5/6/08 BiggerPockets News Flash:U.S.News & World Report today has a story about tips for home buyers who may be using the internet to assist in their quest for a new home, with a mention about BiggerPockets and its founder, Joshua Dorkin.
Read: Six Secrets of Internet Home Buying
chitown BiggerPockets Forum Newbie Posts: 2 Location: IL
Posted: Thu May 08, 2008 9:38 pm Post subject: Hello Ffom a potential REO buyer in Chicago
Hi Everyone, I am a new member from Chicago. I work in real estate but on the industrial side of the industry. I have been trying to buy a home from WAMU for my family to live in for some time. I was going to buy it at the courthouse but a few days before the sale I found that the finished basement had been flooded. It now has water damage and mold. It has just been turned over to the REO group. It is a great house on the upper end of the price scale but now needs lots of work. I still want to buy it and was planning to reach out to folks in this group for advice and tips on how to proceed. Sorry if i am going about this in the wrong way , any advice on where and how to post qusetions would be most welcome. Thanks
4rmgt BiggerPockets Voracious Poster Posts: 668 Location: Chicago, IL
Posted: Fri May 09, 2008 9:31 am Post subject:
Allen,
Welcome to the forums. Where in Chicago are you based? I am also in Chicago.
Do you know if the REO group has given to an agent to list? If so, you will need to put in an offer as-is via the realtor that it is listed with. It isn't a sexy process, but now you can set up showings to get in and see all the damage. Bring some people with you to do the estimating of repairs, so you will know what you are looking at!
Welcome to the forums, keep us informed of how it is going!
chitown BiggerPockets Forum Newbie Posts: 2 Location: IL
Posted: Sat May 10, 2008 9:51 am Post subject:
Ryan,
I am in the western burbs, as is the house I am trying to buy. WAMU has a local REO broker and he and the REO company out California know i am an interested buyer. He has been non resposnsive at best though. He has not returned any of my calls, the only thing he has done is have some kid that works in his office call me back one time. I spoke with the REO group california and they said they have me in a file as a potential buyer but they can't do anythig until the 16th becouse of the waiting period after the court sale. It is a pricey home and very unique so I am not too worried about someone else buying it. My only real concern is that the broker's lack of responsiveness is a result of him having his own plans for the house. Thanks for your reply.
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