Quote:
|
Originally Posted by WoW!
Please share your experience
Tell us the simplest method you use for finding qualified pre-foreclosures in detail?
What % of appraisal value are you paying?
|
Court documents, also have friends in the subprime lending business who run across alot of homes ready to go to the chopping block, and we make an offer to the owners to get them out of jams and salvage their credit. I have no hard and fast rules about appraisals percentages, I check the house out versus the as-is condition appraisal then will figure what it will cost me to do the least amount possible as far as briging it up to or damn near market value. 1/2 mile comps are best when shopping lenders, you keep widening your comp range and it looks like your stretching to get a value and justify the cost to the lender. Obviously if the house is unique but still in an urban area they will understand the widening comp range. But if its just another pre-fab split level house, keep your comp range around 1/2 mile. Thats just me though