All Forum Posts by: Ren Ver

EEK. I would not consider an investment property without a decomissioned oil tank IN PLACE prior to contract being written. Too many unknowns

Hi, SO many homeowners are in this position due to market conditions, not irresponsibility. First, if you can afford to wait the market out and eat the 100-150 a month differential. DO THAT.
If the negetive cash flow each month is killing you and you want to refinance, you should know that a fee appraisel is not the same as a purchase appraisel. The banks are even much more conservative on a fee appraisel (refi) TRUE. ....
I would not even consider trying refinancing. As I understand your posting, you do not live in the home now, so for purposes of refi it is considered an investment, and the rate/ratios/qualifications will be much different. . The declining market in your neighborhood will greatly influence the appraisel and from what you posted it sounds like the declining prices are influenced by shortsales and REO properties. This is very common for 0 down FHA buyers in neighborhoods built (2000) forward. (at least where I live)
From a basic real estate standpoint, you are in a short sale position right now.

I agree with Brian. Building depts are desperate for funds since new construction permitting is in the pitts. No inspector will make a compromise !! What they will have you do is retrofit the addition to current building code/ 2012. This includes all facits of the addition, from footings/framing/electrical etc. THis means a new permit for the old addition. It does not matter if you were not the "person" that did the addition or not. Once you get the drywall OFF, and IF your framing/electrical is up to code, AND you have a permit in place, they will reinspect and hopefully you will pass 2012 code.
It may not be cost effective to do all this and your profit will be affected, but might be best to take the addition OFF, then move forward with your rehab.
Tough deal.

Hi WIll,
Sorry if you misunderstood my inference of being a first time investor. Not specific to you--only commentary. I am a beginning investor, I have only been in this industry for 27 years and always still learning !! Good information on the site.

This sounds like a trustee sale purchase at the court house?? Am I right? If the occupant is the homeowner and you purchased the property at a trustee sale, homeowner can file for bancruptcy THE MORNING OF the sale and delay the sale another 45 days. If you paid $$, thinking the house was yours, you will get it mailed back to you thru the trustee system.
Trustee sales are very tricky. Not for the amateur investor. Not only can they file once for bancruptcy status the morning of the sale,---they can file TWICE, to delay the sale. It is not necessary to use an attorney, and there are agencies that specialize in this type of delay tactic.