All Forum Posts by: Michael Gessner

@Greg H. Thank you for the info I just sent an email to my attorney to confirm.

@Greg H. Must not be ? If so correct as far as I'm aware

@Greg H. No traditional reo sale thru agent not hud site

@Russell Brazil we were and have been in a sellers market for a while, just spoke with another agent I know and hes advising to go through with the deal. The spring buyers market is being out on hold due to everything shutting down. As of tonight agents can no longer show properties but are not required to pull them from the market. Unfortunately NY is being hit really hard with the virus. If I flip it quick say 30 days hopefully things subside by then and the buyers are back out purchasing, and the market doesn't get forced into a buyers market due to an influx of properties being listed. As of right now theirs no fully renovated properties listed in my price point in and around the vicinity of this property which puts me in a very good position, hopefully it stays that way. Rockland County is and has been always a very desirable area do to the close proximity of NYC. Hopefully this continues to work in my favor.

@Russell Brazil I have till tomorrow to back out of the deal and not loose my edm, we have a mortgage contingency in place. On one hand i have my agent telling me to go thru with the deal, on the other i have people telling me to back out. Id love to go thru with it but I would feel more comfortable renegotiating to hopefully accommodate for any drops in values in the upcoming months. I was told I can cancel contract and resubmit an offer, but I know for a fact this property had 10 other offers. No one can say for sure if the other investors are still interested in purchasing it. Given your experience what would you do in these circumstances.

Good afternoon all, I'm currently in contract on a reo held by hud. The numbers looked really good back in early feb when I signed contract, however things have clearly changed drastically with covid 19. In contract for 225,900, 40k reno, 400k arv appraisal. 400k arv obviously was when the markets were doing well and now I'm excepting atleast some drop in arv. My agents telling me hud will not renegotiate and I will have to cancel contract and re submit. Has anyone been in this situation with hud before where u needed to renegotiate? This property is to be flipped, I have my own guys in place that do my renovations so I'm not concerned about lack of contractors, mainly what will the property be worth in a few months. It's in a decent area 45 mins north of nyc.

Are any of you backing out of deals ? Trying to decide on what to do with a property I'm in contract on and supposed to close soon. When I went into contract the numbers worked, but given the market conditions I'm expecting to see a decline in home prices fairly soon. Price point on this property after rehabbed is at 400k which is a good area to be in for my area. Picking the prooety up for 225k needs 40k worth of reno, going HML which has me concearned do to the costs of the loan, and those interest payments can deff eat away at my profits fairly quickly. Thank you for any input

@Jessica Vanderveen yes they can be fixed. But why would you buy a property the has a foot of water in the basment. And why has the basment been flooded for 10 years. I say stay far away

let me start with happy holidays to all, I'm going with a new HML on a flip my original appraisal was $375.00 the lender needs the appraisal recertified and the appraiser wants $285.00 to do it, is this a fair price for something like this. thank you

@Account Closed your right its a long one I was lost in the keyboard on this one lol