All Forum Posts by: Chad Bauer

Thanks Scott, I have a home inspector lined up along with my normal contractors to go through the property during my inspection period, assuming we come to terms on price. And yes it is a two story.

Mark,
I have pulled title and know that they refi'd the property in 08 with 2 mortgages that are just over 130k total. I'm sure they haven't paid much down in just 3yrs so the bank is already taking a decent hit at their 85k counter. I'll keep working them on that side to see how close i can get to my number.

Ed,
Thanks for the info. Quick question, have you played the lotto lately? With that kind of luck I'd be all over it!!

So what I'm taking from this is, I need to factor in the foundation problems into the ARV and adjust it down to help with the appeal. But first I'm going to check with my contractor and make sure his foundation guy is not only reputable but will warranty the work and transfer to the buyer.

i submitted my offer, the bank did their due dilligence and has countered. I'm currently working with them to get them closer to my number. since i've submitted a contract to purchase and they're working with me on said contract to purchase, i used the term "under contract"

I have a short sale under contract and currently working with the bank to reach an agreeable price (I'm at 60k & they're at 85,601.12, seriously they put the 12 cents). The house has a ton of potential, needs about 50k in repairs with an ARV of about 220k. As stated in the title the repair that concerns me is a large horizontal crack in foundation wall. My main contractor says because of the location this can be fixed and shouldn't be a problem. My concern is getting into this and uncovering some much larger (and expensive problem) or running into a problem at re-sell?

I can provide more detail if necessary but I'm looking for someone with some knowledge to advise. Much appreciated.