All Forum Posts by: John Adamkewitz

Just remember, unless You can Drain the water system, shutting off the water will not stop the pipe and fixture freeze damage.

I will only prevent the flooding damage.

John

@Mehran K. Exactly.

So the question is, Can they bend at all with all the new regulation?

This is the beauty of the reo bank financing their own reo.

How could they ask for a price, that would never get thru there own underwriters?

John

Bump for Knoladge.

I've moved several houses. There would have been a permit issued in order to move it, depending on local ordiances of course.

John

Wouldn't the title abstract from the previous/original property have that information? Do You know the previous address of Your house? lol

John

Hi BP,

Just what the title says. I have 4 reo condos under contract, not a snowballs chance in hell, of being financed conventional. I asked for and received (on Paper) a 3yr lock @4%, with a 25yr AM. in house.

Now were haggling over purchase price. I don't see how this deal could ever get thru Underwriting at their asking price. The 4 units could either be rentals or resold. Offering flexibility for Me.

I guessing that My loss mitigation contact has not spoken with the loan department. I've seen this before and have used it as leverage, but this is a different bank.

Where is this going? What about DSR and other loan criteria in this case?

John

@Brandon Turner I'm Assuming, You're with waste management, or are You in the city of Montesano?

John

If Your looking for some more sloppy bachelors and pizza boxes, show with tenants in place.

If Your looking for better tenants, don't bring them near the place until it's at least Clean.

John

@Adam Johnson @Jerry W.

I agree, I talked to the asset manager this morning and laid the "or subsequently formed corporation" language on him, I also assured him this was not an attempt to re-assign the contract. So I sounded like genius for at least 5 seconds of the conversation. Not so sure about the other 4 minutes. ;)

He responded, "Thanks for the call, we're working on a counter offer right now, You should have it back this afternoon".

I offered about 55% of asking and at least wasn't rejected. Lot's more work to do now.

Thanks, John

@Adam Johnson and @Jon Holdman Thanks Guy's for the good advice.

I should add some info, My partner is My Attorney of 10 years. He was on vacation to a place with no cell coverage, I had received info (Not from My RE Agent) that another possible investor offer was coming in, early this week coming.

I may have been shilled or not, it did'nt matter as I wanted to be on the table first. I'm speaking directly to an asset manager, and I'm smart enough to know that they are very slick and well versed at what they do. Most of the time.

Anyway I appreciate the info given because it helps Me understand better, what My partner is doing at Our next meeting, and that is Priceless.

John