All Forum Posts by: Jack Clough
Jack Clough has started 13 posts and replied 72 times.
Post: Buying a property from the FDIC
- Flipper/Rehabber
- Wilmington, DE
- Posts 80
- Votes 75
Thanks Chris - that all aligns with what I've learned so far. There was a company that went bankrupt so the bank foreclosed, then the bank went belly up so the FDIC swooped in. It's a commercial property and it's been listed for quite a while now by a commercial agent. The agent told me that part of it was renovated and won't require much work but the other half had a small fire and some water damage from the sprinklers so I'm guessing it's a gut job on that side (two 3-story row homes next to each other but sharing the bottom floor retail space). I'll know more when I see it next week. So, considering all that, do you think they'd be even more eager to dispose of it? Thanks again.
Post: Buying a property from the FDIC
- Flipper/Rehabber
- Wilmington, DE
- Posts 80
- Votes 75
Does anyone have experience in buying a property that was owned by the FDIC? And if so, how'd that go? And any advice? I'm looking at a 6900 sf mixed use property that needs a lot of work. They acquired the property from a bank that went belly-up. So, would they be eager to get rid of it? Do they have to pay taxes on it even though they are the fed (FDIC). Thanks in advance.