Feedback On First Am Res?
Okay all, I'd like to hear from you. I have trouble getting property info. from realtors and it is driving me up the wall!!!
Anyway, there is this HUD property that I'm interested in. In short, this is day two that I've been waiting for info. from the realtor. So I decide to call First Am Res and find out the cost on getting info. Not sure if I'm going to go with them yet -- would like some feedback from someone who has OR is using First Am Res. Anyway, while on the phone, the property I needed info. on, I asked the rep and got it!!. Found out everything, he even faxed add'l info. for which I did not ask.
Now, fellow investors, please respond to this:
This property is owned by HUD, last market sale was July 2002 for $244,443. Est market value, $297,000 (which is a joke!) Has been vacant and boarded up for at least a year. It is a duplex unit, both 2 be/1ba. Passed by there this week, saw the door slightly ajar, which concerns me bec. it may have been broken into. However, that can work to my advantage w/savvy advice and wording. I even have a elderly tenant/buyer for this property, if I get it. Respond, respond!!!!!
Also, do you recommend First Am Res?
[addsig]
If your county doesn't have an online tax assessor database, I would explore sources other than First Amer. I've had horrible experience with them (they used to provide tax assessor data for the MLS in my area). Their problem is garbage in, garbage out. Great lag time in updating their data, incorrect data inputted, etc
thx so much -- that's what I needed to know.........
[addsig]
Does anyone in LA still want to open a mechanic shop or bakery or everyone's hope is to steal the property under HUD or from a grandma in foreclosure?
Nice to meet you here Mark,
It seems that you are new to this game so let me clue you in as per why is this property up for sell more then a year:
Since everyone this days want to be " zero down investor", house wife and all the Joes out there want to be landlords so they hope to steal the property of the HUD but that doesn't stops them from biding to HIGH or otherwise they end up insignificantly low on the bidders list. Never the less, when you win the bid and you go to the bank to get the loan smiling happy hoping to be landlord, the same entity laugh at your bid and your naivete but it keep themselves composed, holding up from saying DON'T WAIST OUR TIME!
In translation, if you want to to bid you have to OVERBID so if you so much love that property with no tenants and with average 100k in repairs needed, you better have the "overbid" amount in cash or you'll end up wasting everyone's time and the property will go back to auction when another Joe would overbid again. Isn't worthy.
Your realtor knows that and that is why he avoids you but as far as I am concern and for the sake of gaining valuable experience you are welcome to try; of course, if you catch your realtor to place the bid for you
Good luck and let us know how it goes!
doesn't seem to be profitable -- i'll move on......... -- thx again!