I was looking to purchase a property that needed work as an owner occupant w/ a 203k. Unfortunately Someone beat me to it. After homebuyer depression ,I realized if an investor bought it they would make the repairs and the markup at resale would be offset by my ability to use a normal loan with lower rates. I still want to purchase the property .Is there any way to find out who purchased the property before it closes and switches hands ?? Any other tips hints or tricks?

8/1/2012 8:25:19 PM

You could contact the listing agent and ask them to send the buyer a message on your behalf ... and see if they can setup a meet/call between you and them. If the buyer is not interested, obviously you wont hear back.

Otherwise, wakegov.com will show you the listing after its already changed hands.

8/2/2012 9:31:52 AM

how would you go about wording the letter? I can't think of a non intrusive, non offensive way to ask "what are your intentions with the property you beat me to"

8/2/2012 3:29:24 PM

Best case scenario, what do you expect from them?

8/2/2012 3:44:39 PM

i would just want to know if they planed on just flipping it, when they would expect to be done with the repairs and a ballpark of what they be trying to get out of it. i'm kind of in a time crunch and honestly haven't seen anything in my budget that remotely sparks my interest(and fits my measly budget) outside of this place.

8/2/2012 4:29:07 PM

But I thought the market would be outside your budget?

8/2/2012 4:50:26 PM

sorry i my post wasn't clear. had I purchased the home and did the work through contractors I would have used the higher interest 203k rehab loan. the home was about 20k under my approval amount and needed 3k-6k worth of work maybe less. if whomever purchased the home flipped it and put it back on the market for 20k more than their purchase price i could still purchase the home and use a conventional loan with a lower rate loan. so I'd be paying a higher sticker(still within budget) but the lower interest would make my payments and final cost even out.

8/2/2012 5:22:53 PM

Ah, I see.

8/2/2012 6:21:53 PM

The agent that assisted the person on the purchase can get in touch with the flipper. This should already be listed on MLS for any agent to look up.

The tax records are going to take weeks after closing to update, and even then you will have only an address..no phone numbers or emails for the new owner.

Probably your best best is to get ahold of that persons Realtor and explain that if they are fixing the home up to re-sell you are very interested in buying it, keep in mind though that agent is probably not wanting to get cut out of the deal and will still want to list the house once it is ready.

[Edited on August 2, 2012 at 10:48 PM. Reason : .]

8/2/2012 10:48:03 PM

have you guys seen something like this end favorably or ever happen at all or am I crazy chasing this home?

8/2/2012 11:37:24 PM

I would maybe send a couple of emails, but keep looking in the mean time, this is a long shot and you do not even know if they are fixing it up to sell.

I just helped my friend get in to a rehab loan on a house off lake wheeler, he is doing the rehab on it nowand will have about 25k in equity when he is done and a house payment lower than you can rent a 1br apt for. He is not planning to sell anytime soon.

8/2/2012 11:59:25 PM

The property was bank owned through homepath. Would it still have a listing agent?

8/3/2012 10:05:02 AM

I assume so unless it was auctioned or something.

8/3/2012 10:11:28 AM

It would have a likely have list agent and a different buyer agent.

8/3/2012 11:03:12 AM

If you're looking to purchase, go see an agent and let them do this searching (and the rest of the work flow, for that matter) for you. You'll have a more solid Q&A source than tww, and typically buyers' agents are compensated by sellers commission to listing agent

All this is assuming its in nc.

And yes if bank owned, its likely to have a listing agent

[Edited on August 3, 2012 at 12:19 PM. Reason : .]

8/3/2012 12:16:10 PM

The property is not listed with anyone at this time.

Not many agents are going to want to get too involved with that since odds of them being paid are slim.

8/3/2012 12:17:35 PM

^Meh, a decent agent can do dual agency if the listing is not already exclusive with someone else

8/3/2012 12:22:03 PM

Either that or one party gets ahold of the other and cuts the agent out entirely.

8/3/2012 1:01:22 PM

I'd agree those are the two most likely scenarios if there's no listing agent already

8/3/2012 9:03:13 PM

Okay found the listing agent for the property. Considering What's been discussed what do you guys suggest As far as the wording of the email? Wouldn't most realtors say I'm not allowed to disclose who bought it or realize they wouldn't be profiting if I bought the property. Front the investor??

8/3/2012 10:29:12 PM

Owners should be online in tax records. I'm not sure about wake, Dare gets their tax database updated usually weekly at the latest.

If theres a listing agent, you might as well talk to them (the commission is already written into the exclusive agency agreement, so it doesn't matter who you talk to). Just bear in mind that agent's loyalty, unless you & seller both ok dual agency, is contractually bound to the seller. I'd still go get rep'd with dual agency or get a separate buyers agent for yourself.

8/4/2012 11:29:39 AM

If you found the listing agent, you could ask ... but they are likely not the actual buyers agent so ...

You -> your agent -> listing agent -> actual buyers agent -> buyer ....

All parties would have to be willing to communicate in order to connect you.

Or just wait until its listed in wakegov.com and contact the new owner directly, offering them the chance to save a little on listing fees. Best case scenario for you is that you get it for market value - 2-5% going this route. If thats not in your budget, then likely you will not be able to move forward on the place.

8/5/2012 2:47:53 PM

Quote :

"Or just wait until its listed in wakegov.com and contact the new owner directly, offering them the chance to save a little on listing fees. "

Quote :

"If theres a listing agent, you might as well talk to them (the commission is already written into the exclusive agency agreement, so it doesn't matter who you talk to). "

The listing agent will have exclusive agency, which means they get paid no matter who "finds" the buyer. Because in the end, the listing agent will be doing a considerable amount of work for the seller (especially once you go under contract and due diligence starts). Exclusive agency keeps the agent from getting screwed by this exact practice.

8/9/2012 8:19:21 PM