Posted by Frank Ross on July 15, 2002 at 20:46:55:
James,
The property in this area is not all good flips, but some are. ARV-78K, asking 35K needs 10K in repairs add closing and you are at 65% ltv. Arv-49.5K, asking 23.5K
4.5K repairs, have end buyer but buyer needs help with gift funds for downpayment and closing. Still has 7 to 8K for me after deal is complete, not now!!!
Frank
Have banks stopped flips??? - Posted by Frank Ross
Posted by Frank Ross on July 15, 2002 at 12:03:20:
I was told this morning, by two different real estate agents
that deal in bank REO’S, that banks, as of July 1, have stopped investors from assigning contracts to end buyers. Unless you can close, they won’t deal with you. Is this the way they intend to stop investors on the seasoning issue? Any answer, on this issue, guys and gals?
Thanks for your responces.
Frank
Re: Have banks stopped flips??? - Posted by James Strange
Posted by James Strange on July 15, 2002 at 18:06:07:
The thinking is by not allowing asignments they do not have to deal with investors that have no plans to close. Every time that I make an offer on an REO I have to show that I can close.
Now you can still try, just write up an offer that is asignable. They can reject or take it.
My biggest problem with REO’s where I live is that they are asking way to much. One house that I was looking at if market ready would be worth 35K. The house needs 10K. Asking price 33.5K I offered 18.5K they countered at 30K. I told them when they get ready to sale call me.