All Forum Posts by: Joe Gemma

hey Tim, I'm not sure. This is my first Bank owned deal, but the title co says they will not schedule settlement until they can confirm the seller (SAGE, in this case) has paid the water bill. 

I did get an update late yesterday that it was paid and we are scheduling to settle Monday (fingers crossed) 

Hi BiggerPockets Community,

I am in the process of trying to close on a HUD property and the last step is to get a past due water utility bill ($700.00) paid. We sent over the past due ledger to SAGE Acquisitions at their request, but the check they cut was inexplicably made payable to the wrong county (Butler, PA instead of Baltimore...) Since this has happened, we have not been able to reach anyone at Sage. They do not respond to emails or phone calls. I am trying to get this resolved ASAP and the title company wont schedule settlement until the payment is sent to the correct party

So this is probably a long shot but I am wondering if anyone has any contacts within Sage Acquisitions that may actually respond to a phone call or email. Any advice/insight in general is also appreciated.

As always, thanks BP

awesome info. Thank you @Ned Carey

Does anyone have any experiences to share about one of these auctions? I'm considering attending one later this month just to check out what the process is like.

Some curiosities that I have...

Are there usually a lot of investors/bidders there?

Do these usually sell pretty close to market value?

Any general warnings/things to look out for if bidding (i.e. lien issues, scams, etc)?

As always,

Thanks BP community

Has anyone had any experience with changing the mailing address of a water bill for your rental property in Baltimore County? The bill is going to my rental property so I am not there to retrieve it and my property management company is giving me a hard time when I just send them the online receipt without the actual bill.

The only means of contact that the county provides on the website (http://www.baltimorecountymd.gov/iwant/pay.html) is a phone number but every time I call I am just put on an infinite hold ( let it passively sit on speaker for 3 hours one day to no avail).  There's even an option you can choose to have the 'next available representative' call you when they become available but when I choose that, I never get a call back.

Pretty frustrating so I was just wondering if anyone has had any luck getting this done.

Thanks!

There are definitely a multitude of aspects to consider when analyzing an investment property with the use of an FHA. I would recommend familiarizing yourself with some of the guidelines of the FHA program.

Some points of emphasis might be

• FHA loans require owner occupancy in at least one of the units (there may be loopholes around this but if there are, I am unaware)
• If you are planning on taking advantage of the lower down payment an FHA loan may allow, you will want to factor in PMI into your cash flow analysis until you reach less than 80% ltv.

Good Luck with your analysis!

Hmm, Makes some sense. Thanks for the replies everyone.

Good Afternoon BP.

Currently searching for what will be my second investment property in the Baltimore county area. Came across a disclaimer in a listing (on a property that passes all my initial criteria with flying colors) that reads; "Bank approved short sale ~ approvals will be obtained within 48-72 hours.  Only owner occupied buyers will be considered for approval"

This just confuses me from multiple angles. Who is declaring this requirement? The bank I presume...?

Next. From a seller perspective, what does it matter if the buyer is occupying the home or not?

And finally, as a buyer, must you disclose your intentions with the property to the seller? I can understand a lender needing to know this information, but a seller needing to know is something I cannot wrap my head around.

Anyways, I figured the BP community would have the insight that I'm looking for.

Thanks as always.

Joe

Thanks everyone. I appreciate your help! 

Thank you for your reply Nicole!

You mentioned they plug in a tester for the current. Do you know if this tests that the panel is grounded?