All Forum Posts by: Phil Z.
Phil Z. has started 13 posts and replied 897 times.
Post: REO Multifamily Investing
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Originally posted by @Marcus Miller:
Hello, if anyone with experience in REO multifamily investing can answer this question it will be greatly appreciated. Do banks allow investors to purchase REO properties with hard money? Thanks!
Absolutely. You can buy REO's with any type of financing, including Hard Money Loans.
Post: How close is Zillows zestimate?
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Zillow can be way too low, way too high, or right on point. You can not use it to determine something as important as investing. This is for home owners to get a ball park value of their home before they talk to a Realtor and get a full CMA valuations based on the real condition (Zillow does not know condition or functionality).
Post: Municipal lien search on Foreclosure
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Prior Liens are usually only an issue if you buy at a 'Court House' Foreclosure Auction. In those cases you can not see the inside of the property, and you assume all liens.
A Bank Owned REO has already been through the full process and the bank has title. Before you close, your title company/attorney should do a title search to confirm clear title (do not assume!).
Post: Fannie Mae Homepath Online Offer
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Originally posted by @Andre Pridgeon:
I dont understand how they can call it a “First Look” and offer a 20 day window if all they are going to do is wait until the window closes to collect all offers, effectively rendering the opportunity for owner/occupants useless once investors come into the mix...in regards to the property in question I have withdrawn my offer of $375,000 which was close to list of $379,500 due to horrid conditions which were neither disclosed nor photographed but were caught by my realtor upon her doing her own reconnaissance.
"First Look" means you can submit an offer before investors can.
"Online Offer" means the property is Active and available to submit your offer. It's not a sign that someone has submitted an offer.
The MLS listing doesn't have to 'disclose conditions' via photos. Tell me you didn't submit an offer before looking at the house.
Post: auction.com purchase schedule
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Were you expecting it would take a long time to close? It's usually in the buyers hands to secure financing, do their title search and get it to closing quickly.
Post: How to become an REO Agents
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
I'll tell you what will not get you any listings. Doing BPOs.
Post: How much Less can you offer on REOS when purchasing with CASH?
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
In general, paying cash doesn't get you any discount, and their goal is always to 'net' the most money. They are going to take the highest offer unless the financed offer has no chance of meeting condition guidelines (FHA loan for a house with no kitchen). However in most cases those FHA loan's are going to be 203k Rehab Loans anyway, so that's less of an issue.
I will tell you though that one of the banks biggest fears is going under deposit and it not closing, so if they think one offer may have a high likelihood of falling apart, they might be able to justify that it's better to take the definite cash deal now (if the numbers are close).
If you want this edge, be sure to make an all around SOLID Offer:
- 10% Deposit
- Proof of Funds
- No Mortgage Contingency
- No Inspections
- Close before the end of the month.
If the offers are very close, with these terms you might have a chance .. but if your $5-10k+ less than the 203k Rehab Loan, they will probably take the rehab loan.
Also keep in mind that in most cases the banks do not care if you have inspections, or a mortgage contingency. It's expected and not usually penalized unless a competing offer of identical price has none. They are primarily looking at the Purchase Price.
Post: Help with bidding on a hud house
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Keep submitting your offer every day if the bid review date has passed. At that point they will review daily.
Post: HUD foreclosure inspections
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Originally posted by @Mari E Desilva:
So, what does everyone think of the inspections conducted by HUD on a foreclosed property? I am in the process of buying a property. HUD's inspection said everything was OK as far as MEP but recommended a foundation inspection due to an uneven floor.
I can go all in and get the whole thing inspected but it's going to cost me about $700 or I can just get the foundation inspected which is $100. It's an older house (71 years old) so I am fully aware some of the equipment may be dated.
I just can't decide if I should invest in a complete inspection or use that money on something else. By the way, it's a buy and hold so I plan to have it for a while. I guess I am just wondering if the HUD inspection is reliable? Any advice would be greatly appreciated!
Believe NOTHING on HUD's Inspection Sheet. Nothing.
Post: When is a HOA considered a Super LIen?
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Just check the state statutes. It's important for HOAs to have Super Liens b/c it jeopardizes the entire complex if they do not collect. The mortgage holders are going to pay the HOA in virtually every case, and it's extremely rare that they would 'wipe out' the mortgage.