All Forum Posts by: Lydia S.

@Nandy B. so it’s not bank-owned?  If not, what gave you the impression it was?  Trying to understand.

@Kirsten M.

Those factors are bringing people into the area from out of state for sure, as well as people relocating here from expensive states like California and Colorado.  I’ve met quite a few moving from Texas too.

This is all adding to our current market imbalance - it’s a seller’s market.  

We have about a 2 - 2.3 month supply of homes, yet a balanced market would be closer to a 6 month supply, and so there’s a lot of competition and higher home prices.  

So you closed on the property with money in escrow held for repairs and you, the seller, are doing those repairs on a property that is no longer yours?  Is that right?

Typically here the buyers complete the repairs after closing in this situation and provide repair receipts to obtain the escrow hold-back.  That also gives buyers control over what repairs they do.

@Heriberto Magallanes

Hello!  Search some forums in BP regarding the pros and cons of having a license when investing.  Plenty of them here.

To pursue licensing, look up Kaplan.  It’s the most popular source for licensing here in the Albuquerque area.

@Mitul Gandhi

I wasn’t aware this was a multi family home, so disregard my comment which was related to a single family.  If you live in any of those units, you are indeed an owner occupant, so you’re fine.

@Mitul Gandhi

Adjustment values may differ from location to location so there's no easy answer to that part. Is this going to be a BRRR property? Does your Realtor and Lender know that yet? The reason I ask is that FHA loans are for owner occupants so using this for a rental may be a problem.

@John Clark

She states this is an REO, in which case there is no Mr. or Mrs. seller, it's a bank or institution. Buyers won't have any luck calling them up and asking to speak about this property when it's listed through an agent.

@Matthew Greubel

Questions to help define your situation... are you looking for an out of state FSBO to invest in? If so, how will your Realtor help with this?

If your Realtor isn't licensed in that state, they can't help you buy there so you need someone in the state you're interested in. Plus if you're looking for FSBO's in that location, how will you find them?

Not sure what you’re asking.  Please elaborate.

You initially said:  We submitted the first offer, no response, he resubmitted it, and got a counter with only a few dollars off, we submitted a 2nd offer, and the counter was higher than the last.

Why didn’t you accept that first counter offer?    

And Why did you write a second offer instead of countering the first if it wasn’t acceptable to you?

@Nathan Hann

Gotcha! He may not feel you're wasting time if you've already closed deals with him, true. Now you're looking for something to live in apparently since you are going FHA, and perhaps the competition on those properties is high, minimizing your chance of acceptance. The offer needs to be strong to beat cash or conventional offers.

Are the properties you're identifying FHA eligible? Perhaps you sent him ones that won't qualify due to repairs required.