(note: this is cross posted to the short sale forum as well)
I submitted an offer to Washington Mutual of $9,000 on a decrepit property whose after repair value is about $50. Basically every thing is wrong with this property from foundation repairs to flooded basement. full of debris and clothes, that have become laden with mold. Bad roof, heating, cooling, you name it. Anyway, the lender rejected my offer since there are only 9 days to foreclosure (thursday July 11) and the offer price is too low to do a BPO to justify the price. She suggested I submit the offer to the foreclosure attorney. Question – is this the type of property I should run away from or should I submit an offer of $9,000 to the foreclosure attorney? My exit strategy is to wholesale to another investor.
Any advice you can offer is appreciate.
Not any more, it’s not…it is against Forum Rules to make the same post in multiple locations…sorry.
Specifically:
** No Duplicate Posts - do not post the same or similar post in more than one place
Keith
Moderator
Sorry – my bad – I thought I just needed to disclose it at the beginning.
Shari
I love these kinds of questions, because the answer to the question “Should I try…” is often “YES!”
Try it out! What’s the worst that could happen, you don’t get the deal?
I would think that you should line up the buyer first with a commitment to buy if you can get the deal.
If you have an offer to the attorney that has the ability to deliver certified funds in 48 hours subject to title insurance or something like that, they would be more inclined to say yes.
Either way, you have an opportunity to build a relationship with an attorney who may be able to inform you about deals. Especially if you can close quickly.
Great job! :biggrin