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professional slacker
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Discussion Starter #1
Post your experiance :D

Inquiring minds like to know.
 

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Yea I did, and for the most part was ignored by the listing agents. But on one the agent knew somebody in my agents office and let it be known that they would look at offers around 5% less than what they were asking (my orig offer was 13% less) Well I am supposed to close escrow on Wed. Im happy with the deal I got, its a duplex and totally just investment prop.:)
 

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professional slacker
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Discussion Starter #3
Yea I did, and for the most part was ignored by the listing agents. But on one the agent knew somebody in my agents office and let it be known that they would look at offers around 5% less than what they were asking (my orig offer was 13% less) Well I am supposed to close escrow on Wed. Im happy with the deal I got, its a duplex and totally just investment prop.:)

So they wouldn't submit your offer because THEY thought it was to low?
 

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It totally depends on the property and level of interest on it. If there are multiple offers on the property then obviously lowballing probably gives you very little chance of getting the property. If there are no offers on it, then by all means lowball away. The only problem with this is, when you lowball the banks tend to seriously drag their feet on getting back to you in hopes that multiple offers come in. I've had this happen a lot lately on properties that have no offers on the table.

If you have any more specific questions or I can help with any further advice please don't hesitate to PM, e-mail, or call. :D
 

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they (the listing agent) said they (the bank) already had offers higher than my first offer and that the bank had already turned them down. So yea he basically wouldnt submit it. :|err
 

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Would offering $125,000 on a house that is asking $194,000 be considered? Bank owned and in decent shape in decent neighborhood typical 3 bed two bath 1400 sq ft, no offers yet and on the market for about a month. The sale would be a cash sale no financing needed. The last sale was in jan 2007 for $348,000 on this place. Would a bank even consider this? Or am I just dreaming that they might take it.
 

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Would offering $125,000 on a house that is asking $194,000 be considered? Bank owned and in decent shape in decent neighborhood typical 3 bed two bath 1400 sq ft, no offers yet and on the market for about a month. The sale would be a cash sale no financing needed. The last sale was in jan 2007 for $348,000 on this place. Would a bank even consider this? Or am I just dreaming that they might take it.
Run a comp on a comparable in the last few months. I'm guessing you would be very wishfull to get that deal. Here there getting in the 85-90% range of what the listing price is. The big difference here in prices is if the house meets current FHA standards.
 

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Wait until January, and then re-offer. I'm looking at a local house and they have had no offers as of yet. It's asking 25/30% over what it will really sell for. After the first of the year, things will be dead and 'all offers' will be considered. Less and less jobs in this town, how will any working people be able to purchase any kind of home here, or in the near future. I feel sad for the young hard workers, they are getting screwed.
 

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You who rock I salute you
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The guy that owns Suspensions Unlimited is scooping up every one he can get his hands on.
He's a real estate tycoon and is in full action mode.
 

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The Insurance Guy
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i should be closing escrow on Wed. on one i picked up. We were in escrow on a second one at the same time, but cancelled cause the inspection showed way too much fixing needed to be done. Hoping to find at least one more in the area as there is still some good opportunity that hasn't been capitalized on yet
 

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A house in my neighborhood was for sale and the sign said Bank owned. Called the listing agent and asked the price. Was told asking price was $429,000. I said they were crazy. The house needed at least $100,000 to become even liveable! I talked to a few friends of mine in the construction trade and put a rough estimate together to repair, clean-up and get ready to resale in a few years. Called the listing agent back a few days later and wanted to submit an offer of $335,000 and he said he wouldn't even do it. Offer he said was way to low and it will sell very easy at the asking price. Well we met the "new" owners on saturday and he told me the same thing was said to him and he went directly to the bank that had the loan on the place and he offered them $300,000 cash no loans and they took it!
The new owner took down the realators sign down and called him and told him to come and get it. I thought that was great!
 

