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| ruskin |
 Posted: Sat Nov 25, 2006 12:29 am Post subject: need to buy a house |
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| I need to buy a house now, and don’t want to get ripped off. I’ve been putting in offers at 20% below asking, but not getting any acceptances yet. Does anyone have any other suggestions? |
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| frusnak |
| Posted: Sat Nov 25, 2006 12:31 am Post subject: |
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CFO
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your bids are too low.  |
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| vegas |
| Posted: Sat Nov 25, 2006 1:06 am Post subject: Re: need to buy a house |
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| ruskin wrote: | | I need to buy a house now, and don’t want to get ripped off. I’ve been putting in offers at 20% below asking, but not getting any acceptances yet. Does anyone have any other suggestions? |
That sounds like a good idea. But I would think that you should look beyond realtors. Drive around and look for people selling the houses by themselves. If you’re offering 20% below, then if you cut the realtors 5-8%, then you’d be closer to an amount that would be good for the both of you. |
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| ruskin |
| Posted: Sat Nov 25, 2006 1:52 am Post subject: |
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| Thanks. Did some research, and found a site. www.forsalebyowner.com. It’s just what you said, but I don’t have to go driving around. I’m confident that I’ll get something here. Thanks for your 2 cents. |
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| Grimreaper |
| Posted: Sat Nov 25, 2006 2:40 am Post subject: Re: need to buy a house |
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CFO
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| ruskin wrote: | | I need to buy a house now, and don’t want to get ripped off. I’ve been putting in offers at 20% below asking, but not getting any acceptances yet. Does anyone have any other suggestions? |
Here's a goodun. I'm not sho if they do this in your town but here where I live they publish a sales report each Sat which tells you what sold (although it is dated by a few months), the seller's name, the buyers name, and the selling price. A few of those sales each week report banks as the seller. In one particular report I saw a sales price of $90000 for a neighborhood that normally sells in the $140000 range. I went to my local property appraiser's website to see if the same bank was holding any other properties under the assumption that if they sold below mawket once, they might do it again. They didn't have any mo REO's at the time but I'll keep trackin em. Also, from past experience I know for a fact that M&T Bank sells their REO's at a deep discount....regretfully they don't do alot of mortgages in my area any mo but you may want to check where you live. I know they are very active in da midwest. Good luck to ya!  |
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| e_pang |
| Posted: Sat Nov 25, 2006 4:35 am Post subject: |
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Investing Sr. Associate
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You can also look into what is called Sheriff Sales! If go to your local city call or sheriff dept. You can get all kinds of information!
But, just a warning on these, you have to have you money pretty much in cash and ready to go on the day of the sale. You have to go in person to the sale which is usually in the weekday. All the homes you do not get to look into. You can do you own research through the court house, but other then that you will not really be able to step foot into the house legally!
And if you purchase a house, then it's your that day you get the keys and have to kick out whoever is left and/or keep all there stuff that is left!
It's hard work, but I have seen it personally pay off!! But also, what people can do too. Find people that who house is going to the Sale, and you can contact them directly and try work out a deal to save them some credit problems, give them a little cash, and call it good!
You would do this only in cases where they maybe got sick and only had like 65,000 or less on to owe on the house! Well you give them 65,000 plus another 10 or 20K and call it good! |
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| Grimreaper |
| Posted: Sat Nov 25, 2006 4:44 am Post subject: |
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CFO
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| e_pang wrote: | You can also look into what is called Sheriff Sales! If go to your local city call or sheriff dept. You can get all kinds of information!
But, just a warning on these, you have to have you money pretty much in cash and ready to go on the day of the sale. You have to go in person to the sale which is usually in the weekday. All the homes you do not get to look into. You can do you own research through the court house, but other then that you will not really be able to step foot into the house legally!
And if you purchase a house, then it's your that day you get the keys and have to kick out whoever is left and/or keep all there stuff that is left!
It's hard work, but I have seen it personally pay off!! But also, what people can do too. Find people that who house is going to the Sale, and you can contact them directly and try work out a deal to save them some credit problems, give them a little cash, and call it good!
You would do this only in cases where they maybe got sick and only had like 65,000 or less on to owe on the house! Well you give them 65,000 plus another 10 or 20K and call it good! |
Sheeeyot....offer fokes $20K above the $65K they owe?!! I say give em $1000, a box o'donuts, a Ryder rental truck, and a $5 SBUX latte and tell em ta hit da highway!  Ifn they doan like dat tell em da next offer means they lose da box o'donuts....taint nobudy should be witout their $5 SBUX latte....this be America ova heeeya! Da land where everybudy pays mo than they has to! |
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