1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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I'm not sure where the OP is located, but in AZ you get a 10 day inspection period by default when the contract gets accepted and you can always ask for more when writing up the offer. During that...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Have you been inside the house? If it's historic, it may need a lot of expensive updates like electrical, plumbing, heating/cooling and major updating. I've seen historical homes around here that...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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I probably didn't phrase that well. "During the go-go years" is more accurately "just before the crash begins". I'm guessing it's a purchase at 240 in 2002, get monster HEL in 05/06.
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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This is true, but I'd be sure I also know where all the asbestos is. When you have to do home maintenance it'll jack up the price of the repairs if the contractor finds some when they didn't expect...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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1) banks are notoriously slow at accepting offers. Make sure you have the personality (and time) to go weeks/months without hearing about anything.
2) is the house vacant? just because its REO...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Avoid falling in love with a house before you buy it, or you'll oftentimes overpay for it.
Try not to let emotion drive the deal. Keep the emotion at bay and think primarily about the numbers. ...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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1 and 4) I'll take these 2 together. Our current rental lease runs through August of this year, so we have plenty of time to wait if waiting is required. If we had to move more quickly, we could...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Holmes Inspection!
OP, you can get a termite inspector to come take a look, in addition to any other inspections you might have. They won't be able to pull boards back or open up walls or...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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OK, so an update. Went and saw the house. It's very impressive in person, but there are some clear concerns. Without an inspection it will be difficult to assess just how much we would be looking...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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There is nothing wrong with asbestos . . . so long as you don't drill into it, cut it, move it, touch it, breath on it, or look at it funny. Depending on what is entailed with removing and installing...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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OP,
Couple things.... And I'm speaking from experience so message me privately if you need to know what kind of experience.
1) find out if the neighborhood has a historical society which oversees...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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As someonewho use to be in the business, i'd have to disagree. A good Realtor wants a happy client, it leads to future business from that person and their friends. Bad things in a inspection report...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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When you apply the mortgage person will tell you. My wife was on the application, but we took her off the loan because her score brought our average down a bracket which meant a higher APR and i...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Considering the problems that asbestos inherently has (when it's in a home, it tends to show up where it's not supposed to be and not where it is supposed to be, causing more and more destruction to...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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I wouldn't touch this.
Is the plumbing pvc and is the electricity fuse box or breaker box? What amp is it? What type is the actual electrical wiring, K&T, etc...?
Upgrading those are serious...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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The bank that has the house up for sale may want you to get pre-qualified with them, but you do not have to go with them.
If you get the mortgage with a different bank, the bank who owns the house...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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A decade? Am I taking crazy pills? The housing bubble started way before that. What was the price in '97/'98 or the nearby comps back then?
Price - immediate repairs (1-3 years) = bid that
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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To find a good home inspector, do not use the home inspector your real estate agent recommends to you. They often use inspectors who are soft on reports and who they know they won't kill the deal. ...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Hey everybody, looking for some help here. My fiancee and I have been "window shopping" the neighborhoods near us for some time. Nothing has really been that appealing, so we've continued renting...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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Here's a question: I make about 55k and she makes about 20k, I have no debt and she has about 10k in student loans. Would I be better off applying individually when it comes time or is her income...
1st timer, found a great REO property...now what?
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Thread created 01-13-2013 by CbusGuy
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the LTV is based on the lower of the purchase price or appraised value.
