Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

When buying newly constructed homes is there anything I should be watching out for? Is new construction inspected by cities or held to any standard before being put on the market?

RENinja

I was looking to buy investment properties in Charlotte NC. I tried a year ago and didn't have any luck. I contacted remax and they assigned a realtor to me who recomended york county sc. The schools were good so I bit the bullet looking for a house I could buy under 20k. I found one home 2 beds 1 bath for 20k. It was built in the 1950s and has been an investment property for the last 25 years. The last person to rent it paid $595 a month. I am going to offer 10k and figure it needs 5k worth of work. I do NOT have a property manager and will call and interview 3-5 tomm. then pick one of them.

I am getting really nervous about submiting my offer. I don't know if it is just nerves since I have never done this before.

Wow....after months of standing on the sidelines and watching I went to a local foreclosure sale at the county building to see what it was all about. Turns out a three bed/two bath house that was a Rural Development property was being auctioned off with a starting bid of 9100 dollars.I had researched the property and came up with a value of 48-55000 dollars. I didn't think my max of 20k would have a chance but when the smoke cleared I was the only one standing at 18k. I had only been able to look in the windows so I was worried about the interior condition. Turns out the people that had moved out left everything in mint condition. Got the insurance, heat and electric going this morning and a yard sign out this afternoon.

where do i get a Proof of gunds?

Wow...I went to go finding an agent and I know everyone has always said to interview a number of agents to find the right one for myself but, after giving my email post to a handful of realtor companies (targeting brokers if I could) and this is what I got in return:

I know the market has changed so much in the last year, so i was wondering if there was a way to find the fair market value and calculate my asking price so i know that i have a deal that i can profit from.

Should i be using a realtor for accuracy?

I am trying to get a deal done and closed in the next 14 days. still new, so i am going to be doing what all the new RI's do, assignments.

Building a buyers list is not an issue. I have many investors that I have a relationship with from a long time ago.

The only obstacle that I am faced with is finding the properties that i and my end buyer can profit from. That seems to be the missing cog in my real estate investing machine. Thanks to all the wonderful people that are here to help.

I'm kind of having a tough time trying to figure out why I would need an agent when wholesaling. Help please and thank you.

I Called and talked to a title company "escrow officer" today and asked if they allowed double closings if i were to use wet funds.I am going to the real estate office today to submit 7 offers on foreclosed homes.What I found out from the escrow officer was that the banks usually have Deed Restrictions that prevent you from reselling the property for up to 90 days. So my question is this,Do I just put "no deed restrictions" in the special provisions section of the contract.I thought if I did that and they signed off on it then it would mean I can double close. Would this work?

I'm looking to buy the mortgage on a property near me that owned by HSBC.I've tried to phone them but their robot switchboard is worthless. How can I contact a live person in their mortgage department..Thanks for any help

Hello all,

I'm curious to know if any of you have ever had problems obtaining good comps for a property.

I'm interested in a 3 unit building that's currently in foreclosure. Each unit has 2 bedrooms and 1 bathroom. It's listed for $119.000 (was $122.900 yesterday). Built in 1976.

My realtor has NOT been able to find any comps for 3 unit buildings. However, she did find 3 "sold" comps for 2 unit buildings:

$95.000, 2 beds, 1 bath, built 1940
$75.000, 2 beds, 2 baths, built 1934
$37.200, 2 beds, 2 baths, built 1958

What do you do when the comps you're working with don't match the property you're interested in making an offer on? How do you go about making an offer in this situation?

Hope someone else has experienced this problem.

Thanks!

Roni