I would assume so !
Where do I find one tho!!!

Now I'm more nervous

I gotta get on this thing
Just want somebody I trust to handle it all of me
Sigh

Upside: dirt cheap prices

Downside: you get what you buy, warts and all.

This is a great way to get started to buy dirt cheap properties. Talk to the tenants living inside, make friends with them, go as far as buying them lunch or whatever so you can get them to talk about their property from a-z.

What effort would be reduced?

The agent spending ANY money on advertising your property (online, print, brochures), getting amazing pictures done, staging, hosting open houses, placing it on home tours, and of course putting plain old hard work, and energy into it.

You are basically telling a person they are not worth what they make to do their job for you....you risk your property becoming not worth their effort to actually perform their job if their lower return on investment influences their work ethic and pocket. Agents can actually spend thousands of dollars to market some properties, all out of their own pockets, and all is an investment they are hoping to get a return on by selling the property.

You also risk the fact of another agent steering from your property if your listing has a lower commission structure then one of the comps "yea, I honestly wouldn't mess with that house...rumor is there are foundation problems". There are scumbags in every business.

I personally would not care about getting a 1% reduction vs. having someone bad ass who I know will sell my home and represent my interests best.

If you just want any scrub agent or company to simply list your property on the MLS and take offers for you there are plenty of discount brokers who can do this, no problem.

My sister's in the same boat. She's been advised that the co-owner can quit claim his 50% interest to her but she can't get a loan on her own to cover what's owed and doesn't have the cash to make up the difference. Just wondering if any other options exist?

So decided to sell without an agent

Is it possible to list on MLS if I have a friend whose an agent just put it on as a favor ?

That seems like the sort of thing you should figure out before deciding whether or not to sell without an agent.

Learning as I go !

FSBO.com

Haha

I have a question for those of you that might know something about REO properties.

I recently put an offer in on a Freddie property. Porperty was listed on a Thursday, I saw the property on a Friday and submitted an offer at asking price. The following Tuesday, the listing agent asked for everyones' highest and best. I upped the offer and re submitted.

Tomorrow will be almost two weeks sicne the offer and the expiration of the first look period. Tomorrow I will obviously lose to all the investor Cash offers. All I have been told by the listing agent is that the offers have been submitted to the asset manager and are awaiting reveiw.

I am are very skeptical of this, especially when we asked for proof and all that was provided was an email that was copy and paste with no information of the asset manager other than a signature tag in lime gren font.

Is there something we can do to verify this or any recourse if the offer was not submitted?


Thanks in advance.

So got a friend doing the showing
Gonna pay $700 and put it on MLS via FSBO.com

Also put it on Craigslist and other local(new Orleans) websites

Any advice on how to proceed would be much appreciated

I would probably cancel it and just call a realtor. How much commission are you going to pay a buyers agent? If you offer them 3%, then your savings is 6k - 700 listing fee - 1000 lawyer fees - whatever you pay your friend to show it and deal with the buyers, etc. A good agent can handle a lot of things, like staging, negotiations, etc. I personally would be tempted to use an agent to sell something in town and I am a RE investor. Just a massive headache if you don't really know what you are doing and are out of state. The less commission you offer, the less likely it is agents will show people your house.

My experience is that they don't communicate until they tell you your offer was either accepted or not. But, once the best and final offer has been submitted, we have gotten answers back in a few days. There has always been a time limit on the BAFO offers we put in. I guess it's safe to say that you didn't get it.

Does anyone have experience buying REO / bank owned residential properties? I'm looking at some deals that are borderline doable at asking price, but obviously I don't want to pay anything near asking. Would you just lowball properties that have been on the market or vacant for longer than 120 days, or would it be better to call up the real estate agent and try to get a sense of how flexible the bank is on price?

You will get your best advice from a pro in your area. Having said that, I can give you a couple of general tips, and share my experience with you.

If you are hoping to buy an REO at a discount there is one thing above all else you need to look for; it needs to have defects that will disqualify it with retail buyers lenders. That could be a minor (or major) structural defect; kitchen/bath has been removed; mold issues or flood damage, etc. Another trick is to submit your offer with the listing agent as opposed to bringing a buyers agent with you. Since they will be getting both sides of the commission they will be encouraging the asset manager to take your bid over others. Lastly, keep your eyes open for properties that fall out of closing and comeback on the market. Often times this means they have failed an inspection. Of course it goes without saying if you can offer all cash with fast close and as few contingencies as possible it increases your odds of getting the property.

