OfflineI have an opportunity here. Can I do this or is it more advisable to do re-assigns on REO's and short-sales?
I may be able to purchase for low price, turn around and sell for higher, but finding a buyer within 60 days scares me. and I forget where I need to look for that part of the contract I need to add to give me a way out.
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When you are working with REOs and Short Sales, the person who now owns the property is the lender. Meaning when you negotiate, it will be with him. Assigning contracts are not the best strategy and the lenders will more than likely turn down your offer. They know when you sign on the buyers line on the first page, and put "and or assigns" that you do not intend on purchasing the property, but find an end buyer to do so.
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to think about and I really like that. Thanks. Goes in the notebook.
Dont worry if you dont know the answer
Im noticing the values of homes in my area are REALLY dropping but the people out there who are selling them seem to be in shock still that the values have gone down so much and they are not yet willing to accept this fact. This frustrates me when trying to negotiate, because I have an actual appraisal in my hand, comps etc but they seem to be in denial about these facts on paper and they act as if they dont exsist. This is my perception of my area.
For example a home that was 4 million 2 years ago is now worth around 1.5 to be generous, but no-one wants to behave like this is happening.
Denial is a word the keeps poping into my head.
Any thoughts?
Beth
I have a thought....your absolutley right!, And there ain't a d!?@ thing you can do about it but, keep doing what your doing, which is showing and defending your offers with COMPS, APPRAISALS, etc. Sooner or later their going to wake up and "SMELL the coffee" it's just a matter of when? Dont worry too much, cause while their property keeps sitting on the MLS and their wondering why it's NOT selling, you will be remembered, and REALITY WILL HIT and HIT HARD it will!, so in turn your offers will start getting accepted, dont be surprised if some of the offers you put in now, get accepted like 1-2 months from now.
YOUR HERO, SULLY
Thanks Sully! Words that are keeping me going, I swear!!!
2 Strokes RULE!!!!
I know what you mean. I was just told my house is valued at $134,000. I didn't believe it but now I'm starting to. So be patient and stay in touch with those homeowners you've contacted, when reality hits YOU'LL be the one they call.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
thats awesome!, i have been a HUGE motorcross fan since i was a kid, i've hasd numerous kinds of bikes: well, actually i've only owned kawasaki's, but as you know i love 2 STROKES!, i can't stand how everything thats being produced now is a 4 stroke(environmentally friendly), Thats great your a fan, Sandy
YOUR HERO, SULLY