OfflineHello Everyone,
Hope everyone is well. I have my eyes on a Fannie Mae REO in Southern California. I'm looking to purchase this property for myself. It's a small house on a five acre lot with a swimming pool for only 145K. This property was last sold in 2006 for $400,000! How sad!
Just wondering what would be the most beneficial and smart way to purchase this property, other than a traditional FHA or Conventional Mortgage? Just curious if there are other options. Any feedback will be greatly appreciate it. Thanks and have a great day!
Blessings,
__________________
Christian B. O'Laarte
B.S., Business - CLU - 2005
I forgot to mention that the current value of this REO SFR "as is", is around 135K, so there could be negotiation. Based on comps in the last three months within a mile radius, an intial offer could be 95K! I'm just looking at other ways to acquire this property. I estimate an ARV of 165K on this SFR, so this property can be acquired at 58% ARV. Again, I'm looking to purchase this five acre SFR for myself. It's sad how back in 2006 this SFR was sold for $400,000! It is what it is. Thanks!
Blessings,
Christian B. O'Laarte
B.S., Business - CLU - 2005