All Forum Posts by: Stephani Davis

$500- $1000 is pretty standard. With REOs, anyway. Some will want more, though. It just depends on the seller.

Steph

Hi Jeff,

We have noticed a decline in the amount of bank owned props coming on the market (low end, anyway). Not sure if that is due to the moratorium, but there is definitely a lot fewer properties available, and the competition for them is fierce (more so than usual).

Haven't yet noticed any increase in pricing, though

Steph

I don't have any rentals myself, but all of my buyers are landlords in lower income areas.

I periodically ask them how things are going, and they all say they are having no trouble at all keeping their rentals filled.

I would think the demand would be strong since everyone is losing their home to foreclosure..

I'm in Tampa, FL, btw.

Manish,

From what I understand, this bill does not apply to investment properties- only your primary residence.

Steph

Tiara, you do not need an attorney to draw up an assignment agreement.

Here's an example of how an assignment works...

You put a house under contract for 30k. You think you can find a buyer who will pay 35k, so you market the property for 35k. Once you find a buyer for 35k (or whatever price you agree upon), you and the buyer sign an assignment of contract agreement, which says that you are assigning all of your rights in the purchase contract with the seller over to your end buyer for X dollars.

Bring the purchase agreement and the assignment agreement to the title company who is handling the closing and they will make sure you get paid when the deal closes- your fee will show up on the HUD (closing statement) as an assignment fee.

It sounds more complicated than it is.

The hard part is finding a great deal and a buyer.

Hope that helps.

Steph

You can try to offer less EMD, but like Harrison stated- the banks don't like to make changes to their rules. You are at their mercy.

Be sure to read their addendum carefully- I just had a deal where the bank could not close on time. I wanted out of the deal at this point, but they had an automatic extension in their addendum that I didn't catch when I signed.

Make sure to read the fine print, and be prepared to wait on these bank deals. The bank's title companies are slow and inefficient, and rarely close on time..

Steph

I don't get into the specifics about the simultaneous close with them. I just tell them I have the property under contract with the bank, and will be buying it from the bank at the same time I'm selling it to them.

There is a disclosure that has to be signed at closing explaining the details of the deal. I've never had anyone bat an eye after reading it.

Steph

Hi Andrew,

It's pretty rough in there. If it's not the worst, I'd say it's a close 2nd, no?

Steph

A lot of times when the houses are in really bad shape, they will only allow cash offers because most lenders will not finance them in their current condition.

Hard money might be a solution.

I should clarify that the area I refer to as "the hood" is not a war zone. It's probably the worst neighborhood in Tampa (Sulphur Springs), but there are no bullets whizzing by, or anything like that. It's definitely low income, but not a war zone. I go there by myself during the day and feel safe.

Lots of money to be made in these neighborhoods- you just have to do some digging to find out who is buying in these areas, and then hunt them down.

Fo Shizzle.