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Answers (6)
- Torrey Merriel, "Torrey Merriel"
- Contributions:5
Work with an aggresive agent who understands the short sale and foreclosure business. Monitor the new listings daily and be pre qualified for a mortgage.
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
If you are an first time homebuyer, haven't owned in three years, then you can buy a home of your choice with only half percent down payment with a minimum 580 fico score. If you are an Investor, you can buy homes from 5% down with the purchase of VA repos, 10% down with the purchase of HomePath approved financing homes owned by Fannie Mae or 20% down or as much as you want to invest. You want to buy homes that have a mortgage paying less than your current rent now with as little out of pocket. Investment properties that you can double in rent as income property or even flip with flip loan, you can sell above 120% aquisition within the 90 days of purchase to sell for a quick profit. Look into what the value was in the area in 2005-2006 and now and if your getting 50% off or more, your alright. Buy low and sell high.
- Ryan Cook, "ryancookrealtor"
- Contributions:153
I would agree that this should be in the Blog section. Regardless, this blog doesn't provide any real meat. There are some very general good guidelines.
What bothers me more is that this post is in the "Investing" forum. In terms of advice to potential investors, this blog is severely lacking in information. There is no discussion of identifying the type of investor, how to identify a "good deal" and the components that make the property such, etc.
Most investors don't like working with Realtors because most Realtors don't know how to provide value to the investor. Investors don't want copies of listings from the MLS. Investors want analysis of things like CAP Rate, Cash-on-Cash Return, NOI, and DSR.
What bothers me more is that this post is in the "Investing" forum. In terms of advice to potential investors, this blog is severely lacking in information. There is no discussion of identifying the type of investor, how to identify a "good deal" and the components that make the property such, etc.
Most investors don't like working with Realtors because most Realtors don't know how to provide value to the investor. Investors don't want copies of listings from the MLS. Investors want analysis of things like CAP Rate, Cash-on-Cash Return, NOI, and DSR.
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
SoCal_Engr is right; this is a blog, not a request for advice, because you keep answering your own questions. Show that you're on top of it by posting in the blog section.
- SoCal_Engr
- Contributions:5666
drive by? since when did zillow's forums become a playground for agents wanting to post drive-by blogs. not that the information is that bad, but is this what the forums are going to become? drive-by's instead of answers to consumer questions?
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Good article. I would also like to recommend that buyers 'listen' to their realtors. This market I am in , The Raleigh,Durham,Chapel Hill market has 'pockets of homes that are moving. And it always breaks my heart when I see a buyer, even after given the stats, hums and haws,and loses the house to someone who moved faster or came in with a more aggressive pricing.
I have some cash but just how do I get a really good deal?
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- 5.0/5.0
- (4 reviews)
Contributions:44Tons of people are asking this question as they want to take advantage of
foreclosed homes, great rates, and short sales on the market. Although the public may have sympathy for the former owner's loss, they choose to buy now with the intent of realizing a good deal. Why the heck not?
Some things a buyer can do:
1) Make your offer attractive to the seller, move quickly, get your offer in before others, and have your strategy well planned and executed.
2) Eliminate floundering around and as much guesswork as you can by having the property researched prior to making an offer.
3) Even though you may have a cash portion, get your loan amount and proof of funds in order. Find out in advance what your underwriter will need. If your funds available to purchase are not obviously proved to a seller, their eyes may go to the next offer in the stack. Usually a "good deal" has much competition.
4) Make sure you can satisfy your desired: inspections, closing costs, down payment, home warranty, insurance, & any required repairs that the "as is" seller may refuse to pay.
5) There are good and bad service providers in all professions!
If your agent is not on top of it, you might want to try a different one. If your inspections are not made well, or insurance is not enough, you could be in for a costly surprise down the road!
Happy Home Hunting!
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