All Forum Posts by: David Mirza

There is a home that I'm interested in that's listed on Hubzu.  I initially won the auction at $181k but after seeing the property decided it wasn't worth my bid and backed out.  The house was re-listed and I was the highest bidder at 161k but the reserve price wasn't met.  They countered be at 194k, higher than the initial amount that I won the auction at.  My guess is that their counter price is higher than their reserve price.  

The house is now back on Hubzu and there doesn't seem to be much interest in it.  My question is, if the house is still on the site, should I just make sure I'm the highest bidder even if the reserve price isn't met or should I keep increasing my bid by $1k until either I reach the max price I'm willing to pay or the reserve price is met.  What is the best strategy in this scenario?  

sorry what I meant by lender credit is when you receive points from the lender to help with closing costs.  As far as plans for the money I would like to buy more homes with the money.  I currently own 6 and am working on number 7 and 8.

I'm purchasing a home for 150k that has an ARV of 200k. I would like to finance the purchase with a 30 year conventional loan, do some minor repairs then refinance the property and take cash out within a couple of months. Will this work? Also, what happens if I received a lender credit on the initial loan I used to purchase the property.