Repo bank
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Repo bank (by Pat [VA]) Jun 24, 2019 2:15 PM
       Repo bank (by myob [GA]) Jun 24, 2019 4:02 PM
       Repo bank (by Pat [VA]) Jun 24, 2019 4:34 PM
       Repo bank (by Richard [MI]) Jun 24, 2019 6:37 PM
       Repo bank (by Robert J [CA]) Jun 25, 2019 1:46 AM
       Repo bank (by plenty [MO]) Jun 25, 2019 7:38 AM
       Repo bank (by Pat [VA]) Jun 25, 2019 7:43 PM

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Repo bank (by Pat [VA]) Posted on: Jun 24, 2019 2:15 PM

Have any of you ever purchased a repo from Bank of New York Mellon Trust? What were they like to deal with? Hard to negotiate with? Stick to asking price, etc?

Have made an offer that just came on the market and it is 1/3 of asking due to being a 15 year old doublewide on a lot with no well (town water). It is still full of garbage/personal property. Never seen one come on the market before it is cleaned out.....

Realtor has not even put a sign out yet so I am getting in early so can negotiate.

The reason I mentioned the well, it is considered a 5-7,000. value here. Lots of tenants don't want the extra cost of water bill. OTOH, I am relieved of the cost/upkeep of a waterpump & tank.


Repo bank (by myob [GA]) Posted on: Jun 24, 2019 4:02 PM

I have years ago. Not to pleasant an experience and very time consuming. Bad part was you spend weeks and weeks putting deal together and 2 days before closing they pull the rug out. Also there's no negotiating once it's with a Realtor.

We targeted only empty VA 74 and HUD 6 foreclosures. Bid opened on Monday closed the following Monday -- no one in the homes and we could walk through and make our estimate for turning. We already knew the area's so rental income was known. Even when there was a lien the gov't cleared it up. Never purchased another house where there was people or banks involved.

Repo bank (by Pat [VA]) Posted on: Jun 24, 2019 4:34 PM

I was thinking we had dealt with Wells Fargo & Citi-Bank, not sure, but I know we've never dealt with this one. Realtor was slow putting in offer & I am sure she hopes she can do better. It has been smoked in, needs a new HVAC system, new floor coverings, soft spot around commode in master, new underpinning/skirting. On the plus side, the fireplace in it has never been used. Porches are showing lots of wear, unit is 18 years old. About 1400 sq ft I believe. Asking 60k. --71.219.xx.xx

Repo bank (by Richard [MI]) Posted on: Jun 24, 2019 6:37 PM

Here the water table is about 50 feet. I'd recommend you check the well motor for age and type and expected life left. Here there are 4 types I know of, shallow jet, deep jet, shallow at the bottom pumps and deep at the bottom pumps. Prices range from about $150 to over $1000. Also, here they are doing away with the 2 inch diameter wells as well as the well pits. If the well casing fails, you need to Still a new 4 inch or larger well with new equipment. Plus abandon and seal the old well. This can run $5000+ Nothing like getting one with a well and finding out the motor is almost gone. A well guy told me most well motors last about 20 years. You should also test the water for bacteria and chemicals (here they are freaked out about PFOS). Just saying, check good. Good luck on your bid.

Repo bank (by Robert J [CA]) Posted on: Jun 25, 2019 1:46 AM

In the Los Angeles everything is in the Hundreds of Thousands of Dollars, starting price.

But yes, I have purchased Homes and Apartment Properties from Banks. Repo's they couldn't sell at action and became owned inventory.

When the market is HOT! there are few bargains. Most of the time when I've won the prize and was able to buy the property, the reasons I won were:

a) I a licensed contractor and did the inspection at viewing so I could "waive" the inspection contingency.

b) I had proof of funds, was going to pay "CASH". No loan contingency.

c) Was able to close the deal in less than 30 days. I only needed the books and records, title Insurance report and Policy.

d) I was willing to pay just above the asking price so there was no good reason they wouldn't have accepted my offer. I was the one the were looking for.

When I was buying a home from Indymac bank, the day before it was scheduled to close escrow, I was supposed to have an inspection with their realtor. This was a 1 week escrow. So I went to the property anyways an notice the a/c on the roof was gone. Copper pipes were removed. Electrical copper wires were ripped out of the conduit. The front door lock was missing and the door left unlocked.

I immediately called my bank and did a stop payment on my $10,000 deposit check. I also did a transfer funds out of that account. I called the Broker and talked to her assistant. The broker told me she was a busy gal selling 40 homes a week for Indymac and I could deal directly with her assistant. I then drove to the brokers office and used their typewriter to cancel the purchase. I also called the escrow and title company explaining the house had been broken into and there was not $10,000 to $25,000 in damages.

The broker called me the next day and was screaming at me, I'm a "GUY" who doesn't honor their responsibility seriously. I had no reason to cancel the purchase. Then she hung up the phone on me.... --47.156.xx.xx

Repo bank (by plenty [MO]) Posted on: Jun 25, 2019 7:38 AM

Well you can ask. Until then the only person saying Maybe or No is yourself. I had an opportunity on a property like that once. The bank did not accept my offer. They put it on market retail with agent. The first contract was for full price. I thought the buyer must be crazy! Then i watched what happen. It sat for months, maybe 3 months no activity. Then agent changed sign to - sold. Found out the selling price was exact what i had originally offered! How did they do that? The more seasoned than i buyer... offered full price, that tights up the property. Used proper planing and agent to negotiate the contact backwards. Pointing out all the things wrong and asking for credit back at closing. Cleaver. I doubt you could use the water situation but other conditions for sure. Age of roof, bad septic, subflooring... hard conditions. Have an inspection and use that report. The listing agent will be your new best friend. Use the listing agent. They will want you off their todolist and the bank will soon Tire of hearing your wants! Go get your property! --99.203.xx.xx

Repo bank (by Pat [VA]) Posted on: Jun 25, 2019 7:43 PM

I did make the offer electronically and am waiting for a response. It is too early in the game for them to accept, I am expecting them to counter at about 45, but IDK. We can go up a little but not much cause we have too many units that are going to need new roofs, HVAC, etc.

I would love to know if agent has had any other offers but she is being mute. --71.219.xx.xx

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