All Forum Posts by: Casey Beaulieu

Early 2012

Found a home that met my needs (ranch, 3/2 2car garage).

Public records showed it tanking from 78,000 to 37,500 over the course of a year and a half.

I had been saving money for a home, and had around 45000 saved up (22 years old). I figured at that price, even needing something major, I could make it work. Got it under contract, and when power was on only the foyer and outside light would come on. Went into attic, and  saw that all wires from breaker panel had been snipped, as well as traced and snipped where they go down into the walls. Called and got some quotes, of around 10,000 to rewire home. This seemed high to me. Purchased the home, and found a person who wires new construction homes (and was out of work) on craigslist. He wired the house back to code in less than a week, for $4xx.00 and I purchased about $500 in materials. Major score. I wasnt working a 9-5 at the time, but flipping autos for income.  I painted everything head to toe, updated to all new fixtures, door handles, f/r door, redid bathrooms, and other DIY type things. 

I have lived in this house since, only paying utilities, split with the SO. Its been almost 4 years, and the value is now 100-115.  I have invested a total of 55,000. This home will be a rental in a few years when I move or upgrade, im looking forward to the cash flow (comps rent for 950-1100 in the neighborhood)

I have amassed a decent amount of savings without having a mortgage (50 ish) and now can utilize the equity I have.  I am slowly going to start looking into another project to utilize as a rental. 

Just wanted to share!

Looking at a property offered by Re/Max Advantage, stated in the ad that it is a Fannie Mae property.

I did a quick recon since its in my area.  The home has noticeable mold, damp (at least) carpet, and then normal foreclosure issues (builders grade fixtures, built in 87 and never updated).  Black mold on walls, some noticeable water warped walls.  

I did a quick search, and saw that if its "dangerous" you can negotiate to have these items fixed at owners expense (if its considered to be something that would have to be done before the next buyer). I think these issues are keeping buyers away, possibly not knowing that a fix could be negotiated into price.

Few questions:

Can this negotiation only be done while under contract?

Will Fannie Mae only fix then sell, or will they just get a quote, and negotiate that from the price? 

Is there a better way to go about it than having a mold remediation company provide a quote, and giving that to the real estate agent? 

Has anyone had a similar experience? I'm wondering how frustrating it would be trying to get this to work.

This home would "work" for me if I can get away with flooring/paint/regular renovation stuff but mold (for the price) isnt worth it.