In my area properties that meet the above criteria usually sell above list if they go under contract in the first couple of weeks. As for ones they stay on the market longer, the rule generally is banks will not take less that 80 percent of list, and often they will not take that. Some banks will aggressively discount the price once the property has been on the market x days, so while they may turn down a .85 percent offer on Friday they may drop the price .1 percent on Monday and be willing to take the original .85 percent offer. Strange but true.

Any material or advice that I can look through to see how much capital I should have before buying my first rental property? I reckon' it can be a bit lower than average since I'm banking on someone paying my mortgage.

Assessment for Las Vegas Area. Good thing is that temporarily the prices are up on current inventory over 30%.

Here are the latest stats regarding housing inventory, check out how many properties are in contingency 90 % of those are short sales that haven't been closing but waiting on bank approvals. This number has been this high or higher for the last 4 yrs. The short sale process is not getting any better. According the analysts there are roughly 40,000 empty properties sitting that the banks haven't released into the market.
Than there are the home owners in default that the banks haven't foreclosed on as well. Banks are controlling the inventories and the pricing and every time a law is enacted to protect the buyer and seller the banks find ways around the laws causing undue hardship on buyers and sellers.
Las Vegas Real Estate Market Report: 10/31/12

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of October 31, 2012, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 3,960 (-20, Last Week 3,980)
Under Contract – 12,394 (-180, Last Week 12,574)
Days of Supply – 10 (+0, Last Week 10)
Short Sales – 10,556 (-154, Last Week 10,710)

Condominiums and Town Homes (CONDO/TH)
Available – 915 (+31, Last Week 884)
Under Contract – 2,334 (-51, Last Week 2,385)
Days of Supply – 12 (+0, Last Week 12)
Short Sales – 2,108 (-22, Last Week 2,130)

Combined SFR + CONDO/TH
Available – 4,875 (+11, Last Week 4,864)
Under Contract – 14,728 (-231, Last Week 14,959)
Days of Supply – 10 (+0, Last Week 10)
Short Sales – 12,664 (-176, Last Week 12,840)

Thanks Steve. As expected we did not get the property.

I've been involved in 3 best and final situations on bank owned properties:

1. we submitted and offer on a property own by a regional bank, they just jerked us around and tried to get us involved in a bidding war so we walked away

2. submitted an offer on a property owned by BoA. after 2 weeks of no response, we rescinded our offer.

3. submitted an offer on a Monday morning on a property owned by GMAC. learned there was a second offer, they asked for best and final from both. We upped our offer, submitted it Tuesday morning and by Tuesday at 4pm, learned ours was accepted.

it really is just wait, wait, wait. you can't force them to give you any information. depending on your state laws (all are different) the listing agent is legally bound to submit each and every offer, even if an offer has already been accepted. if you think she didn't submit yours for some reason, or you just think they're kicking you to the curb, the best you can do is call them out on it, but even then you're probably just creating a **** storm for nothing. unfortunately when it comes to bank owned properties, you're at the mercy of the bank and all of it's minions because inside of the bank, a bunch of different people have to approve things...

That is what I think happened. I do not mind losing to a higher offer, such is the nature of the game. But, I do have a problem if our offer never stood a chance, ie they were waiting for the first look period to expire to accept the best cash offer they could from an investor.

The interesting thing is that the listing went from active to pending, not contingent as you would normally see with financed purchases. There is not much I can do at this point, just a little bitter I guess. On to the next one....

you got that right... we're backing out of the GMAC property tomorrow after learning through the home inspection today that part of the building is structurally unsound

Thanks for this thread man. You should write a book with all of this...good investment.

So I'm officially listed on the MLS

and I have a very neat very friendly friend of mine living there showing the place

Any advice ?

So im reading Robert Kiyosaki's book, Rich Dad, Poor Dad, (excellent, highly recommend)

My Kiyosaki writes: "An average real estate investor can drive through a neighborhood and not find any deals; I can drive through that same neighborhood and find 5 deals."

Anyone care to elaborate and/or comment? I guess I understand what hes saying on a basic, knuckle dragging, mouth breather level....but really, what the hell is he talking about here?

I stayed up half the night thinking about this. What makes him a financial and investing genious (and wealthy like the King of Persia) is concealed somewhere in this quote. My brain hurts. Good night. Lol

I haven't read any of his books. But, this thread make me think that may be
a good thing...
http://forumserver.twoplustwo.com/30...40/index2.html

This site is especially critical
http://www.johntreed.com/Kiyosaki.html

The general tone is the Kiyosaki is just good at selling books