To Try And Help My Fellow Newbies (and Myself) On How To Get Started, Would Any Of The PROs Like To
help in this scenario I have become involved in?
My brother works for a nationwide mortgage company and knowing that I am new to REI, he just emailed me a list of a few properties to take a look at and gave me the contact person to call.
These are properties where the mortgage company has foreclosed on the owner.
I began by looking up one particular property on the counties records website and noticed that the home was a 2 story, built in 1979, has 2278 sqft, and has a assessed tax value of $119,900. I also noticed that the county tax bill has not been paid so I can gather that the MUD tax and School tax are not paid either. Total back taxes for 2003 are approximately $4500.
Feeling that I knew I little about the property, I contacted the mortgage company representative and she could only could tell me the asking price of $122K and the number of the agent they hired to sell the property.
With an agent involved, can I still get a low buy price if I choose to view this property, like it, and want to make an offer?
This is where the PROs come in. What would you guys do? What are the next steps to take? What do I ask?
Thanks in advance for your help. [ Edited by chedaw on Date 03/31/2004 ]
Practically all lenders now use RE agents to sell their properties, so if you are planning on buying REOs, get used to dealing with agents. I personally think that it is easier to find an agent that you work well with and deal thru them, than it is to try to work with the listing agent every time.
There is really no difference dealing with an agent as opposed to the owner directly. Work you numbers and make your offer based on your figures, not their asking price. If it's a deal that can work it will. If the lender/owner wants to keep it for awhile, then they reject your offer.
Roger
Look if your brother has the inside track he's giving you the wrong data. What you want is a list of mortgages in your area which are 60 days late, not the ones that are already foreclosed on.
mark
Mark,
That is an excellent idea!
[ Edited by chedaw on Date 04/01/2004 ]