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Thanks for your replies. I found an REO propery. Here is what the agent says:
It's still in the repair process at this time. It has been updated with new kitchen, paint,carpet, HVAC, hot water heater, sump pump and updated baths.
Bank chose to renovate the property prior to listing. The property will be sold As Is once listed. The first 21 days on the market will be owner occupant only. The Bank is exempt from doc and transfer of MD closing costs so the buyer pays both sides.
Is there anything potential owner aware of?
Will there be any additional repairs required after buying?
How do I approach this?
Do I need an agent at my side to navigate?
What is the terms to offer to agent?
Thanks for sharing.
Yes, get a buyers agent.
Get a good home inspector to go over it.
Get a home warranty from a reputable company
Approach it like any other home purchase.
Who knows if there'll be any additional repairs until it's inspected. It's being sold "as is" so they'd be on you if there are. The seller is making it "look pretty" and that's all. So again, a full inspection should tell you about the bones of the house. Get a good buyers agent to walk you through the process.
"Get a good buyers agent to walk you through the process."
How/where to find a good buyers agent?
What are the fair terms these buyers agent work with ?
Thanks for sharing.
Agents split the commission on the sale, that's out of your hands. There's no indication where you live so what I'd do is go to the RE agents part of this forum //www.city-data.com/forum/real-...professionals/ and ask if anyone could suggest an agent either near you or where the home is. Ask friends if they have any suggestions as well.
I looked at an REO condo in Bangkok last week for 6200 USD. BAM :: Bangkok Commercial Asset Management Co., Ltd.. walking distance to the Skytrain. Condos in the central business district go up to 850 USD PSF...still a lot cheaper than Hong Kong. But, I bought two in 2009, one in 2010 in PHX, and LV...all three for 75k, sold for almost double, and had the 22000 USD TH rented out for 582.....they would still be there, but I booted them to sell. Tons of REO in Maryland, especially Baltimore...2500 in taxes on a 50k TH, and horrific schools and crime. Seton Hill or Pigtown would he worth a look, but only in the daytime!..it is very dark around there.
I bought an REO in 2010. It was very easy to find REOs back then. I actually bought it from an auction site the lender seemed desperate to sell and it had been on the market a long time .There are hardly any REOs in my market now.
There was a ton of paperwork I remember and everything was an as is sale.
I'd probably try to find the agents that work with the banks.
Some great REITs out there, and a good way to get exposure outside of the US.Good dividends, easy to liquidate, and no crack pipes. Retail is terrible, but getting quite cheap. Show me somebody who can convert shopping malls into housing, or at least mixed use. I got in and out of CLDT this week, with some free dividend paying shares.
Last edited by Hal Roach; 06-02-2017 at 07:35 AM..
Some great REITs out there, and a good way to get exposure outside of the US.Good dividends, easy to liquidate, and no crack pipes. Retail is terrible, but getting quite cheap. Show me somebody who can convert shopping malls into housing, or at least mixed use. I got in and out of CLDT this week, with some free dividend paying shares.
You've got a good point. Why couldn't a developer convert unused malls into affordable housing? All the services are there.
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