All Forum Posts by: Account Closed

I'm planning to make an offer on a single family house that is way below the list price. This house is not in short sale or foreclosure. It does need a lot of work.

The agent said she's suggested a short sale to them, but they have not begun the process and are current with the mortgage. They have moved to another state. I'm making my offer tomorrow. The house has been on the market for several months, and there have been no offers, and I'm the third person to have even looked at it.

The contract papers offer a BUYER CANCELLATION at any time before receipt of a short sale agreement Notice from the seller.

I haven't seen anything of cancellation or withdrawal if the bank draws this out for a long time, and I find another house to purchase.
What is my protection there? How do I get out of it with my earnest money if the seller agrees, but the bank does not move on it? What contingency do I need to put in for that?

My offer will be way below listed price.
cash
no inspections
quick close
large (for me) earnest money 1-2% of offered price

The agent said there are no comps within the last 9 months. If that is correct, it would be based on size, probably. It's about 1900 sq ft, and that is large for the area, and for surrounding areas.

I haven't decided what to offer yet, as this will be owner occupied after the numerous repairs are completed. The list price is at least 25K more than what I think it would sell for if it were in good condition. It needs repair and remodel work inside and out. My uneducated guesstimate puts repair cost about 34K.

How do you determine a price to offer on a house you plan to live in?
thanks,
Ofgift

A friend came to replace it. When I showed him that it would not re-set, that he should check the breaker box first, it DID reset. So we did not replace it.
Should we have? When it first tripped, it would not reset. I did not try to reset it after the fifth or so attempt. When he came, close to a week later, it did.
Ofgift

Have you read any of the threads in the hoa forum?
following are parts of two replies I made in that forum:
You have no control over your property, because IT ISN'T YOURS even if you have no mortgage on it. That property is a share of a corporation, and the rules are set to benefit the CORPORATION. You can't install different windows, better front door, whatever roof you want, patios, fences, awnings, etc, unless they fit the guidelines. You have a range of color choices, often about 5, to choose from when repainting.

The board can and does change the rules, and doesn't necessarily tell the shareholders. Assessments can change (increase) yearly, as much as about 20% of last years, without a vote. There can be emergency assessments, and you have little choice but to pay.

You also need to inspect the entire building and grounds, because that all needs maintained, ALL of the hoa paperwork: Articles of incorporation, ccrs, bylaws, rules and regulations. You need to find out who takes care of the common area plumbing, for instance, between the units, and above and below...
You NEED to find out for absolutely sure that there are no other liens on this property--other than the hoa dues, and that no fines or back dues are owed. Get that in writing, and hire a notary to go with you to get that signed by the management company.

You need to know what big bills the hoa is facing in the next few years--roofs, painting, road maintenance, building repair...?
Are you aware that an hoa (and coa [condo association] and poa [property owners association] are CORPORATIONS and that "owners" will NEVER own that property?
Are you aware that the hoa board can/does raise the association fees yearly--or as often as they can?
Did you know that many condo owners do not pay their dues, so that much maintenance and repair does not get done? And that as new owner, the coa will likely come after you for those dues?
The prices for condos is low for a reason--the DUES are way high. There was a post on this board (I think) not long ago by a buyer who bought a condo for a few thousand, with dues set at a small amount--maybe 300 a month. After he signed, the dues increased several hundred dollars.
Are you really sure you want a condo? THere is a reason so many are vacant or are being vacated,
There is a reason the price for condo's is so low... (hoas with sfrs are somewhat better, but you still need to be careful.)
You need to know that the state laws support the hoas, and that the lawyers and insurance co's do too, against the individual owner.

Go to that section and read there.
Ofgift

Is that what it's called? The outlet in the bathroom that has the black and red buttons to reset if the thing shuts off? A while back I plugged a cell phone charger into it and it quit, but I got it reset. Last night I plugged an oxygen concentrator into it--about 4 AM. Woke up about 7:30. and the machine is off. It doesn't want to reset.

It works both bathroom outlets. The machine had been in the second bath and worked okay until last night. I moved it to my bath yesterday. So this AM I moved it back to the other bath, and that outlet is not working. When I push the reset button, it just pops back out immediately, when I release my finger.

