confusing my self with the question but hopefully someone can enlighten me.

Thanks