13 Houses Identified

Scott Costello All, Blog 3 Comments

This is just a quick post so you all can follow my goals for this week.  I’m currently on Finding houses off the MLS to make an offer on.

My Criteria

  • Start Home
  • 3 beds
  • 2 baths
  • $275k to $350k
  • Handyman special type home
  • Towns: Dover, Boonton, Jefferson Twp, Mine Hill, Florham Park, Madison, Parsippany

I put my criteria to the mls and it returned 24 results of which I whittled it down to 13.

The 13 Houses

Questions I have

  1. When you see a house that has been on the market for over 200 days and has yet to reduce the price, what are your thoughts on that?
  2. Is it worth my time to make offers on Short Sales that have been approved?  or even that are Subject to third party Approval?
  3. What does it mean when it the remarks say “Info subj to E&O”?
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Comments 3

  1. To answer question 1: usually the Realtor hasn't even called them to suggest it in at least a few months and that's probably close to what they owe. 2: If they will tell you what it's approved at then yes. 3. errors and omissions claims from sub prime mortgages

  2. I have found, some are just lazy agents. Keep DOM in mind. When you bid, they may come back at you with “There are other offers in the works” At which point you know they are likely full of it. I have a short I am bidding on tonight. The bank said it refused to go below 96k last week. Was lowered to 90k yesterday. They will often work with you on price. I suppose its no different than REO in that respect.

    Glad your getting properties under your radar. Good luck.

  3. With the ones that have been on the market for awhile that you're interested in, I'd check with the agent to see what's going on with them. A lot of times, there could be a situation (i.e. waiting on this or that but nothing is happening). And, the agent may just give you you the scoop on what's going on. In my experience, I've found most agents do want to move on their listings that have been on the market for awhile since they usually don't get paid until it closes. They may be willing to help you out and/or let the seller know of your interest. Hope that helps!

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