OfflineHow likely would a bank be willing to accept an offer of half the asking price or even less than that i.e. $14,000 3/2 single family and you stipulate in the contract that they pay for all of your closing costs?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
you may be surprised the bank may pay all of the closing costs if they want to get rid of the property fast. You just never know ! Good luck
Warm Regards,
Paul T. La Moy
A bank's motivation can change on a daily basis. Thus, feel to ask for more than you want and even include some give away items that you do not care about. Then as you negotiate with the bank both sides may give a little and it will be a win-win for both parties. Do not be afraid to ask, you never know what you may get! Good luck with your real estate investing. Believe and Achieve!
- Joe
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There you go Joe and thanks for the information !
Paul
I'm going to take that chance tomorrow and see will offer get approved or rejected by offering them 40%-50% under listing price. If they reject offer their lost.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Good luck and let us know how you made out! We are excited for you.
Paul
Make your offer and be done with it,Only you know your lead way!Focus on the offers you have not made and remember what Indiana- Joe says...Keep it on your radar!
Invest in yourself!
I have a Realtor sending me listings and I only look at homes that are already listed below fair market value. I think it is very hard to get an offer accepted when they are asking for too much already. I normally offer 50-70% of FMV , depeding on how attrative the house is .
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
How do you determine the FMV for foreclosure when what it sold for a few years ago is way out dated? And the comps are unique in of themselves.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
You may want to have your realtor pull comps of home sales that are around the same size as the REO in the same area for the past 6 months. This should give you an idea of wha the market is doing in your local area. Then looking at the home determine what the fair market value (FMV) should be after repairs. Thus, take your puchase price + necessary repairs for a total. Say the purchase price might be $50k and repairs are $10k for a total of $60k (ARV). Then say you determine Fair market value (FMV) to be $110k. Thus this could be a good deal. You want enough profit margin in each deal. This will make it easier for you to assign a deal or close a deal and have a nice cash flow if you keep it as a rental property. I hope this helps. Good luck with REI and the properties on your radar. Believe and Achieve!
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA
TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA
Do I use the listing agent (instead of hiring a buyer's agent) to do the comps and submit the offer to bank?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.