quote:

ORIGINAL: Padriag

quote:

ORIGINAL: pahunkboy

hi Katy. the place im buying is a forclosure. the holder is in Utah, 3000 miles away.

i went and talked to the banker- she has a better idea of the scenario. im about to take a load of stuff over.  they actually DID sign one of the 2 addendums we needed. i think i will be ok.  :-D~~

Yeah... that happens with these lending companies, you end up with banks owning properties in areas they know nothing about.  One house I have a bid in on now is very similar.  Its a forclosure taken by a bank in Utah, the actual property is in Virginia.  The bank clearly has no idea what the property is actually worth or its real condition (it was basically gutted by the previous owner who was apparently attempting a flip and the money ran out early).  They have the house listed at well over its value, no one is going to touch it at that price.  So I have a standing cash offer at a set amount.  Slowly they're coming down to my offer, eventually, if I'm patient I'll get it at the price I want. Patience helps, so do having a good realitor talking to the bank and letting them know the realities of the situation.  If you can't afford to wait for them to come down on the price, my advice would have been to pass and find another property.  Apparently from the thread you're already committed.  Don't worry over it, just get a good plan together of what you're going to do from where you are now.

Do you need to make any repairs, improvements or other rennovations?
Do you have the budget to do all the work at once or do you need to do it in stages?

quote:

ORIGINAL: pahunkboy

the place doesnt need much. it could be a showplace.

ill have to do the work in stages. the 1st matter is getting it in my name. the foreclosure company is screwing me out of $900.  im not too happy about that!!
we are supposed to close tomm- also the thing is- a typo. so thats where the $900 is.

there has to be some order/logic to my madness. improvements that easily pay for themself are high up on list.  the area is 4-5 yrs away from being HOT.  i wouldnt mind buying the place next door.

i wont touch anything that needs gutted.

quote:

ORIGINAL: Padriag

quote:

ORIGINAL: pahunkboy

the place doesnt need much. it could be a showplace.

ill have to do the work in stages. the 1st matter is getting it in my name. the foreclosure company is screwing me out of $900.  im not too happy about that!!
we are supposed to close tomm- also the thing is- a typo. so thats where the $900 is.

there has to be some order/logic to my madness. improvements that easily pay for themself are high up on list.  the area is 4-5 yrs away from being HOT.  i wouldnt mind buying the place next door.

i wont touch anything that needs gutted.

You have every right to contest a "typo" and I would advise doing so.  If you are paying an attorney to handle the closing (and you should be) then s/he should be taking care of that.  As the buyer, you can actually contest pretty much anything you like, after all, its your money.  I've had people try to negotiate with me at the last minute, adding things onto a contract, as the seller I could either accept or refuse.

As for rennovations, absolutely sit down and work out a plan.  I generally have a complete plan of what I'll do with a house before I ever make the first offer.  Once you work out that plan, stick to it.  Those little additions can add up and cost you a lot in the end.  First house I flipped, I was going to do $8,000 worth of rennovations, ended up being $12,000 after all my little extras.  If you're considering resale value, you always get the most out of what you put in the bathrooms and kitchen, spend your money smart here and it'll pay you back.  Other rooms, honestly, keep it fairly simple.  Laminate wood flooring is very popular right now, but honestly for the money I still recommend regular hardwood, it last longer, wears better and can be refinished multiple times.   Most of this laminate cannot be refinished and if it gets damaged you're just screwed.  If you're replacing kitchen cabinets, check out the unfinished oak cabinets at Lowes, they're a good deal and with some clear poly over them they look really nice.  Finish them out with a little decorative trim you put in yourself and they add a lot of value for your dollars.  Don't be afraid of using color, talk to your local paint store and ask them what is popular and selling well (I generally use Sherwin Williams, its good paint and they've always treated me well).

As for gutted houses, sometimes they're the easiest ones to fix up.

BTW, did you have a home inspection done?  Did that include testing and checking the wiring and plumbing?  Nothing like getting an older home only to discover all the wiring is in bad shape and needs to be replaced.  Rewired and entire house last spring, oh joy.  Only good thing was I bought all the wiring right before the copper prices doubled!

quote:

