All Forum Posts by: Andy Chu

I wouldn't limit to attornies, CPAs are just as qualified .

The agent doesn't care of you offer an extra $3000-5000 because their commission is an extra 90-150. The point of getting you to increase your offer is so that they have a higher chance to get your offer accepted. This is the difference between a paycheck and no paycheck.

As the buyer's agent, they will try to pry and see what the other offer is at.

1. Useless bids. You have to remember that by bidding too low, people take it as an insult. If the numbers aren't within 80%, then give the sellers time to get more realistic.

2. EMD for 60K-100K. I'm from a different approach than J on this one. If the property is a Short Sale or REO, then I would put minimal down. REO calculations and SS formulas do not take into consideration EMD.

From a SS perspective, I would put $1000 in escrow and when lender approval put another 4K in. In terms of REOs, if the EMD is too low, they will counter the minimum they will need. I've never seen a deal lost (as an REO listing agent) because the EMD was too low.

3. Adding cushion onto my estimates. This really depends on age of the property and square footage. I've found that I needed smaller cushion for my 2001 + homes and the homes built before that.

4. If a property is clean and looks great, then I would still bid on it. You can't win it without bidding on it. Sometimes, its just the right place at the right time. This doesn't happen all the time, but we do get one or two of them on occasion.

5. REOs you could bid 0 days, but they still give you 5-7 days. I like to put in as little as possible. Put in as much time as you need to get your ducks in a row.

In our area, it is fairly common. Its another stream of income .

Since they sold the HOA lien and a new buyer purchased it, you are no longer the legal owner of the property, but you have an obligation to the debt (the mortgage). The new owner would still need to pay off the mortgage because the deed is still subject to the note.

I agree with Jon. If the property is worth 100,000 but is listed for 50,000. Would you still offer below 50,000?

The margins are there. I believe you can bring it current. Anyone else want to chime in?

Glad to see another fellow investor from Vegas.

Check your local law. In gerogia they have been actively cracking down on investors. Also in Nevada you need a mortgage broker license to originate or sell. Only owner carry is exempt (we have screwed up laws)

You won't be able to find out, but you can start guessing by using the following link. https://servicing.chase.com/REO/Property/FeaturedProperties