Made 1st offer today on a REO

Keep at it, thats a good price and potential profit.

That sounds like an awesome deal. I hope you get some good news on Monday !!!!

That's a great deal!

Just curious though, are you planning on renting out the property or leasing it with option to buy?

Let us know what happens!

Sounds like you really found something great.

Good Job!!

Call it a done deal, do not think that it will not happen. Act like if your offer is accepted and shoot forward. Brian, we know you could do it, no time to sleep, begin looking at your next item on the agenda, one family, two family or multi. We (Lubertha and I) are so proud you and look forward to hearing deal #2, 3, 4, 5, and more. Will you be superman, or batman, take your pick. God Bless.

Sandra

Done deal -!listen to Sandra and for the record my fingers are X'ed too!

Angela

Thanks everyone for the support and best wishes. I am already planning on what to do first and who I need to line up to get it done. My plan is to rent it nygnyk30, but I will not rule out any other options. As far as deal two I am currently looking at a deal with two lots and one house that will need to be torn down. Gotta get an estimate on that job before I make an offer. Seller has been asking $14k for all, but sounds desperate to get rid of and told me to just make offer. Will keep you all informed.

Brian

Now you are talking our language Brian, that's the way to go. Glad to know that you are in the game. God Bless.

That's awesome brian! good to hear!

Nice job.. Keep making those offers.

Hi Brian,
Uncross those fingers!!! It was just waiting for you to sign the papers............It belonged to you all the time. What color were you thinking for the walls? All the best to you............Lubertha

How did you handle your deposit for your deal? Are they asking for a high earnest deposit? Obviously, it will only be required if the they accpet your offer? I am sure things will work out for you. Sounds like a good deal.

They just accepted a copy of my check for $1000.00 which when I am accepted I will have to give to them immediately. As far as the walls go, I will have to put some nice wallpaper over the ugly wallpaper and the bedrooms have paneling. I plan on putting new lattice all around the deck because it is broken or missing in places. Will probably power wash deck and then paint it white. There are a lot of ugly shrubs which are covering one side of the house that will have to be cut down. It needs a refrigerator, gas line ran to the furnace, will change out gas hot water heater to an electric one and will need to have some electrical work done for some receptacles. Someone has ran extension cords from some receptacles into other rooms to make power other receptacles. NOT GOOD!!!! I am going to have it HUD approved so that I can rent it out thru them. As I have said, I am not opposed to selling for a quick profit either.

Thanks,

Brian

Hi,

Your last post came off as though you are a seasoned investor and not a first time buyer. (Great info for everyone on this site either way!)

Am I right?
Do you have any other good tips for us?

Angela

No, Angela I'm not a seasoned investor. This will be my first deal. I guess reading everything you guys have posted has made me sound like one. LOL. I can help you all with tax questions but as far as RE goes, I am looking to you all for lots of help.

Brian

Still waiting!!! I called REA this evening and he still hadn't heard anything from the bank. He was waiting on an email from them. I guess I will have to wait another day or two. I'll let you know as soon as I know.

Brian

Well, I just received an email from the REA. I didn't get the property that I had bid on. They said the would keep my offer on file in case something didn't work out with the winner. On to the next property...stay tuned.

Brian

Oh well, it happens. Keep on trucking to find that next deal!

Brian, one window closes, God opens a door. On to the next offer. God Bless.

Sandra

Can you show me an example of the offer letter you use to submit to the buyer

...dont sweat it....good luck.

Great job
Question
Found A reo 4 179k
Repairs needed 7ok
REO offer 109k paper work to offer bank needed. please show me.
FMV after repairs 305k
How can I make this happen.
Have a buyer for 210k
Any one out there.
Thank you

you need to get a Purchase & Sales Agreement Contract (State Approved) to submit your offer on to the Lender who has the property you want to make an offer to. Is your buyer a cash buyer or will they require another lender to carry financing? Make sure you put on the contract "Permission to assign the contract if Buyer cannot obtain financing" also sign your Name "and/or assignee" on the first line where Buyers information goes at. Read this post http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-... you can assign the property using a Trust to your buyer or an LLC these are just some the ways you can assign the contract to your buyer.

As far as deal two I am currently looking at a deal with two lots and one house that will need to be torn down. Gotta get an estimate on that job before I make an offer.
Brian[/quote]

Brian,

I do not know where you are but I am in rural Maine and it may be possible that your local fire department could burn the building down for you. It may not cost anything and they are able to use it for much needed training.

Just a suggestion

Mike

Thanks Mike,

I had thought of that also. I know they used to do that around here but not sure if they still do or not. I'll check on that on Monday. Maybe too close to neighbor's house, but in that neighborhood it would only be an improvement.

Thanks,
Brian

Great job Brian!

ME too! I have made 15 offers on REO and finally got one accepted 45% off of FMV
I can rent it out, it will cash flow or I could sell it for a profit but this market is slow for that or I can lease option it. All ideas are welcome

FMV is 155k purchase price is 85k
by the time the deal is done it will me at 90k invested. It is a 4br 2 ba on 1/2 an acre

Hey all,
Put in my 2nd offer today!! 3BR, 1 1/2 Bath, Large Kitchen and D/R, Full basement (it does leak), garage and carport. It has all hardwood floors and oak cabinets. Central air/gas heat. Enclosed back porch. Sits on a 50x150 lot. Appraised value is $86,750. They are asking $63,900. I put in offer for $45,000 contingent upon financing and they pay for termite inspection, reimburse me up to $3000 for getting the leaky basement fixed and they have to have the water tap put back in($1k). Anyone have any ideas on this deal? Does it sound good to you all or not? It will need about $3-$5k in rehab work. Painting, refinishing floors(may just put carpet over them), stove, fridge and toilet/sinks/tub.

Anyone interested in investing the money to finance this. I would be willing to pay 8-10% interest or just split the profit when it sells. They said I should find out in two or three days.

Thanks,

Brian

are you fixing the leaking basement yourself or having a professional to do job? If you are, I'd say at minimum get 3 estimates to compare repair costs. What are the comps for similar properties? Definitely get a property inspection done if youf offer gets accept.

Brian, that's wonderful, you cannot ask for anything better. Call the second a done deal. When is the third going in. God Bless.

Sandra

It sounds like it could be a good deal if the after repaired value is wehere you estimate. The more margin you create for yourself the more options you will have. It sounds good that you are starting low onm your offer, because time can motivate a seller. Good luck on this potential deal. Believe and Achieve! - Joe