All Forum Posts by: Steve Lohbeck

@SK I am trying to bid on a property online now and they said i was the highest bidder. then i get an email from the owner saying the highest offer is $26,000 am i still interested in the property so i told him yes and offered $28,000 mind you i have no cash of mine own whatsoever. but before i even bid on the property i contracted a lender thinking to get a loan for repairs he tells me he can loan me $50,000. so can i change my mind on repairing it and get a profit of $22,000. $50,000 - $28,000 = $22,000 anyway now the lender saying he can loan me only 65% of the purchase price. Crazy he knew i have no money of mine own. Confused!!!!!

I am so confuse how escrow works. somebody explain it. and can i get the money from the lender for the whole deal. the deal is i talked to the lender he said he can loan me $50,000 for the house the owner is accepting best offer of $28,000 but now the lender is backing out of the deal??????

@PG i am a newbie and I am looking for good deals in Alabama.

@HB you want to get away cheap tell her to get a cat!

@DK thanks for the info!!!!

@BD great advice about the negative talk from friends I will think positively and hope for the best and not listen to negative people. Thanks

@SH Thanks!!!!

@JH the property was bought at an auction. It states the property is free and clear. The extent of the repairs I am not sure how much is needed. According to the pics it looks like stucco replacement. It is located in Alabama. Thank for your comments and advice.

@KR since you must be a rocket scientist or something can u give this newbie advice?

I was wondering if I have to do the repairs if I only want to get the note/deed and sell the note to a cash buyer?