All Forum Posts by: Barbara Sheppard

Hi @David Lee Hall, III!  Thank you for your responses.  Your experience is eye opening for us all.

I contacted another department at PWSA and again they stated that such a list does not exist, but they suggested that I try contacting the Treasurer's office or the Sheriff's Sales office.  I'll keep researching and see where that leads.

Thank you!

Hello Pittsburgh Investors!  Has anyone obtained a water shut off list from PWSA?  If so, would you mind providing some guidance.  I'm being told that such a list does not exist and therefore cannot be provided.

Thank you!

Hi @Mark Lladas!  Hello All!  I'm from Maryland and looking to invest in Scranton as well.  I look forward to connecting with other investors!

My word @David Krulac, that is some interesting stuff right there!!  These are very thought-provoking cases that you share. And I know you have many more.  What is your secret to success when buying tax sale properties with these potential "obstacles"?  How are you able to make it work?

You're welcome, @Chris Smith!

Hi Chris!  My experience is somewhat related to @KateDaye.  The seller purchased the property at a tax sale and my partners and I were attempting to wholesale the property to an end buyer.  During the title process we learned that title insurance could not be issued due to the required one year waiting period for tax sale properties.  Asking the appropriate questions up front is key!  

Thank you, @Jacob Sampson. We had minimal contingencies (we know...not ideal) and recognize that our EMD is potentially on the line now.

Thank you for your reply, @Minna Reid.  We did inspect the property on several occasions initially, but haven't visited in recent weeks.  During the last visit we noticed some damages that were not visible previously.  I appreciate the suggestions you offer, and the advice about working with short sale deals.  Next time we will definitely dispute with the bank until we get the best price that will bring maximum value for the property.

Hi @Brett Goldsmith!  Thank you for your reply.  I realize I've left out a lot from my post, but believe me, we've lost lots of sleep over the last several days about this matter.  We are now seeking someone experienced to assist us (to the extent that they can) at this juncture in the deal.  We are being optimistic, but realistic as well in terms of the outcome, and at minimum we have learned some very valuable lessons to use should we invest in future short sales.

Thank you all for your replies, which have been very helpful!

For a short sale property, can the buyer renegotiate the price with the bank AFTER the bank/lender has already accepted the offer?  

Situation

The property was clearly in very bad shape to begin with. Several offers were rejected until we came up to the bank's asking price (their property valuation).  Our further visual inspections after offer acceptance revealed repair costs that are significantly higher than initially anticipated when the offer was submitted.  Closing is scheduled to take place in a few days!  This has been a lengthy process and while the goal is to close on the property, we cannot do it at the price that has been accepted by the bank.  

Please advise, what can/should we do?  Can we go directly to the bank to renegotiate?   Do we walk away, and if so, what consequences will there be? 

Thank you in advance for your help.

Congratulations Stacey!!  How exciting!  I can totally appreciate your response to @Cason Acor about over analyzing and holding yourself back.  That's been my issue as well, but no longer...it's time to get out of my own may, take action, and make my pockets bigger!!  Thank you for sharing.  Everyone's success is very encouraging and motivating.  Wishing you continued success!

Wow Marlon!  Thank you for sharing.  Great testimony on how preparation and action produce results.  Wishing you the very best with your graduate studies as well!