All Forum Posts by: Tony Cai

Thanks for all of your responses! My agent has notified me today that the bank has taken another offer. Well, I guess I will move on to the next deal. But I definitely learned my lesson.  Thanks again for everyone's advise. 

Hi everyone, my name is Tony Cai, I am from Memphis, TN. I am just starting out in real estate investing. Anyways, I found a REO property in my neighborhood and put an offer in yesterday(6/18/15). I have seen the property inside and out, repairs are minor EXCEPT the leaky roof. There is a piece of tarp on the roof, not sure if roof can be repaired or new roof is needed. Funding for the repairs is not an issue, I am more concerned about the repair process. Let's say the bank accepts my offer, but technically the property is still NOT mine until we have signed the contract on the closing date, correct? Which means I am doing repairs on a property that technically not belong to me? But if I don't do it, then I am assuming the loan will not be approved.

I am sure I am not the first one asking about this question. Can someone walk me through the whole repair process, I mean, If the bank accepts my offer, when to start the repairs, how much time do I have to make repairs(assuming 30 calendar days for closing)?

Also, can the property to be appraised as is(with leaky roof)? As long as the appraised value is higher than the loan value? Or it needs to be fixed before an appraiser comes out? 

Any advise would be greatly appreciated!