All Forum Posts by: Eric Foster

Some local banks will not have the same guidelines as a lender that will fund and then sell the loan… Those are the ones that need to meet those guidelines.

Also, sometimes the seller will have made arrangements with a lender that will not have those guidelines. I am going on the assumption that this is a fairly new development?

Wow, those are cheap utilities for 6 families…

To me, the electric, water, and the trash looked low…

Either way… It is a deal to me!

P.S. If you can't find it on their website, let me know what city the property is in…

I do have a couple connections!

And well… My magic wand still has a few more tricks left...

Jeff,

Not trying to rain on your parade… But you buying it from them prior to it being listed… Well… Is slim to none.

They do this all day, every day… They simply do not have the systems in place for the once in a while private party wanting to buy one of their houses.

As mentioned… It is already in the works for Countrywide to sell the house as a package to another investor, or for it to be listed by a Realtor…

Now for the good news…

What I would do is go to Countrywide’s web site (I got this web site from Bigger Pockets) http://www.countrywide.com/purchase/f_reo.asp

Look up the city the property is in, see what Realtors they use in that city, and start dialing for dollars!

A Realtor would love an offer the day the property comes across their desk! Also, the Realtor will have “connections” at Countrywide and they can use their “bat line” to call them and inquire about that particular property…

Good luck!

Two things come to mind…

You have a 15 year mortgage… which is good! But, I think your utility estimates are too low! But yes overall, I think you will make money!

Since your mortgage is so small, I would sock every penny I could into getting that mortgage paid down or off over the next couple years… Once you do, then you have a cash machine!

Drew,

I knew he was a “stand up” guy when you said he was coming over to look!

I am glad to hear that... And you are right, he is a nice guy! Legally he probably had ZERO liability, and so did his insurance company.

In today’s world, people who do the "right thing" are far and few between.

If you "chipped in" that would be a nice gesture on your part. It’s not like HE wanted it to fall on your car!

Take care!
(And park further away from falling objects. LOL)

I saw this article on Yahoo and thought it was pretty interesting…

It is a list of… “America's Most Miserable Cities”…

http://promo.realestate.yahoo.com/americas-most-miserable-cities.html

If you click at the bottom of the article on" In Pictures: America's Most Miserable Cities" it will take you to the Forbes website and give more details like… Commute times, Income tax rates, Superfund sites, Unemployment, Violent crimes, Weather, and the Misery Measure… (I didn’t know such a thing existed!)

Many people here on Bigger Pockets have been talking about a few of the cities that are on the list… i.e. Detroit, Charlotte, etc.

If your city is not on the list and you think it should be, please keep in mind the ranking is based on the 150 largest metro areas only…

Another Vote for CASH!

Ouch... Know the feeling!
Hard to pay the "bills" with equity!

Well, I would say, if he was willing to come take a look, that is a good sign!

I hope it works out for you...
Let me know what he says!

Very cool....

I have always wanted to learn to play the drums, just never have...