All Forum Posts by: Richard Bader

There is a foreclosure that I have been looking at purchasing. They have it listed for $32,000. Repaired and updated it’s probably worth about $60000 - $65,000. I made offers at $25,000 and $27,000 but the realtor handling the house, immediately said that the bank would not even look at an offer under $29,000. I made an offer on a house for $29,000 and it was accepted. I have a 10 day inspection period, so I hired a home inspector to look at the house. After the inspection it looks like the house needs 9 – 10 thousand dollars of work, if I do all the work myself. I still like the house but would feel more comfortable paying a few thousand less. My realtor is a friend and is fairly new. I asked him his opinion on trying to use the home inspection to get a better price. He said he called the bank’s realtor and they said they would not do any concessions. I still want to negotiate even after the offer was accepted because it needs so much work. Is this bad business of me? I only have a couple days left and I haven’t paid any earnest money yet, but they want it. Does anyone with experience have any advice for me? The house has been on the market for 50 days when I put the offer on it. Thank You

There is a foreclosure that I have been looking at purchasing. They have it listed for $32,000. Repaired and updated it’s probably worth about $60000 - $65,000. I made offers at $25,000 and $27,000 but the realtor handling the house, immediately said that the bank would not even look at an offer under $29,000. I made an offer on a house for $29,000 and it was accepted. I have a 10 day inspection period, so I hired a home inspector to look at the house. After the inspection it looks like the house needs 9 – 10 thousand dollars of work, if I do all the work myself. I still like the house but would feel more comfortable paying a few thousand less. My realtor is a friend and is fairly new. I asked him his opinion on trying to use the home inspection to get a better price. He said he called the bank’s realtor and they said they would not do any concessions. I still want to negotiate even after the offer was accepted because it needs so much work. Is this bad business of me? I only have a couple days left and I haven’t paid any earnest money yet, but they want it. Does anyone with experience have any advice for me? The house has been on the market for 50 days when I put the offer on it. Thank You

Nope, I didnt buy the building. I bought a residental house instead. Thanks for the reply.
Richard

I don’t want this to be a racial question; I am asking this as a business question. Does anyone rent to the illegal immigrant community with no credit or background check? There are many needing rental homes but they do not have Social Security numbers. I met a gentleman the other day and he told me that this is the group he targets to rents to. He said his tenants always pay on time and take care of the property. I was just wondering because you can’t really run a credit check and background check. Anyone have experience on this?
Thanks

EDITED BY MODERATOR

Thanks for all the advice.. I feel better about it now..

A little about the house. I have found a foreclosed house, all brick 4 bedroom 1 bath. The tax appraisal shows $57,000 but I believe the house would appraise over $60,000. I estimate it needs about $5000,00 of repairs. I got the bank down to $37,000. I would like to get a loan for $55,000 and put the difference in the bank and then rent the property for $600.00 a month. Now here is my problem. Do I buy the house with my equity line of credit and then do a refinance? Or do I just try to get a loan for $55,000? Will a bank give you more than what you are paying for the house if it appraises?
Thanks So Much

Anyone from Tennessee.. I am new to the business. I have done a couple flips, but I am interested in getting in to the rental business. I live in Hendersonville but look at property all over the mid state.
Thanks,
Richard

Thanks for the advice.. All were good points. Does anyone else feel like this is just too far? I think they should net about $150.00 - $200.00 a month after I pay my note, insurance, and taxes.
Thanks Again

I have a home I want to rent. The problem is it is 1 1/2 hours away from where I live. I anticipate renting the property for $350.00 - $400.00 a month. What is the best way to show the property and field all the call from potential renters? I really do not want to drive there and back every time someone would like to see the place.. Any tips anyone could give me would greatly be appreciated. Thank You, Richard

I was going to offer cash. So I figure I have to do this my self. Is something I would pay for during closing? and do I have to have this condition in my offer? Thanks again