All Forum Posts by: Ayaan Aha

I didn't know that the EM is also a major factor for bank to decide. My EMD is only 1% or even less. I have gone through the property it has hardwood floor on the first floor, the kitchen seems to be in much decent shape and It seems like it was upgraded not too long ago. Appliances in the kitchen looked pretty new and in decent condition except for the freezer.

I checked all the cabinets in the kitchen and looked for any leakage signs inside the cabinets everything looked fine. the railing rack needs to be put together or replace it with new one. 

I might have to replace the carpet for second/third floor there were stains. Or Power wash?

there were a few holes in the walls not sure if that can be covered by the painters. Two doors needs to be replaced. 

The washing machine and dryer they looked fine and so did the heater and AC unit. But I did not turn on any of the electronics to see if they were really working fine. Same goes for plumbing issues in bathroom didn't see any signs but there was no water.

I do not see townhomes in this price range and in this kind of condition. The last six month sold price history in the same neighbourhood is as following: (data from MLS)

There was another one that was under contract and just sold for 135K. 

Offcourse the prices reflects the conditions the homes were in. 

So now i am kind of in two minds whether to put an offer without contingencies and take the risk or look for another one, as of now i do not see any properties within my price range and in the condition i want. 

really appreciate your feedback @Wayne Brooks @Ben M. @Matthew Paul @Brandon L. @Rusell Brazil

 I am pre-qualified by my lender for conventional loan. I recently signed an agreement with an and placed an offer on a bank owned property but my agent is unable to get a hold of the listing agent to find out details or anything. I placed two offers on same property but got rejected.My agent is not getting any feedback from the listing agent or the bank to find out the reason. The property is listed for 145K and I have placed an offer of 130K.

The property is in decent condition other than some cosmetic work however I have placed the home inspection contingency not sure if that is an issue or the price? my initial offer was for 120K then 130K and now am like should I even place another offer? 

@Tavisha Grant Thank you so much for your reply. I did asked for a report or any kind of documents from the insurance company who fixed the house but the buyer and the agent seems to be ignoring it. The fact that it is taking too long for them to turn on the utilities makes me believe there is something wrong. The damage was caused by a water pipe burst on the third floor and the water leaked all the way down to the ground floor.

If the current homeowner turns on the utilities, I am going to do a complete mold and all the necessary inspections. I have already spoken with a few home inspection companies just waiting for the current owner to turn on the utilities. Is there any other specific inspection that you want me to look into? 

I have seen the condo, the insurance company had replaced the carpet, the floor and the cabinets in the kitchen and they also painted the house except for the doors I was just curious why not the doors.

@Michael Noto I signed the contract on the 19th dec and the closing was suppose to take place mid Jan.

So here is the situation. The property was water damaged and insurance company fixed everything. The property was listed with an auction broker that would go to auction in mid Jan. However I made an offer and the seller accepted it and we signed the contract but to be on safe side I put a condition for home inspection and If serious issues are found like mold and all I will back out from the deal. The seller accepted it. The agent asked the seller to turn on the electricity and other utilities before I can run home inspection but It is more than a week he has not turned on the utilities yet. I asked the agent he said he is having some issues with title deed. Since then I have not heard back from the agent. 

Honestly I am kind of hesitant investing in this property given this was water damaged and it is on the ground floor (Condo unit). The closing date is in mid January, I thought the seller would push for closing this sooner but may be he is  is looking for another offer (not sure if that is legal while he has signed a contract with me) or he is really having issue  title deed.

Should I contact my agent again and follow up with him or should I just wait until the closing date and simply walk away from the deal. 

I have done my math the property is in good shape and is ready to be rented except for few minor repairs. However my concern is the water damage would that happen again and it is on ground floor like a few steps below the ground. But you get what you pay for... This is the cheapest unit I can find in the area. It is also one bedroom not sure if one bed rooms are considered a good rental property.

Confused would appreciate your suggestions...  

Thanks @Account Closed I checked out the property. The insurance company had replaced the carpet and the tiles in the kitchen including the cabinets. The house was freshly painted and bathroom was redone as well. I put an offer and they accepted it however I put a condition to get the home inspected for any major issues like mold or furnace & etc. let me know if you guys know of any home inspectors in MD area specifically Reisterstown MD. This would be my first investment property kinda nervous but lets hope everything goes smooth. 

So this would be my first investment purchase. The owner of the house has listed the property for sale in auction but however he will accept offers. My concern is the Water damage that was fixed by the Insurance company. Is this something i should be concerned about? The agent said there was water leakage from the second floor and everything was fixed by the insurance company. I will recieve clear title. Do you think my insurance premuim will go higher if I own the property, Not sure how this works. And Is it even worth investing in a water damaged property? 

Hey Zulma, Thank you so much. This was the information i was looking for. Do you mind sharing any good title companies? Any that work in MD area. I have a question when you register at auction.com and if you win the bid and then you backout do you lose the registration money the 2500? Or they will return that back to you. I know if you lose the auction they will return the money. 

Thanks Wayne. your feedback is really appreciated. It helped a lot.  

I am looking at property 8809 Stoneridge Circle 203, Pikesville, MD 21208 listed on Auction.com, Looking at the title information the 2015 taxes are not paid that should be around 2000. about 29,928 HOA lien. 2,1165.65 State lien 6092 bank lien. 23,896 other liens and he had a 210K loan/mortgage.

So my question is if i win a bid. do i have to pay all the liens? The HoA, state and his personal bank liens and what happens to the mortgage? The condo is also occupied I know the process for that but my concern is only about what i would be paying for. 

I'm looking for real estate agents who has expertise in auction or short sale properties am planning to buy townhome or condo for investment in Maryland area.... (columbia, germantown, owings mill or any other area within close range).  

Please contact me.