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Coral Springs Condo Pre-Foreclosure-Beat the Bank

By Kenneth Rosa

Real Estate Sales Representative with Kenneth Rosa, PA

September 03, 2007 11:48 AM

MLS#F819747

Asking $155,900

Perfect starter investment property

Area rents are between $1,100 and $1,200; get the right financing and cashflow immediately. Property is way below market and subject to bank approval. No length of ownership leasing requirements nor pet restrictions in the building. Gorgeous 2 bedroom 2 bath updated condo with granite counter kitchens and wood cabinets in kitchen and bathrooms, upgraded tile floors and berber carpeting in rooms. for thousands less than the competition. Centrally located near major roads, parks, shopping and A rated schools.

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Ray Saenz

Exit Realty Laredo - Laredo, TX

Homes for Sale in Laredo, TX - Texas, Realtor

Kenneth,

How are you doing with the pre foreclosures? any good or bad experiences ? I have written some blogs about short sales,

Best Wishes

Ray SAenz

Sep 03, 2007 04:14 PM

Kenneth Rosa

Kenneth Rosa, PA - Coral Springs, FL

Hi Ray:

Thanks for taking the time to look at my blogs. I have ben doing shortsales since 2000. I have found that for these to work, the owner has to be 100% on board, otherwise it's a great waste of time. I have also noticed that banks are now relying on BPOs instead of using appraisers and basing their approval decisions on them. Most of these agents are new in the business, otherwise they would be out selling. I believe that banks will be taking a lot of properties back to find out that their BPOs are not worth the paper they are written on. I can see how in the near future, they will be more eager to take what they can get rather than taking back the property back.

This property I am marketing is a good opportunity even for an investor to buy & hold as there are no rental or pet restrictions. I estimtate this property could cashflow about $100 per month if financed right.

REgards,

Ken

Sep 04, 2007 12:53 AM

Kenneth,

Hey, It is a pleasure to change ideas or share thoughts with you, let me tell you something, I have dealing with some lenders lately that they rely on the appraisals and not BPO's, Wells Fargo and Option 1, also Washington Mutual has used appraisals too, I do not know if they will be changing that after time, but for now, what I have seen lately it is just appraisals, they have asked me my own BPO of my own listing but later, they send an appraiser to confirm that, so I do not know what is going on , maybe it is applied different on different states, what do you think ? :) I am glad that we are on the same frecuency, like if we were radios hahaha.

Ray Saenz

Sep 07, 2007 05:31 PM

BtW, yea, it is a good opportunity, seems good, good luck :P

Ray Saenz

I think they should be relying on appraisals. I mean, we are out there in the trenches and know what is going on in the market, but I would not compare my abilities in this area to a competent appraiser. I can't see how a bank would base such an important decision solely on a BPO.

Sep 10, 2007 02:13 AM

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Kenneth Rosa

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