All Forum Posts by: Dennis Weber

@Jay Hinrichs

 Okay, saying "my attorney" was lazy and misleading.  He is an acquaintance who is an RE attorney that I will happen to run into on Tuesday :)  May cost me a beer.

I will be talking to my attorney on Tuesday.

Good advice @Matthew Schroeder.  Especially about them dealing with me or somebody else about the mold and telling them to disclose in the relist.  I think my terms will be for them to remediate the problem or I walk.  I was thinking that since they have spent so much time that I may have an opportunity that I didn't see.  You've shown it to me..

Thanks

Thanks @Bob B.

Appreciate your response @Lisa Kohl

I won a 4 Bed 21/2 Bath House in Indianapolis on Auction.com on March 20th. It was a foreclosure from Bank Of America. The first communication was that closing would be Apr 9th then after contract signed closing was going to be Apr 20th. Then an extension was signed until Apr 27th because title company was waiting on estoppel from HOA. No communication from company until I called the title company last week on Wed and was told only waiting for BoA to sign off on a $50 code violation (abandoned car) and they should be receiving that back that day or Thurs. No word. I called yesterday (Wed.) to auction.com. They transferred me to an answering machine.

But here's the problem.  I did know of some water damage at the time I bought it.  Took photos.  I went by the house today and looked through the windows and where some walls were white  and no water damage obvious on Mar 21st, they are 1/4 covered with mold now.  The sheet rock that did have damage doesn't look like any obvious mold.  Probably because they are getting air.

Since extension ran out, I assume I can pull out and get my earnest money back.  Would I also get what I have already paid for title service and recording?

Now it as-is but I bought as-was.  Could I successfully renegotiate to have them do the mold remediation and to have certified?  I know, it's BoA.

Anything else I can do?  Any creative ideas?  I really wanted this property but I can walk away.

Thanks BPers

Residential?  Not a lot of homes around there.  Methodist took them all years ago. There are no houses from just north of 21st.  I worked there for 41 years.  You would think a lot of eateries  could stay in business around there with thousands of employees at the hospital.  But there is a decent cafeteria in the hospital and employees don't have time to eat out (30 mins).  The hospital has always been pinned in by the interstate to the west. Don't know where the new building is going yet.  A couple of years ago they were going to build an ICU tower on the SW corner of 18th and Capitol but put it on hold after ACA.  So, are they going to build on the  Eastside of Capitol?  I would be willing to bet they are going to build on the SW corner of 16th and expand to Illinois St.  They already acquired land recently and took out the fire station there for an admin building which was never built. 

Okay, those are rambling thoughts but I'll bet there will be more opportunities around University Hospital and sooner since they will be closing those doors first.   Maybe build some multis for students.

Even though I have this strong feeling that you have already purchased this property, I would recommend seeing what @Ryan Mullin thinks.  He seems to know every crack in the streets on the Eastside,  oh Padawan.

@Justin Owens 

I had a rental in Indianapolis I had to replace both in.  I lived in the house for 20 years with no problems at all until I started renting it.  The tenants didn't cause any problems, they were just old (not the tenants).  With that said , I would not buy a property if I could not find the age of the systems. If either is older than 8 years old I would say no.  Also, you have to make sure you have enough land if you have to replace the septic.  You can't run the new septic near the old one.

Another problem with wells is the hard water and iron content necessitating a water softener.

But, fortunately, you can take them as a business expense on your taxes.

@Westin Hudnall 

If you are asking how much concrete you need then it is the formula I gave you.  If you are  trying to figure out how much square foot you have then it's length x width.