Going To See My First Property Today
I'm going to see my first prospective property this afternoon and would like some advice. From the research that i have done, this property is being sold by the homeowner through a realtor before its forclosed on. They are asking 170K and comps in the area are going for 200K. It looks like its been on the MLS for over 30 days so i don't know if its really worth it, otherwise why isn't it gone already? Is there anything i should look for?
If the comps were truly in 200k range, this house would have sold by now. There might be something wrong with the house, or the comps are off. I would talk to a listing realtor, to get better idea about the house, and then maybe talk to other realtors to get better idea on comps.
I am working with a realtor and he is providing the comps. This realtor works very closely with REO's and Forclosures. I am leaving now to go see property, i will post back details when i return.
Thanks.
Nearly guaranteed to be the condition of the property. Probably needs some TLC, carpet, paint, and i'm guessing bathroom remodel with possible minor kitchen. Lets see how close I am
Quote:
On 2004-12-31 13:59, tassod wrote:
I am working with a realtor and he is providing the comps. This realtor works very closely with REO's and Forclosures. I am leaving now to go see property, i will post back details when i return.
Thanks.
Ruman,
You are pretty much dead on. This property was in very poor shape. This is pre-forclosure and homeowners are still living there but of course, this place was a mess..Anyhow, realtor and I estimated about 7K-8K in repairs and looking at making about 10K when all said and done. Realtor also suggested i do a section 8 on this, could bring about $1300/month. Don't know if this one is worth my time, since i am in this with a partner 50/50, that would only leave us with 5k each.
What prevents you from putting in a lower offer. Find out from the realtor how much they owe, then add realtor commission and closing costs. This will tell you how low you can go.
I would like to know what your opinions are regarding a program this realtor of mine offers. Since he primarly deals with pre-forclosures and bank owned homes, he has a rehab crew that comes in, does all the work to get the place ready to sell, then he turns around and lists it. They don't charge me comission if he sells it, but if another agent brings in the buyer, i pay only his share of commission (2.5%). What do you guys thinks of this? This is pretty much like a turn key thing were I (the investor) doesn't have to do anything.
At which point would this realtor make money, would you buy a house thru him? Does he get a portion of rehab money? I think you should concentrate on finding a good deal wether it being thru this realtor or anyone else, rather then the program someone offers.
Quote:
On 2005-01-01 15:29, tassod wrote:
I would like to know what your opinions are regarding a program this realtor of mine offers. Since he primarly deals with pre-forclosures and bank owned homes, he has a rehab crew that comes in, does all the work to get the place ready to sell, then he turns around and lists it. They don't charge me comission if he sells it, but if another agent brings in the buyer, i pay only his share of commission (2.5%). What do you guys thinks of this? This is pretty much like a turn key thing were I (the investor) doesn't have to do anything.