All Forum Posts by: Jay Helms

Thanks. Yes, I do have a good PM, although with my other property their job is pretty easy. We'll see how it goes with a more hands-on property. I have considered doing PTP and then use the fact that I own the house to just take a more traditional lower interest HELOC. I'll do more research on that.

Do either of you have a good local bank/credit union in the P-cola area that you can suggest?

Steve - give Sarah @ BBVA Compass a call (850.857.5035). I understand their minimum for a traditional loan is $50k, but they might have other options for you (I.e. straight line of credit, HELOC, etc). She is helping me out with a similar situation. Best of luck!

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Originally posted by @William Allen:

Chad,

This house is in southern MD, don't get back to Pensacola for another 6 months or so. The ARV is $240k and the purchase price was $120k. Estimated repair costs of $40k but may add a little bit more to the SOW since we got it lower than expected. I will write a post about it when we get going.

Congrats! Sounds like a great deal!

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Thanks for the quick response @Leigh C

After re-reading, the escrow wire transfer is to the title company. However, the title company is in Boca Raton. The property and where I live are in Pensacola. Is it normal for the title company to be located in a different city for a Freddie foreclosure?

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Greetings Forum. I'm under contract for a Freddie Mac home and the realtor I'm working with has now provided an addendum stating the brokerage fee is close to 15% of the purchase price of the home and instead of providing a check for 10% of the purchase price (for escrow), the realtor has asked me to wire 20% of the purchase price to Freddie Mac. It is an all cash purchase but just seems odd as now that my contract has been accepted, these addendums show up.

This is my first foreclosure purchase and first time dealing with this realtor/realty company. Is this standard operating procedure for purchasing Freddie Mac foreclosures?

Thanks in advance.

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Originally posted by @Christopher Montgomery:

thank you all for your support. Hopefully I can provide some positive updates in the coming weeks.

Congrats Christopher. I'm curious on the # of postcards you sent out for this campaign to obtain what sounds like a great first response.

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I've heard from some Pensacola investors that they stay away from the 32505 zip code. Anyone in the Pensacola have feedback on this suggestion, agree/disagree?

Thanks in advance.

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Afternoon William. My wife and I are starting to wholesale in Pensacola and would like to discuss your criteria. Give me a call or send me a msg. Looking forward to hearing from you.

Thanks,

Jay H.

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All Forum Posts by: Jay Helms

Jay Helms has started 176 posts and replied 1468 times.

Post: Auctions & Titles

Post: Issue getting a mortgage due to low dollar amount

Post: Homesearch.com experience

Post: Purchasing a Freddie Mac foreclosure...

Post: Purchasing a Freddie Mac foreclosure...

Post: On my way to my first deal!!!!

Post: Pensacola - 32505 zip

Post: Pensacola Realtor or Wholesaler