ORIGINAL: popeye1250

I HATE doing any work around the house!
I had a mini farm up in New Hampshire so, been there done that.
I bought two BRANDNEW 3 br 2 bath condos here at pre-construction prices on a golf course.
NOTHING to fix, all BRANDNEW appliances that won't need fixing for years.
The other one I bought @ $97k and it's probably worth $150k now and is rented which pays most of the "nut."
What a relief to be able to just move in and not have to do anything!
Our condo fees cover all outside maintainance, lighting, pool, basic cable tv, sewer, water, trash.
The kids that live here are already in the pool but I'll wait a few more weeks until it warms up more.
And, if you get tired of the pool you can go to the beach 10 minutes away.
PaHunk, I;m "happy" for you for owning a house but don't EVER invite me to a "painting party!"
They don't make paintbrushes that will fit my hand!
"EX"-Handyman, Popeye

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: Padriag

quote:

ORIGINAL: pahunkboy

hi Katy. the place im buying is a forclosure. the holder is in Utah, 3000 miles away.

i went and talked to the banker- she has a better idea of the scenario. im about to take a load of stuff over.  they actually DID sign one of the 2 addendums we needed. i think i will be ok.  :-D~~

Yeah... that happens with these lending companies, you end up with banks owning properties in areas they know nothing about.  One house I have a bid in on now is very similar.  Its a forclosure taken by a bank in Utah, the actual property is in Virginia.  The bank clearly has no idea what the property is actually worth or its real condition (it was basically gutted by the previous owner who was apparently attempting a flip and the money ran out early).  They have the house listed at well over its value, no one is going to touch it at that price.  So I have a standing cash offer at a set amount.  Slowly they're coming down to my offer, eventually, if I'm patient I'll get it at the price I want. Patience helps, so do having a good realitor talking to the bank and letting them know the realities of the situation.  If you can't afford to wait for them to come down on the price, my advice would have been to pass and find another property.  Apparently from the thread you're already committed.  Don't worry over it, just get a good plan together of what you're going to do from where you are now.

Do you need to make any repairs, improvements or other rennovations?
Do you have the budget to do all the work at once or do you need to do it in stages?

the place doesnt need much. it could be a showplace.

ill have to do the work in stages. the 1st matter is getting it in my name. the foreclosure company is screwing me out of $900.  im not too happy about that!!
we are supposed to close tomm- also the thing is- a typo. so thats where the $900 is.

there has to be some order/logic to my madness. improvements that easily pay for themself are high up on list.  the area is 4-5 yrs away from being HOT.  i wouldnt mind buying the place next door.

i wont touch anything that needs gutted.

The county appaassr AND the bank appraiser approved the transaction this week.

who do mortgage forclosure compaanies answer to? what i mean is who regulates them??  [on the state level] i am in Pennsylvania.

quote:

ORIGINAL: Griswold

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: Padriag

quote:

ORIGINAL: pahunkboy
he place doesnt need much. it could be a showplace.

ill have to do the work in stages. the 1st matter is getting it in my name. the foreclosure company is screwing me out of $900.  im not too happy about that!!
we are supposed to close tomm- also the thing is- a typo. so thats where the $900 is.

there has to be some order/logic to my madness. improvements that easily pay for themself are high up on list.  the area is 4-5 yrs away from being HOT.  i wouldnt mind buying the place next door.

i wont touch anything that needs gutted.

The county appaassr AND the bank appraiser approved the transaction this week.

who do mortgage forclosure compaanies answer to? what i mean is who regulates them??  [on the state level] i am in Pennsylvania.

Fuck the $900.00....just get in. 

I've made more money off of the least of my real estate deals in any 5 year period than I EVER made, collectively, in any of my businesses.

Fuck the $900.00.

Get in.

Real estate is the gig.

Hi Gris, I am IN.  I filed a complaint with the appropriate agency and they seem to be willing to "fix" the $975 typo. Heads are spinning as they did not expect a hick to know where to complain to. I have a separate complaint pending but that one could go either way.

I am very glad I signed. As I observe- and I know when I rented I had no incentive to paint or palnt trees nothing.

Even if i live here 10 years and dispose of it- I am STILL better off.

Meanwhile- painting and landscape i cant go wrong on sinking some time and cash into.  I very much need to do teh windows.

Very few people get rich in this town- but some are forever trashy and otehrs build a better life. So- I am so glad i had the PERSISTENCE to make it a "go".

The on neighbor cut my grass- and wont take any cash for it. I hadnt even aasked him. So very nice. Who does that anymore?  few do.

I have gotten some sleep and thinsg looks alot different. I know I did the right thing.

Thanks for your encouraagement.

BTW- I dont lose benefits by owning. If I owned a 6 unit - yes - but not a one unit. residence. :-)

it boosted my self respect by doing this also.

so im focused on improvements that make sense. i obviously wont recoup 400k if i make it like that. [assuming i could]  but it does have potential. :-)

(in reply to Griswold)