Any ideas how to approach this - Posted by Mike Benish


#1

Posted by A Miller on December 21, 1998 at 21:36:05:

REOS today in my area are NO OPPORTUNITY!!!! Banks are not stupid! They fix up through contract-
ors or at least ask market prices. When they ask mar-
ket value-dont bother. This is not where its at.
REOS were great years ago and many Realtors are still
doing great running those ads to draw in poor fixer-
upper people. Thats not where its at now.
Remember, if something is reall good it`s gone in the
first day it hits the market!


#2

Any ideas how to approach this - Posted by Mike Benish

Posted by Mike Benish on December 21, 1998 at 15:47:37:

I’m new to this business. I have been monitoring the Fannie Mae Reo’s online. I have come across a property that has been on the REO list since August. The price has dropped $14400 since that time. I’m currently out of the country. I would appreciate any ideas on how to handle this. This will be my first venture into Real Estate investing. Thanks


#3

Another $14,400? - Posted by Redline

Posted by Redline on December 21, 1998 at 19:21:23:

Maybe it needs to come down another $14,400?

My point is: You’ll be flying blind you if don’t know what the property is worth. It could be discounted $100,000 off their “asking” price, but that still could be $100,000 more than it’s worth.

Find out what the propery might be worth and decide on a wholesale price to get a good deal. Are you planning to buy this to rent? Flip? Live in? Rehab? Lease/Option? What?

RL


#4

Re: Any ideas how to approach this - Posted by Jimbob

Posted by Jimbob on December 21, 1998 at 16:47:06:

Mike,

Your first move is to come back into the country and go look at the house. Normally when a property that has been foreclosed goes on the market, it’s snapped up very quickly by hopeful bargain hunters. If the price has dropped, and it’s been on the market for a while, I would suspect there are some serious problems with it.

Buying something sight unseen has more drawbacks than benefits until you have lots of money and can afford to make a mistake.

Jimbob