All Forum Posts by: Tiese C.

Hi,
I just found my hopeful first home. It's a 1233 sq ft home, built in 1955. No central heat/ac. Roof put on about 3 years ago, new windows. Appearance wise...looks stable. It's a bank foreclosure. THe asking price is $89k. I want to ask for a lower amount so that I could get the extra money to do repairs. My realtor says that I could use a 203k loan, (I think that's what she said...can't remember now b/c I"m tired). Because I"m a single parent and funds are tight, I want to know if anyone can recommend what amount to offer on this property. It is 'as is', of course. My rent now is $750 & that's about what I want to pay for a home w/ taxes, mortgage & insurance. My realtor said that we could offer $80k...to me that doesn't seem low enough, either, considering the market. Of course, I would get the inspection done on it.

So, please any help and info that you can give would be truly appreciated. I would like to have some information to bring to the table.

THanks so much & HAPPY NEW YEAR!!! :woohoo: :woohoo:

Good Morning,
I would love to purchase my first home from a delinquent tax sale. However, I don't see how that will be possible. I currently live in Norfolk, VA and I get the monthly listing from the two law firms that handle these properties for the city of Norfolk. Basically, what I've been told by the lawyers at the firms is that you have to give them a $1500 deposit to bid...if no one bids against you on your property...you get the property and have about a week or so to come up w/ the balance of the money. Now, they've said it takes about 9 months before the property is completely yours. And that's how long the homeowners have to reclaim their property, too. They've also said that there is an additional $10k in fees on top of the back taxes owed that would have to be paid. So, my limit would be $20k, based on the properties on the list that I would be interested in.

My question is...how do I purchase a home to buy? I don't have a stash of money. I got approved for a loan to purchase a home, but evidently, that doesn't qualify to purchase a delinquent tax property. I do want to invest in real estate, but my lease is up on my apartment March 1 & I would love to purchase my first home before then.

So any help and adivce that I could get would be greatly appreciated. I'm sure there's a way to make this happen and I know I"m on the best site to find out.

Many thanks,

Thank you so much for all of the replies. I saw the listing and was curious if this could be done. I really would rather NOT start out w/ something that would be too challenging, but I know this is the place to ask any questions. I've been looking for a mentor in the Norfolk, VA area and still have no luck. So...thank you for your valuable information!!

I saw a listing on the MLS for a property that is accepting all short sale offers. My first question is...can a short sale be wholesaled? If so, do I have to tell the lender or bank that I plan to wholesale the property? I'm still trying to get my first deal under my belt to wholesale and I'm facing many challenges. Any help that you can give...would really make my day!!!

Thank you, :help:

Ooooo, thanks Dave. Unfortunately I don't know any appraisers, but I will keep that info on file for when I do. I'll try to find someone who can refer me to one.

Thanks again!

Thank you Andrew & Mark for your information. I have a realtor that I'm using to help me find a property to purchase to live in...when I asked her for the listing, she wanted to know what for. I didn't respond to her email b/c really I didn't know what to say. I'll see what else I can do.

Thank you...

Hi,
Can you tell me how to get the expired MLS listings? Is it possible to just go to any real estate agency to get it? Please advise...

Thanks a bunch!!!

Really...thank you for all of this valuable information. I will definitely put it to use to try to get closer to my goals. The hard part for me is time, since I work full time. But, I'm going to do my best b/c this is something I want so bad.

Thanks everyone!!!

Could you please advise me how to find the owners of vacant properties? I have the same situation and I would love to wholesale them. Please advise.

Thank you,
Tiese

Thank you! I do appreciate it being put in a 'nutshell'. I keep getting so much information from this website, so thank you! :-)