I found a REO near my house. The lender hires an agent to sell the house. I was told the only good deal buying REO is to deal with the lender directly. Howerer, I found the lender has many REOs in the area and the house needs some repairs (carpet, painting, a swimming pool full with algae, etc.). Since the house is in a good, convenient neighborhood, I think it would be a good deal for me if I can flip it to a rehabber.
Can anybody give me some idea on this? hammer
It may be good to try to sell it before you buy it. Is it listed in MLS ? If so that would make it harder to flip. It was posted and for sale at the courthouse but probably for a higher sales price but still no takers. Has it been on the market long. The fresher the deal the better the chance of making something happen. I could help you look at it to see if it may work. The seller pays the commission but having a Realtor to pay does cut into the lenders bottom line. Remodelers have a lot of expense especially using hard money lenders and will need a big margin to get involved. Hope i may be of help.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Ted,
Thank you for your info.
I am a newbie to this business. It is hard to tell if it is a good deal to spend time on.
The house is in MLS for over 100 days. It is located near Pond Spring & 183. I estimate the market value is about $155,000 to 160,000 and the asking price is $129,000. The carpet was removed already but no improvement was done by the lender. The swimming pool looks really ugly. This is probably the reason nobody wants to take the property.
Hope I provide enough info to you.
Thank you,
Nailin