OfflineI need some advice.
AGAIN.
I got to the point, that I have a Realtor on my side, she is really helpful, and ready to show me some properties.
This is my first time, never looked for houses before.
What should I pay attention for, what sholud I ask from her. I don't want to sound very unprofessional.
One short sale, one Freddie Mac foreclosure, and one great home for investment or 1st time homeowner, thatjust got on the market.
After looking at the houses, what is the next step?
Thanks for all the support, and patience.
Zsuzsa
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what do you intend to do with the properties? do you want to wholesale?
if so, you need to know how much rehab is required for each property; it's a good idea to take a notepad and write down things that you observe when yo do the walk-through. Don't be afraid to ask the agent; they can contact the seller's agent and find out a lot about a property, and sometimes they can point out things that we can miss...
Then you need to get some comps from you realtor; that way you will know if the property may be a good deal or not. That will help you determine the fmv of the property.
Once you know the fmv of the property, then you subtract the cost for repairs, the cost for purchasing/holding the property, your fee, and you will see what your maximum offer will be. Your first offer should not be your maximum...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
It's good to know, that I always can count on you.
) to have one deal.
Appreciate your quick answer.
Yes, I plan to do the wholesale. I am not sure, if I like the property, or not, but I have to take an action, and learn (have experience, and make mistakes).
And of course it's time to start to make offers (at least 25
If it is a short sale, than a bank is involved in it, right?
Can I do assignment in this case?
I have to re-read my books, to find answers.
What is the situation with foreclosure? And Freddie Mac? Is there a special way to handle that case?
I know, I ask a lot, and you can't believe how grateful I am for each help.
Thanks again
Zsuzsa
Zsuzsa,
you cannot assign bank owned properties; you would have to double close; i.e. you use transactional funding to close, you have an end buyer that can close same day...
your agent can submit your offers, and the banks will require EM when your offer is accepted...
Start by making offers through your agent... you will get the hang of it, and if you make a mistake along the way, it can always get fixed with an amendment to the contract... there's no substitution for your own experience! so don't be afraid of making mistakes; we all have made them- even DG!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Just like Z I am new to this game and almost fearful of making a move that will bring me down. I have a very good realtor who sends me lists of properties that I might be interested in and have looked at a few but I have not found a real potential buyer. I do not have friends who are willing to put their money out there to buy properties. I do not have a buyer's list. Now I feel "lost" Will someone guide me through this maze I seem to find myself in? I am desperate to start. BUT I have a bad credit coming from a bankruptcy, I do not have money to start and I am confused what to do to make my first move. H...E...L...P!!!
maricar0143