All Forum Posts by: Jasper H Balibrea
Jasper H Balibrea has started 2 posts and replied 2 times.
Post: Buying a FNMA owned property
- Contractor
- Fairfield, CA
- Posts 2
- Votes 1
Hello BiggerPockets!
I have a house that I am looking at from homepath.com. It is FNMA owned. It is in the first 20 days on market where only owner occupants can put in an offer.
I am wanting to purchase this property with a 203K loan. Rehab and build some equity so that I can refinance and resell or rent out in a couple of years or however long the required time to keep it owner occupied.
I have looked at the house and it is in need of much work. One concern I had was listing history of this property.
This house is listed today in poor condition at $239,000. However, last year the homeowners tried to sell this house on a short sale before they were foreclosed on. This house was listed on April 2015 and expired November 2015. No one bought the property. It was listed for $150,000. Should I be concerned by this? Property value should not have appreciated by that much in a year - especially now that it is REO.
Some quick math:
Comps for ARV: $275k
Using 70% rule and $40k rehab I would have to buy around $150k.
Seems like the listing agent only listed the property at the price of what FNMA bought the house for (looking at the tax info).
I am just very confused as to why the listing price increased from $150k to $239k in a year. This neighborhood does not appreciate much but investors do work these neighborhoods. Is it possible that this house can be bought for $150k or should I just look elsewhere? Any thoughts or strategies on how to tackle the issue of getting this house at the right price?
Another note is that I saw that they are giving a bonus to the buyer's agent. So I am guessing that they are motivated to sell during the first 20 days on market.
Post: I am a REI in Solano County.
- Contractor
- Fairfield, CA
- Posts 2
- Votes 1
Hello Bigger Pockets,
I would like to gain knowledge and advice from our community in order to upgrade my pockets into a bottomless supply of money, ergo bigger pockets. I am interested in how best to generate off market leads, since the MLS is dry and the whales such as LLCs and Hedge funds come in buy out the poor goldfish like me.
Thank you,
Jasper Balibrea