Bank took my offer.....

[Blademaker]

On another foreclosure for rental property. :party:

Needs maybe $1500 worth of paint/garage door repair that I'll do myself, & its good to go.

:hurray:

[lspencer534]

Tell us more. Size, location, desirability, etc.

[OddBall]

Tell us more. Size, location, desirability, etc.

:iagree: What the mouthpiece said.

[snide]

:thumbs: :thumbs:

:cheers:

[lspencer534]

:iagree: What the mouthpiece said.

:dance:

[CertInsaneC5]

:iagree: What the mouthpiece said.

:iagree: :waiting: :cert:

[Blademaker]

Tell us more. Size, location, desirability, etc.

Not a big home by no means, built in 1988, 1500 sq ft on a slab w/ a 2 car garage. Nice lawn, very well kept corner lot 5 minutes from my house in Powder Springs.
Nice neighborhood, and great schools very close by.
The carpet is damn near new, and it hasn't been trashed at all.
Bank owned, it was priced at 134K last March and dropped down to 79.9 this past September. I got it for 73K.
Already have prospective tenants. (Good ones)

I looked at one in the same neighborhood for 70. A little bigger, but had water issues.

Another nearby was on the market for 60K and was completely trashed. Best thing for that house would have been a molotov cocktail.

[Chuck A]

very cool indeed

[Kerrmudgeon]

What's the old expression, "someone always profits when times are tough, and it might as well be ME!":lolsmile:
You better get one of those old fashioned landlord hats, like the old bastard in "It's a wonderful Life" wore. :rofl:
http://www.fairfaxunderground.com/forum/file.php?2,file=36029,filename=mr-potter.jpg
couldn't find the hat picture, damn!

[LATB]

:cert:

[cmb396]

:cheers:

I'm going to look at a foreclosure today. The banks up here are being very stingy tho, and will not negotiate much below listed price. I have made about 8 offers in the last 4 months and the banks are counter offering about 2k below their asking price! Which is generally what the property appraises for. I had a guy tell me it makes no difference what is owed on the property!! :lol:

[OddBall]

What is the best way to look for a foreclosure?

[LATB]

:cheers:

I'm going to look at a foreclosure today. The banks up here are being very stingy tho, and will not negotiate much below listed price. I have made about 8 offers in the last 4 months and the banks are counter offering about 2k below their asking price! Which is generally what the property appraises for. I had a guy tell me it makes no difference what is owed on the property!! :lol:

correct

banks/lenders don't GAF because they have options.

some received bailout funds to offset toxic holdings
most have insurance to cover foreclosures
and in many cases there will be a deficiency judgement against the owner.


try to purchase property from the fed gov (FDIC)...it's even worse. our government is so stupid they declined a full price cash offer I made on a property...then auctioned it a month later for near half what I offered.

[LATB]

What is the best way to look for a foreclosure?

employ a real estate broker or agent who specializes in foreclosures.

[Blademaker]

What is the best way to look for a foreclosure?

employ a real estate broker or agent who specializes in foreclosures.

:yesnod:

When I'm in the market, I'll look in an area I'm interested in. Then get in my truck and drive around, looking at any property that appears to be empty. I 'll call my real estate agent, give the address, and she looks it up to see if its active or on the market, who owns it, etc.
I also look at Clickscape Realtors®: Real Agents, Real Results, Real Savings (http://www.clickscape.com) A no pay, non membership site. Or I look at various REO (?) companys that specialize in foreclosures.

Also look at the school districts and how nice the schools are. Crappy schools can be the kiss of death for a lotta houses.

[OddBall]

Thanks :cert:

[...Whitepower...]

:cert: