All Forum Posts by: Greg P.

Hello, My apologies for not explaining better, 

The property is not on the homepath website, but on the open MLS listed by a local agent. I may have incorrectly used the term FNMA, however, the FNMA is the last bank visible on the chain of title. (preliminary title report checked). My agent has not said anything about homepath or FNMA, I will check for clarification monday to be sure.

Thank you

I've done the math and ready to submit my offer on a SFR in a very "hot" area (Greater Seattle area).

This is a FNMA owned property. WA State. It's only been on the market for a day. Based on past sales I don't believe this property will be on the market for long. This is a very different scenario from my last REO, which sat on the market, reduced, reduced, then I got it...

Average discount below asking price for FNMA for this market in 2015-2016 was around 7.5%

my first offer will be about 95% of the asking price. My max will be 97%

Typically in this area the more affordable distressed REO properties end up purchased by homeowners or small fix/flip investors. I'm sure this property will be on the radar for a lot of these types of people in the area. Many of the affordable properties on the MLS in this area do get multiple offers, some of these sell for above the list price. There aren't really that many REO's and haven't been very many on the market for about 2 years. In the last year I've been outbid on about 2-3 similar MLS properties (1 bank owned and 2 private seller) some where I put in an offer and the agent came back and asked to submit my "highest and best"...

This particular property is a small fixer requiring 10k-20k repairs in area where most homes sell for 3x as much, and it is currently the cheapest property on the market in the area.  Not a lot of recent comps, but some in the same price range all which sold within 30 days. It's also a nice building lot so some investors might tear down and build a new home. It's in a nice neighborhood, desirable location. Therefore it is also very attractive to homeowners. Some who are cash buyers also.

I know the advice I will get will be along the lines of "submit your best offer" ....."all cash / quick close"..."make sure to submit all the information correctly" and "no contingencies" 

HOWEVER if you invest in a similar type of market / scenario and have had luck getting YOUR offers accepted ...any other details or insight you can add would be VERY greatly appreciated. 

Thank you

I am setting up a intra-family loan (1st position mortgage) and we would like to use a loan servicing company to collect the payments for credit reporting purposes.

Can anyone share what we should expect the servicing company to charge in fees on top of the mutually agreed upon rate?

Any recommendations of companies to look into that offer this sort of service?

Thank you

Looking for advice on ANOTHER hubzu situation. Hubzu sale not initial auction.

Days on market: 157

Price on mls started around 130k, reduced every month like clockwork. I do not know about previous "bidding" status on the past hubzu auctions/listings, it but has never gone pending so they never accepted any offers they may have had.

Asking price recently reduced to ~69.9k

Now hubzu is saying current no limit best offer is 56k as of a day or 2 ago.

**QUESTION: I'd like to get this one and willing to go up to "x" (around 90% of asking price) but wonder if I should offer my max "bid" or leave a little haggling room in my offer. My agent suggests offer max but he does not have a lot of experience with hubzu. What would you suggest?

Notes: I have read all I can on hubzu (good and bad) and followed a few other listings there in the past but I haven't followed this listing until recently. So I don't know if the "bid" I am seeing as current no limit best offer is an educated buyer who knows about the property's defects, someone just feeling out the deal with a low-ball, a homeowner who might fall for the house and get in a bidding war, or possibly even...not a real bid. I don't specifically believe hubzu is using "phantom" bids, and have no reason to believe that is the case here but have read enough reports online of people who DO believe that hubzu uses that tactic so I want to keep an open mind to the possibility.

Any thoughts appreciated. I know to use my own title co. Thank you

I would like to devise a "strategy" of sorts to get a low offer/bid accepted with hubzu on a property listed at 56k

It has been on the market for 150+ days, started around 85k, bank bought it back at the auction for 132k. There have been a large number of small price reductions over this time in listing/asking price. The "minimum offer" is around 39k.

This property has a MAJOR issue with the property lines , where an outbuilding (good shape large metal shop on pad) and the house (marginal fixer/tear down) are encroaching onto another property according to the map. However the neighborhood has a history of legal battles over this, and some neighbors have won "adverse possession" cases in court due to existing fencing clearly defining what they believed the property lines were for years.

These are larger 2-5 acre parcels. This all happened because the old 1940's short plat started from one side of the "block"...and the guy who owned the far corner parcel (the other side of the block) subdivided his "20 acre parcel" and in order to account for the full 20 acres, they had to start measurements from the other side of the block. The parcel in question is several over but was affected.

I have watched this for awhile as offers come in with hubzu, it goes to pending, and then the buyer backs out...as they realize the extent of the issues. This has happened upwards of 10 times.

Please no recommendations to run far away due to issues, I have done my homework and have a use for the property. I would like to submit an offer (35-39k) that somehow indicates to the bank/real home securities and solutions/hubzu that I am aware of these huge defects already and offering cash with no conditions.

Their online offer process really does not have any possible way for me to get this very relevant info to the asset manager.

Any advice?

Thank you!