Buying From Someone Who Has The Right To

What are you intending to do with the property?
What do you think you can get the property for? what is the ARV of the property. How much will repairs cost? This is all information that is necessary to prepare an offer.

Al

I was planning on buying at below market and re-assigning it or do a double close. No buyer yet, but very desirable home and area.

ARV? Actual something Value forgive me. comped at 808k, zestimate says value at 787k

the place really doesnt need repairs to be in selling condition, the place is great!!! just minor cosmetic stuff I could do myself, cost maybe 5-7k for what I'd like to do

anything else?

Beth

after repair value..................duh

Are you saying....COMPS for that area are: $808,000 How many COMP's was that number based off of? What did homegain.com, eppraisal.com, realquest.com, say?

If the ARV is $808,000 then it's obvious that Zillow is a ways off($20k), I guess what i'm getting at is, break it down for us, so WE can HELP YOU

For Zillow to be within 2.5% is pretty good. I would say those are probably good comps. There is probably that much variation in the comps.

Al

but, $20,000 is a LOT to be off, and in this business you can't afford to be OFF. I'm a NO DOUBT believer that Zillow is a GOOD site, However you should ONLY use it to give you an IDEA of what a properties worth. How can you say their GOOD COMP's when we haven't even seen them yet?

Do we have access to the actual comparible property details?

That's what i was saying in my previous post, if we had that information we could maybe.....move forward,

I have a bit more stuff to do, ill be back

Thats pretty funny, huh?, lol

I have found a beautiful property that is now bank owned due to contractors unable to sell after house was completed. The bank has been sitting on this property for two years now. It is a beautiful home in an even better location. Although there are no previous owners and the bank has held onto it for so long, they are not budging on the current price? Is it even possible to get a lower price than what they are asking? I have read Deans new book and it has helped a great deal with getting me started, but he doesn't mention how to negotiate with the bank or if it's even possible. Any feedback would help a lot.

Is this property listed by a Real Estate Agency? Even if it is not, make an offer, explain your reasons for the amount, wait for a reply, and start negotiating.

Good Luck, Al

Your going to need to learn to be a GOOD NEGOTIATOR(if your not good yet), see lucky for me, i have been negotiating basically my whole life(car business) so it's second nature to me, but if it's new to you, start practicing with a friend, the bank isn't going to just take your 40%(approxamation) of market value deal, just because, it needs to be backed up with data, and reasoning, you need to tell the bank why they should just take your offer, instead of sitting on the property for another 2 years, you also need to show them, almost reminding them of HOW MUCH IT IS COSTING THE LENDER TO NOT TAKE YOUR DEAL NOW, this is where you'll need to research the banks costs on holding properties and the fee's involved, like; vandalism, holding costs, marketing costs, etc

You can never learn enough about negotiating! Thanks for the tips and I also will check out other people and what they are doing.

Also Sully Here is somemore info on this deal Im working on:

Asking price 787K

Zestimate is 850k Value range is 756k yo 926k

Realquest is 813k all the house in the area (same street and block) are priced at 716k to 785k some higher a few lower

value of home gone down 8k in last 30days

last house sold in area for 826 on 9/12

is this enough?

Hi to all who read this! This is the current situation:

This guy who has listed the house is a friend of the owner. He used to be a mortgage guy etc and now has his own llc set up. He mentioned assigning the property to me. I went to see the house today, its a gem!! Seriously!! needs new updated kitchens and bathrooms but they look good enough that I wouldnt need to do anything to re-sell the home, the home is in great shape to re-sell even if I do nothing to the property. I found out the owner has 2 mortgages, one for about 670k and the other at 200k. The guy who is listing the prop is working with the banks and negotiating a lower price, basically he is doing all the serious grunt work which I think I could benefit from if Im thinking correctly. anyways he also told me since im not working with an agent he could give me an even better deal (I didnt mention any number cause Deans book says not to be the first one) I cant believe I didnt say a number, that was hard for me! anyway, so I told him I am very interested and asked him to figure out what number works for him and to call me. He said he would He also said this would be a short sale, I went to realquest today and the status of the prop said foreclosure and it also said an auction happened on the 16th of September, so Im assuming the bank declined all bids and I know there were bids, everyone wants to live in this area, specifically this area! So again Im assuming the bank is being a tightwad for the moment. This guy Im working with is working very closly with the banks, I have a good feeling about this. So right now Im making my leverage list. I was also lucky enough to run into a neighbor when I arrived to view the prop early He told me that he knew the roots of the pine tree were effecting the foundation, he also informed me of a cabana club around the corner, and was very happy to brag about how wonderful the neighborhood and neighbors are! So here are the numbers I have so far (still working on them)

Listed for 787k

Comps: Homegain A house sold for 826k on 9/12

eppraisal: Value range was 927k to 1.2mil

zillow: Zestimate is 850k, in the last 30 days gone down in value 8k, over last year has reduced in value 15.3%=153.5k
Zillows value range was756k to 926k

Her 1 mortgage is about 670k
Her 2 mortgage is 200k
Owning 870k

again its listed for 787k, its a short sale, listing guy is working directly with bank, eliminating any work I would have to do with them (bank), he will assign to me and wants to do a double closing, but my intention is to immeadiately re-assign to someone else so would that make this a triple closing transaction? Is that possible? How do I do this? And Im getting very scared again.