Posted by Bernard Collier on March 12, 2002 at 19:43:19:
So what exactly is your question?
finding properties? - Posted by dan
Posted by dan on March 12, 2002 at 19:03:38:
I am new in real estate investing and trying to buy my first property.I cannot find properties below market value. Banks seem to want full market value. Also I have been using county auditor info. to find comparables. I found a house that sold in 2001 for 70,000 and is now on the market for 19,900, It needs about $12,000 in repairs. I bid on it but lost because the realtor didnt get my bid in ontime. He said it was a good thing i didn’t get it because of the area it was in and i told him it sold for 70,000 in 2001 so how could it be a bad deal, He seems to think someone bought it and got an appraiser to appraise high for a refinance so he would pocket big money and skip town. could this be possible.
Re: finding properties? - Posted by JX
Posted by JX on March 13, 2002 at 21:53:15:
I don’t understand this problem fully, but did you get the after repair value of the house? Is it still worth $70k after the $12k in repairs? It could be! Your realtor doesn’t know what he’s talking about! $12k in repairs on a $19k house would in my opinion, raise the value significantly. Perhaps to $70k. Who knows? I do know your realtor is a fool and needs the can!
-Jason
Re: finding properties? - Posted by sean
Posted by sean on March 13, 2002 at 07:50:50:
i think he wants to know the best techniques of obtaining ppys. under market value. can you help him?