If you're looking to buy cash, simply link up with a Realtor who can help you locate the right property. If you're financing, you 1st move is to meet with a Loan Officer who can pre-approve you for the mortgage. You'll need 2011 & 2012 tax returns, 4 recent paystubs, 2 recent bank statements and 2 forms of ID.
I'm always available to meet face-to-face if you new a reliable Loan Officer to help you. I have offices in Manhattan, Brooklyn, Queens and Long Island. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
818 481 9211
Keller Williams North Valley
This sounds too good to be true.
- Why would the owner lose a home worth $4.5million and only owes $500,000.00? Owner could have sold the home for $4.5M or less and made a profit.
- If scenario is true why would the bank let anyone overbid at approximately $500,000 when home is worth $4.5million? The bank is in the business to make money and has to ability to hold property and then resale it at a profit.
- I would get a title report and review total liens on property.
- Contact local Realtor request recent SALES in immediate area.Homes with similarities to subject. Is home really worth $4.5M?
- Consider repair/replacement home required for resale. Costs for repair/replacements. I can imagine this is a large home. What condition is: roof, plumbing, electrical, foundation, any mold damage and etc.
Getting back to the first question you can purchase and resale in one year. Check with real estate accountant verify if there is any capital gains for investor owning for only one year. This sounds too good to me true but maybe it is true. There has to be more homework to verify the validate of the deal.
Gail Mercedes Cole
So, the link below is a Trulia.com link for a house in forclosure in Beverly Hills for $360K, It's estimated value is $1.74M.
So, could I possibly Buy this house for the $360K, Then hold on to it for 6 months( during these 6mnths, I'll rehab it, fix'n'flip etc...) After the 6 months, Could I sell it for the $1.74M ?
This situation is really bothering me, so I would like to get a serious, truthfull response as quick as possible.
Anyway, Thanks to all for the help, I really do appreciate it :)
THE LINK :
"if it sounds too good to be true....it probably is"
The L.A. real estate market is really hot right now fueled by a shortage of inventory. Generally speaking, there is no reason for someone to lose a house for $500K if it worth $4.5 million. The owner could just sell it for the $4.5 million!
If you are seeing a foreclosure for that amount on a house worth $4.5 million, there are a couple of possible scenarios:
1. There are underlying liens that come to more than $4.5 million.
2. There is something fundamentally wrong with the property preventing its sale.
3. The property is not worth $4.5 million.
If none of these things are true, then you can rest assured that there will be a bidding war on the court house steps. Come prepared.
In case you don't win that bid and you really want to buy something in L.A., just give me a call.
The Realtor Extraordinaire
310-622-7441 direct office
But, you are aware, the devil is in the details.
The idea you can buy prme property for 10% of market value just might be "too good to be true."
If you only made 50% of that, it is still a great deal.
Of course you know that.
You don't need permisson from strangers on the internet to pursue a 'Too good to be true' opportunity.
However, if you are not experienced in such opportunites, you may want to consider the wholesale market after acquisition. You would only make 2 Mill on wholesle but avoid the 'details' that tend to sink most 'too good' ships.