What's wrong, and what do I need to do?
Ofgift

Personally, rather than cats, I'd prefer a couple of hungry rat terriers or other ratting dog, if they would do the job in an apartment house. You may be able to rent them for as long as it takes. Not all cats are ratters...
http://puppydogweb.com/caninebreeds/ratterrier.htm

http://www.thebreedsofdogs.com/JACK_RUSSELL_TERRIER.htm

http://www.dogs-central.com/dog-breeds/norwich-terrier/

If you use dogs or cats, DO NOT set out poison, and let the dog owner know about all poison you have put out. It would need cleaned up first, and any rats have the time to die and be removed.
Ofgift

Seems to me this is similar to an hoa, and I suggest you read the hoa and condo forums for an idea on potential problems. How often do they raise the lot rent? Are they planning an increase? Does the park need any repairs or any kind?
What businesses are in the surrounding area, or are planned for it?
Does the lot/unit have any liens or fines against it? It sounds like the present owners want out pretty badly. What is the motive?
Have you read the ccrs, bylaws, rules, articlles of incorporation if any? WHO directs the park? IS it an association or the owner? WHO/what entity is the owner?
Can you move that unit off the lot to one of your own if and when the lot rent gets higher than you are willing or able to pay? Will you be able to sell it if you can't?

Just a few questions...
Ofgift

You also need to inspect the entire building and grounds, because that all needs maintained, ALL of the hoa paperwork: Articles of incorporation, ccrs, bylaws, rules and regulations. You need to find out who takes care of the common area plumbing, for instance, between the units, and above and below...
You NEED to find out for absolutely sure that there are no other liens on this property--other than the hoa dues, and that no fines or back dues are owed. Get that in writing, and hire a notary to go with you to get that signed by the management company.
You need to know what big bills the hoa is facing in the next few years--roofs, painting, road maintenance, building repair...?
Are you aware that an hoa (and coa [condo association] and poa [property owners association] are CORPORATIONS and that "owners" will NEVER fully own that property?
Are you aware that the hoa board can/does raise the association fees yearly--or as often as they can?
Did you know that many condo owners do not pay their dues, so that much maintenance and repair does not get done?
The prices for condos is low for a reason--the DUES are way high. There was a post on this board (I think) not long ago by a buyer who bought a condo for a few thousand, with dues at a small amount--maybe 300 a month. After he signed, the dues went up several hundred dollars..
Are you really sure you want a condo? THere is a reason so many are vacant or are being vacated,
There is a reason the price for condo's is so low... (hoas with sfrs are somewhat better, but you still need to be careful.)
You need to know that the state laws support the hoas, and that the lawyers and insurance co's do to, against the individual owner.
Ofgift

Though I bought into an hoa for my first investment property in 1994, Lucia is totally correct and I would never do it again. Because she is correct.

You have no control over your property, because IT ISN'T YOURS even if you have no mortgage on it. That property is a share of a corporation, and the rules are set to benefit the CORPORATION. You can't install different windows, better front door, whatever roof you want, patios, fences, awnings, etc, unless they fit the guidelines. You have a range of color choices, often about 5, to choose from when repainting.

The board can and does change the rules, and doesn't necessarily tell the shareholders. Assessments can change (increase) yearly, as much as about 20% of last years, without a vote. There can be emergency assessments, and you have little choice but to pay.
My own hoa has been pretty good. We have few amenities, are not planning any, AFAIK, and the dues are the lowest around. I do carry a "loss" policy ($40K) on my insurance, in case there is a problem.
I sold one house I had in an hoa, and will not buy into another.
FWIW, condo associations are worse.
Ofgift

http://www.mfi-miami.com/bank-of-america-trial?ref=l
the link takes you to
http://www.zerohedge.com/article/bank-america-and-its-executives-be-tried-jury

where it shows what I think is the first page of a legal document
Securities Exchange Commission , plaintiff, vs Bank of America corporation, defendant

Plaintiff's demand for Jury Trial

Ofgift

I just came across this in another forum, this is dated Oct 8, but I can't find anything here on BP. anyone know anythig about it?

Bank of America (And Its Executives) to be Tried by Jury

In an ominous, one sentence disclosure just filed in Southern District Court of New York, the SEC has advised that it will demand a trial by jury for “all issues so triable

Ofgift