REO Property in SF Bay Area;45% below Market value. Investors Needed ASAP!

**DealFinder46** · 10-13-2007, 11:17 PM

Hi,

I have a chance to buy an REO property in the Oakland Hills, next to Piedmont, very very nice area. Rents for 2bd/1 bath apts are $1800 to $2000. Rents for 2 bed/1 bath homes are $2500. Property is listed for $399, but multiple offers have been submitted, according to the bank Agent, I have a way of offering just above the best offer and thus am guranteed to get the house. Comps have sold for $685 - $735, smaller houses than the one I am considering. About $30 k investment to upgrade could very well fetch you $750 if you wanted the deal only for yourself. I am willing to consider turning over the deal with guarantee that your offer will be the accepted one at a reasonable fee. I have already done the property inspection, termite inspection and have even taken an architect over if one wanted to go full blast and do an addition as well. I also have 2 contractor bids on the repairs. But you don't have to do that if you don't want to. I am thinking that $435-$440 might get us the house, add 30 k of repairs for $475 K. Add all the other expenses of buying , holding, selling for $25-30 k and you end up with about $500 total cost. You could easily sell for $750 based on the comps that I have. This deal is solid. Serious investors only please. One catch, the offer to purchase must be submitted on 10/17.... Contact me if interested.

**kelingdun** · 10-13-2007, 11:33 PM

Why don't you buy it and pocket the profit?

Very suspecious

**DealFinder46** · 10-14-2007, 08:24 AM

I do not have the cash for the down payment. I am liquidating part of my 401K to work on the repairs if I get a money partner, Besides, Part of my money is already tied up in another REO which I just bought last week and repairs are starting on Monday...So I am really very short in cash for the downpayment.