All Forum Posts by: Joe Cummings

I kind of like the term "Carpetbagger"

 Dealing with a buyers agent. As far as I know the response from the listing agent is slow response and another wrong lock box code. And yes this one is still in first look.

God, I can't stand that little narcissistic a-whole. Took me about 10 minutes to find the remote and it seemed like an hour. 

For some reason nobody seems to be able to get the  right combo for the lock box on a property I want to inspect. It's a particularly desirable property. I think somebody is playing a game.

Anybody know how I should proceed? Or should I just document everything, wait until somebody steals it, and then file a lawsuit?

I too am wondering WHY??.

It's not expensive, and I sleep better without worrying what's in the mailbox, if that knock on the door is a process server, or what kind of notice I'm going to find taped on the door of my property.

I think you nailed it right there. Everyone I ever knew who made money on those kind of properties was a local.

I've got to tell you after looking at the place, and thinking about it for a bit I kinda deviated from the original plan of fixing it and selling it. I was thinking about moving into it, and selling my current home (200 ish current market value and paid for)

It would free up a lot of capital for me quickly. Lets face it, you can never go into these projects too well capitalized. And I really don't mind living in a dump if it puts money in my pocket. My girlfriend and I kind of got a good laugh because the first thing we saw was the junk car sitting on the lawn with trash bags taped over the busted windows. It took us right back to our Appalachian roots. There was a barbecue pit in the back yard with the remains of a trash fire in it, milk crates for lawn furniture, piles of beer bottles, and the remains of a camper that someone was living in. All in all it was like a little slice of heaven in the middle of an upscale suburban neighborhood.

But I'm rambling, so really what I'm gathering from everyone's responses is that it's not unusual for Fannie May to be way off about their asking price.

Fannie Mae asking 185 for the property. Big old farm house built in 1857. I looked at it, and although it looked structurally sound for now, it has some major issues. 

Not hooked up to municipal water and sewer is the first big one (shallow hand dug well, and cesspool  ), Probably 25 G right there.

Knob and Tube wiring hacked up by at least half a century of home remodelers.

Hole in roof, not big but you can see rafters from outside

Holes in plaster, ugly bathrooms, broken kitchen cabinets, overgrown landscaping, lead paint,,,,bla bla bla lots of interior cosmetic stuff.

After repairs this place would be worth about 250. But I'll bet it needs about 80 in work to get it there. Lots of stuff not disclosed in the condition report. I kind of feel that whoever set the 185 number really doesn't know how bad the place is.

So anyway, I told my Realtor that I wanted to make an offer of 90 on the place. She seemed reluctant. She said that she figured 150 would buy it since Fannie Mae is asking 185.

I really don't see anybody getting a mortgage to buy this place, it's pretty much limited to cash buyers. I have to make some kind of offer on the place, I really see it having potential. But damn if I'm going to start high like that. Much easier to go up from 90 then try to go down. I really think I'd go as high as 120.

So anyway, here is my question. Do you think the Realtor has a point that 90 isn't a serious offer? She didn't think my estimate of 80 to fix the place was way off base. 

I rented to a trans-woman back in the 90's. She was in the HVAC business. She was one tough broad. One Saturday night after about 2 six packs of PBRs ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,