All Forum Posts by: Sib Bahjat

Thank you Will!

If the full price offer is accepted, can I then after the inspection make an Amendment to the offer to reduce the offer amount in lieu of repairs?

I appreciate the information. @Will Barnard I am actually using a Texas based agreement. It does have a clause that I can back out. I wasn't sure what the latest rules were with the REO's, you never know with banks. my question was answered. Thank you all!

I am looking to place a contract on a REO listing. My question is, if I place a full offer to lock up the property will I have an option to back out based on the inspection? Will I lose my EM ?

Sean, I applaud your honesty and integrity. You are doing the right thing. If this guy is showing his dishonesty at this point of the game, then truly you don't need to deal with him at all, not even as a tenant or a friend. Keep away from slime, it makes you slimy. Too many better deals out there. Good luck and walk away!

Your best bet is a local/regional bank, especially if you are currently banking with them and know them quite well. I purchased two properties this year, one of them I put down only 10%. The last one I purchased was two months ago and I didn't have to put anything down. After closing, I called the local bank to see if I could purchase another house with nothing down, and they told me they are done with that particular program. :( whatever program they had, I just got lucky. Typically it is normal to put down 20 or more down.

Companies like Chase, Bank of America, Wells Fargo and etc.., will only utilize local agents. All of these banks have "asset managers" which handle these properties. It is very difficult to get a hold of these asset managers to buy direct. They rotate the managers quite often. You would have a better chance getting a decision maker at local banks such as First Financial, Bank of Texas and etc.. Will is absolutely correct, these large banks are selling their inventory in bulk now. If you find a way please keep us posted. Good luck!

Steve, I will certainly looking into it and make sure we have the specifics you touched on. I appreciate the feedback.

I appreciate the note Brandon.

I couldn't sleep last night so I kept staring at the walls. I kept thinking about real estate and how I can reduce liabilities associated with investment properties. I have insurance on all my SFR properties, however what is a good amount of coverage and what specifics should it cover that may be overlooked. Hopefully I am safe, but I want to be sure. Looking forward to some great feedback and I can sleep well tonight.
Thank you BP family!