Updated about 13 years ago on . Most recent reply
Buying REO's ...
Most of the foreclosures I've seen pretty much all need the same things:Roof, central AC, electrical panel etc., kitchen, bathrooms, windows, landscaping, etc. Also, most of the ones that don't get snatched up by first time home buyers have water damage/mold, termites, and illegal additions/repairs. To fix these issues would easily total $50k or more. Most of these properties are being listed with a price based on sold comps of the area it's in. So as a new flipper will the bank sell it if they are presented with a logical offer based on the true state of the subject property and also allowing for a profit?
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or 3. AFter one or more investor offers have fallen through. Often times, an investor will make an offer on a home, tehn at teh last minute, realize they over bid on teh property and they pull out. Now the bank has to go back to active and start all over again. Deals can often be had by coming in with all cash, no contingencies and quick close with large EMD's, they often take thjose offers (at lower than ask price amounts)