Amber Honeycutt's Advice

Yes!  Have one done.  It may cost a couple of hundred bucks, but it could save you thousands.  Sometimes builders try and cut corners to save some money...sad, but true.Don't take your friendly builders "word", get the info first hand!

I totally understand the irritating spam and have read enough posts to know that it will be addressed...lol.Best of luck to you as well.  I am sure I will speak with you again in another post.  I am pretty new to zillow, but people are very open and honest here.  I look forward to later discussions.

Be nice folks! They should have known better than to post a thread like this...it reads... please attack me quickly and painfully.However, to play the devil's advocate, and risk the attack as well, the NC market has been pretty stable for buyers and the investors are getting some deals. I am not saying that "now is the time to buy", but NC hasn't seen a drastic dip like other areas of the nation.Okay, okay, I'll wait for responses! :)

When you get in a bidding war, no one wins!  The prices almost always inflate and people get caught up in the moment and overbid.However there are a few things that will make you stand out...-Pay cash, (it is more attractive to a bank/reo company as loans may fall through)-Do a quick close- 10-14 days if possible-Have a larger than normal earnest money deposit-it shows good faith-AND...don't shoot the messenger...no inspections is always a green light.(If you are a serious investor or are looking to be one...have an experienced contractor walk the house with you to check for structural issues and quote fees for fix-up.  Termites are always the big one...have an inspection done anyway!  They can treat the damage. {NO repairs they say...but I have asked the day of closing for termite treatment and gotten on more than one occasion.  The bank/reo company looks at it as a "preservation issue" and knows if you back out, the next buyer will find it and ask for repairs also.  It's the good old "A bird in the hand..." philosophy.}  However...that is why you need a professional contractor with you to go under the house and look for damages. -These things make your offer look more attractive, but they still may go with another. -It depends on the day and the asset manager you get. Best of luck!

Flipping has had a bit of a decrease from the market 5 years ago, but it is alive and kicking in NC!The deals are still out there, their are just more "investors" looking, (aka:they are harder to come by).

It may exist with certain lenders in certain locations...in my area you must have the intention on living in one of the four units.  They/FHA will occasionally perform occupancy checks after you close the loan.  Be careful!

Ahh, so glad not to be single...this is quite the eye-opener! LOL!

In NC we sometimes write up a letter of intent.  It basically states your intentions to purchases the property and your starting offer.  When you write several offers at a time for a client/investor this can be a time-saving solution, (if the bank does not require proof of funds, copy of earnest money check and the actual offer to purchase at time of submission).Verbal offers are not "set in stone" and you, as a buyer, are not fully protected until you have a written contract signed by both parties.Good luck! There are some deals to be had out there right now!

Make sure you market it as an occupied rental with a tenant in place! Investors will take note.

Scott is right...it is all about numbers and it not being personal at all.  However, it is usually a REO company's policy to reduce every 29-35 days on the market and if they have just had a reduction they may only be willing to take an initial offer 10% below list price. WAIT IT OUT! Do not jump out of pressure.  Step away from the checkbook... If the property in question has just been reduced they may reject the initial offer.  I have seen them reject an offer and the NEXT day reduce that property to $500 below the offer they just rejected!  Don't ask me what they are thinking...I do not know! Find an agent who specializes in REO's. You can buy yourself from the courthouse, but I have seen that get a few people into trouble.  (Liens and second mort. came up that they did not know existed!  At least have a title search if you plan on doing that.  It is not cheap, but it a great deal less expensive than taking on a unknown debt!)Don't take advice from someone/an agent who has no idea the nature of that market, (aka:general agent at your local company),ask..."Do you have experience in foreclosures?".  They may not tell the truth, but ask enough questions and you will figure it out. Good luck with your offer! You may catch them on the day they feel like getting rid of it.  Hopefully, you will.