All Forum Posts by: Jake Recz

I read all the responses and it appears that the bank is waiting to get the highest price. I'm gonna sit on this deal to see what happens although I have a feeling it will fall apart. Like Mark said, if it doesn't happen it wasn't meat to be. I'm not gonna stress over it. It's not like I got my money tied up in that property. I'm already looking at another one in the mean time. Thank you all for the great responses! I learned a few things about the process. 

My bad, I worded my response the wrong way. I just spoke with the bank on Friday I believe. That's when they told me there were multiple offers. I don't know much more. The agent refused to say anything else. They took the property off the MLS- that I know for a fact. I'm working with an agent.

I'm starting to understand what the bank is doing. The funding gap is about $15,000. That doesn't include the cost to fix the place up. Any idea on how I can go around that funding gap? 

I submitted an offer on a REO property recently. The offer was all cash and $1,000 over the banks asking price. I called the bank to verify if the offer was received and found out there are "multiple offers" on the property. It has been 10 days now and still no response from the bank. The property is literally a steal so to speak. I'm considering submitting a higher offer as the property is well worth it. Problem is... I'm out of cash. If I was to submit a higher offer I would have to utilize a hard money loan. Cash vs. Hard Money? How do the banks look at that? Should I leave my cash offer of $1k over asking price and hope for the best or submit a higher offer using a hard money loan?

Also, I've heard that banks usually respond to offers on REO properties within a few days, maybe up to a week. What could be causing the delay?

Rafael, you're right! I'm in the same boat. Trying to find flips on MLS is like looking for a needle in a haystack... At least for a beginner like me.

Nathan, I sent you a colleague request. I'm glad Brian mentioned your name here. I see you're in south jersey. I'm currently waiting for a bank to respond to an offer I made on a property. If that doesn't go as planned I may be looking for a property soon. I checked out your website and added myself to the mailing list. I will definitely stay in touch. 

Hello, since I joined here I already passed on one property and currently I'm going under contract on another one (hopefully soon, currently at the mercy of the bank...)

Long story short, while scanning for properties I got interested in flips. I do have the resources and I do have the skill to rehab a property. It seems like a great way to make some extra money for a downpayment on a future property. My issue is that I'm having a tough time finding properties that would be worth flipping in my area. I tried looking for wholesalers online and only stumbled upon myhousedeals website that is owned by one of the members from BP. Great website but I didn't see much for my area there. How can I find local wholesalers in my area? 

 Greg, I'm sorry. I believe I was misunderstood by a couple members here. I am aware evictions are handled different in every state. What I was trying to say is that the original poster should get all the information together and do an inspection before he goes to court and proceeds with the eviction. All that for the sake of knowing exactly what, if anything is wrong with the unit. IF the judge decides to listen to the tenants sob story (for one reason or another) he is going to ask the original poster here about his side of the story. In this case telling the judge "I did not see the apartment and did not even make an effort to see it" is going to look quite bad in the judges eyes. I'm all about having all angles covered before going to court. Better safe than sorry. That's all I was trying to say. 

Hello, I hope I posted in the right forum...

I submitted an offer for a property that is in a flood zone and has been flooded a few years ago. The property is a REO. The previous owner started fixing the place up already but it seems like eventually they got foreclosed on. Now we are interested in the property and plan on doing a mold inspection just to be safe. Chances are there is no mold since the previous owner started to fix the damage but I would rather be on the safe side. How much can I expect to pay for a mold inspection in Central NJ? Do you know any trusted professionals in the area?

Thanks in advance,

Jake

You're completely correct Rob. The original poster stated in his new post that the tenant is being evicted for owing rent. That is the reason for the hearing. Chances are the judge will ask the tenant WHY he owes rent. The tenant will bring up the condition of the apartment. If the original poster did not even try to do an inspection, what is he going to look like in front of the judge? Incompetent. That is all I was trying to say. 

Congrats! Reading about success like yours is very motivating!