All Forum Posts by: Bob Derwin

Not much meat left on the bone.  If you buy for what he owes, by the time you add on the cash you want out of the deal, you are at/near full retail price.

What is their age and current health like?  Do they currently carry long term care insurance?  Nursing homes can/will seize assists in your parents name before turning to medicare/medicare for payments.  I believe they have the ability to go back five years to lay claim to property that was deeded out of your parents name.  I would suggest that the 3 of you sit down with an attorney or financial advisor that specializes in estate planning.

Ask for tax returns for the previous 3 years.

An all cash offer with few if any contingencies might be looked at, even if it is not the highest offer.  You never know what a seller will do.  I recently lost a deal, because the seller accepted a full price offer submitted hours before mine (my offer was for all cash, and a 3day window to inspect, and above asking price).  I had my agent find out why, and it was "because she was felt obligated to take the first full price offer."

If it's a good fix and flip neighborhood, I would assume that it is either a stable neighborhood or one on the rise.  if it is one on the rise, why not hold it for appreciation, instead of possibly selling low.

Yes.  You may have to put some of your own cash into the deal to facilitate closing.  Also, since a divorce is involved, you may need to help one spouse buy out the other.  

There are some pretty rough areas in North Philly.  The neighborhood would be my main concern.

Does the seller own this property outright?  If so, have you approached them about financing the property?  If the mobile homes on the property are stopping you from getting financing, they will also stop any other potential buyers (both past and future) from securing financing. 

You've got two problems.  The condition of the concrete pad, and what caused the pad to heave or settle.  If you attempt a cosmetic repair, it will be short lived unless you fix the underlying issue.  Looking at your photo, it appears that there is a down spout in a state of disrepair.  I would ensure the back gutters are cleaned and properly attached to the back of the house.  You also need to fix the down spout and route the water coming out of it away from your concrete pad.

I buy mine from a local, independent, hardware store.  Shop both the price of the windows and the installation.  Although it may be more convenient to have the distributor who supplies the windows, also install them, it may not be the most cost effective solution.