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professional slacker
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Discussion Starter #12
A house in my neighborhood was for sale and the sign said Bank owned. Called the listing agent and asked the price. Was told asking price was $429,000. I said they were crazy. The house needed at least $100,000 to become even liveable! I talked to a few friends of mine in the construction trade and put a rough estimate together to repair, clean-up and get ready to resale in a few years. Called the listing agent back a few days later and wanted to submit an offer of $335,000 and he said he wouldn't even do it. Offer he said was way to low and it will sell very easy at the asking price. Well we met the "new" owners on saturday and he told me the same thing was said to him and he went directly to the bank that had the loan on the place and he offered them $300,000 cash no loans and they took it!
The new owner took down the realators sign down and called him and told him to come and get it. I thought that was great!

now we're talkin..
 

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We are taking our first crack at a short sale. Our offer was submitted and we are supposed to finally hear back this week. We have had to wait a long time. We found a spec house that has everything we need and still needs about $50k of actual work done to finish it.
 

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We are taking our first crack at a short sale. Our offer was submitted and we are supposed to finally hear back this week. We have had to wait a long time. We found a spec house that has everything we need and still needs about $50k of actual work done to finish it.
How long ago did you make the offer? Had the complete short sale package been submitted to the bank prior to that? Most short sales are taking atleast 6 but up to 12 months to get approvals and go through escrow. Unless you found one that a buyer had already gone through all the process and finally got tired of waiting. In this case the property would be a bank approved short sale which should cut the time frame down quite a bit.

Short sales that haven't been approved already are a complete joke and expect every bit of a 6 month wait or more for an approval from the bank.
 

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professional slacker
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Discussion Starter #15
I'm only looking at bank owned. Sellers are dreaming and short sales are a joke.
 

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At the beginning of the year we will start purchasing as many as we can. We should have funding for about 100. With a possibility to go up to 300 homes.
 

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Floatin dirty
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I made a 50K cash offer on a bank owned lot in Havasu which was listed for 90K and the bank accepted it.
 

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AND DONT BE FOOLED BY LOW ADVERTISED PRICES! I work with a few RE investors, and we have made COUNTLESS offers over the last 14 months. we have tracked many of the REO's and most sell for almost the asking OR ABOVE THE ADVERTISED PRICE(at least the nicer homes that aren't thrashed). you have to know the neighborhood your making offers in.... The "BAIT AND BUMPS" or horrible.

IF interest rates keep falling...and we get the 4% 30 yr fixed....things may turn around fast. Alot of these homes (the good ones) are selling in days NOT months. My phone has already started ringing over the past few weeks with all the hype of these new lower interest rates.

just to educate yourself....go make some offers with your preferred RE agent. You maybe SHOCKED to see how bad some of these listing agents are. Some that have these SHORTSALE homes listed..HAVEN'T A CLUE on how to get them closed. If it isn't an APPROVED SHORTSALE don't get your hopes up, very small chance you will ever see any results....other then it being a REO 6 months down the road.

IF anyone is looking in the North San Diego County, I've been beating these area's hard. If your looking at a area and you need some information...give me a call, would like to help. 760-638-3810 Toby
 

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Buyer Beware

Recently entered into escrow on a cheap bank owned, cash offer only 4 per cent below asking, my first offer was 18 per cent below asking. Long story short there is a not legal patio that showed up on the title report after the offer that needs to be corrected or torn down. The owner Countrywide Mortgage will not deal with the problem and wants us ( the buyer ) to take responcibility and sign off on the lein from the city, they will pay the fine of 750.00. We say NO please deal with the owners obligation to deliver title free and clear, we will not assume responcibility. They claim it is a " as is " sale and the patio is a " as is " condition. We disagree and cancell the escrow. We now need to go to small claims to get them to release our deposit of
$ 5000.00. COUNTRYWIDE MORTGAGE have been DICKHEADS from the very begining and the excuse from their agent is that the sellers portfolio is so large that they do not have the time to deal with things. Well, make time to go to court !
 

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Hub Cap Annie & Wheel
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The guy that owns Suspensions Unlimited is scooping up every one he can get his hands on.
He's a real estate tycoon and is in full action mode.

The old owner or the recent guy that lost it and now the building is empty and for sale or lease?

The reason I ask is the old owner is my buddies uncle.
 
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