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- This topic has 8 replies, 4 voices, and was last updated 12 years, 9 months ago by briansd1.
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March 20, 2012 at 9:37 AM #19621March 20, 2012 at 11:14 AM #740270Diego MamaniParticipant
I just found out that a friend of a friend’s house was foreclosed last year, but she still lives there, rent free! FBs (haven’t use that acronym for a long time) typically have little incentive to agree to your deal.
Another complication: banks may not agree to sell the house to you at a fair market value, let alone at a discounted price.
March 20, 2012 at 11:36 AM #740272akbarpunjabiParticipant100 well placed letters to the most eligible owners might just snag a few potential owners and all it takes is one of them to go through for me to get a place. 100 stamps and envelopes and a sheet of paper to start the process seems like a small amount to pay to save 25% on a 200K condo.
March 20, 2012 at 11:41 AM #740273akbarpunjabiParticipantOr is it easier to just go after a listing agent and his client after it is already listed and cut the first step of my idea out?
March 20, 2012 at 12:54 PM #740277akbarpunjabiParticipantOk so perhaps I cut out short sales completely since that whole part is too much of a pain. Now I search for fresh 0 or 1 day old REO listings and attempt to contact them before they have any offers. Less people involved the better chance it goes through.
March 20, 2012 at 1:12 PM #740278sdrealtorParticipantThe kind of short sale agents that put under market offers in for their clients almost always have those buyer lined up before they go on the market so that probably has minimal chance of success. Its an insiders game for what you propose and if you arent an insider with sleazy agents you probably wont succeed.
The REO listing agents handling most (90% plus) are a select few. They make alot of money doing REO’s. You are asking them to commit fraud and submit a below market offer on a 200K condo which will net them a few thousand dollars more. Do you really think they will jeopardize a high 6 figure and possibly 7 figure income for that?
The time for snagging deeply discounted properties from current pricing came and went already.
March 20, 2012 at 1:24 PM #740281akbarpunjabiParticipantI agree but i was just curious what others thought
March 20, 2012 at 4:13 PM #740291akbarpunjabiParticipantWhat is the best strategy for a first time buyer in the condo market in mission valley around the 163/805 area? Anything that is priced low goes contingent right away and for a very long time. Then when it finally closes it shows an even lower sales price.
http://www.redfin.com/CA/San-Diego/6855-Friars-Rd-92108/unit-6/home/5244591
March 20, 2012 at 5:34 PM #740296briansd1GuestI think just work with an agent and submit offers immediately when you see a “good deal”.
Pre-qualify and have proof of funds ready to submit with the offer. You might get lucky.
I think that I might just get a property under what others paid cash for similar. But I don’t want to count my chicks before they hatch.
BTW, I believe that paying cash outside of escrow is considered fraud, especially if the bank is not made aware of it.
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