Home Buying in Great Neck>Question Details

polibrands, Home Buyer in 33160

Looking to buy a house thats needs lots of updating for a flip

Asked by polibrands, 33160 Mon Jan 21, 2013

This question was asked from this property: http://www.trulia.com/property/3050550422-7-Vista-Dr-Great-N…

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John Walin’s answer
Short sales often have sellers faking hardships, banks get wise to seller hiding assets, and don't approve the deal as signed, and come back four months later vwith an approved price way higher than what the buyer and seller signed in the contract. Not uncommon to see bank come back 25k higher transaction price if the the buyer wants get that house from the seller. Frankly the seller doesn't care what the bank nets since they are hoping to skip out on the shortage and bring nothing to settle the deficiency amount. A normal estate sales where the adult kids are trying to sell grandmas home that looks like a time capsule to 1975 might be a good deal to seek out. But I would think there are more REO's than estate sales. Fact is, 4 out of five short sales end up being foreclosed upon and are ultimately listed as REO. As for the cash thing, its all cash to the seller. Big sophisticated investors have a $5M line of credit and can write a check.
0 votes Thank Flag Link Sun Feb 3, 2013
14 jeffrey lane seems to fit your description
0 votes Thank Flag Link Tue Jan 29, 2013
Hi polibrands, don't box yourself into REO's, there aren't many good REO's that you'll have access to. I would concentrate more on short sales and estate sales. There are good deals out there but you need an agent that's experienced in flipping and finding flip candidates, then be prepared to put in a lot of offers. Hopefully you are using 100% cash, if you are and bid correctly expect about one in 30 offers to get accepted. Establish the maximum price you'll bid for a property and stick to it, It's easy to chase a property and eat away yoor safety margin. Good luck, I think your timing as good because the Long Island market should be a rising one this year.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Jan 21, 2013
OK, and your question is????
0 votes Thank Flag Link Mon Jan 21, 2013
get ready to compete with sophisticated investors with serious portfolios and cash looking to do the same thing. Find one agent you like and trust and seek out bank owned REO's that need a lot of work. Be prepared to go over asking price, banks often price to create a bidding war. The good stuff sells!
0 votes Thank Flag Link Mon Jan 21, 2013
Have you considered working with an agent of your own.....
0 votes Thank Flag Link Mon Jan 21, 2013
Distressed inventories are moving faster than ever. But that doesn't mean there aren't opportunities out there. Contact me for more info:

William Rugen
Century 21 Princeton Properties
0 votes Thank Flag Link Mon Jan 21, 2013
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