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All Forum Posts by: Marvin Valencourt

Marvin Valencourt has started 1 posts and replied 37 times.

Some states also have a disclosure form or letter that is signed at closing... you may want to review the closing papers and see if the buyer signed anything to the effect that all known defects were corrected or the like.... send them a copy of you find it, and I'd send a copy to the agent as weel so they can sure for their $2500 back if they like.

Just my opinion but a $100 consultation fee to a local RE attorney may be worthwhile in this situation.

Post: Negotiating REO Properties

Marvin ValencourtPosted
  • Posts 38
  • Votes 2

I just wrote the contract contingent upon satisfactory inspection results. The power/water was on if I recall.... that may vary according to the bank/institution that's holding it.

Welcome.

I like the blog, being a new landlord I've got a feeling I'm going to learn something reading it.

Post: Government and your phone records

Marvin ValencourtPosted
  • Posts 38
  • Votes 2
Originally posted by "Maleena":
...I think that they'll get tired of it pretty soon, and leave us alone again.

I disagree with you there. Governments never give up a power once they've gotten the ability to exercise it. If the monitoring (and any other erosion of civil liberties) is allowed to continue it'll quickly become a fact of life to all and accepted as "normal". Historically, government does not shrink unless the citizens "take up arms" and change it, left to their own devices politicians will only maintain status quo or change things incrementally. Just like seat belts (who's had a ticket this week?), helment laws, speed limits, and all the other things you can think of one government or another has instituted to "protect" us from ourselves - and others - electronic eavesdropping will be here to stay.

Somewhere George Orwell is pumping his fist and saying "I told you so!"

Post: Got land, now what???

Marvin ValencourtPosted
  • Posts 38
  • Votes 2

A couple of critical questions I'd research at the town offices:

1. Are city utilities installed/available? If they're not what will it cost to get them there, impact fees? It might be moot but if you have to use a septic system it's probably not buildable.

2. Are there set back lines or easements, public or otherwise. I have a 65x110 lot that has 25 foot setbacks on 2 sides for the roadways. Makes it diffcult to choose a home plan if nothing else.

First, let me say I wish I'd been smart enough to listen to my old man and "start out" when I was your age.

As to your question, no, the loan officers probably aren't really going to like you if you have no assets (job, credit score, collateral, cosigner are assets). Don't take it personal though, it's their job to make sure they lend money to those who will pay it back. Essentially it boils down to credit is only easy to get if you don't need it. Just because you're a risk doesn't mean it won't happen though, the key to getting where you want to be is to keep trying.

If I had it to do over again I'd look to find the best available job (even if you're in college) and move into everything I bought until I was 25 or so. Owner/occupant loans are easier to get and there are many programs for the "first time buyer". Try to avoid mortgages that require you to stay as the owner occupant for more than a couple of years. When the numbers work to turn the current place into a rental it's time to move on. As you develop assets (starts with that job and first house/condo/townhouse...) then you can branch out into other "methods". This means something of a nomadic lifestyle but if you're anything like most of the young adults I've met (and once was) that shouldn't be a big deal being as you probably can move everything you own in your car so moving every year or so isn't a big deal. ;)

Considering the conditions most teenagers will tolerate and depending on your construction skill levels you might want to be on the lookout for a rehab deal. Living in a construction mess is a lot easier when you're younger. Consider volunteering with Habitat for Humanity if you lack construction knowledge, you can pick up a lot from some of the guys that work on those homes.

Post: REO pricing question

Marvin ValencourtPosted
  • Posts 38
  • Votes 2

Like I said in another thread, my experience buying a REO is they're much like buying from any other source except they're truly as-is and the bank will make you sign many legal documents and forms attesting to the fact that you accept that. Their asking price was negotiable to some extent and was below market but not by the kind of margin a $1000 price would be. Do your homework and you may want to think about using a realtor that's done a few and that you trust for your first transaction if you're all that worried.

Post: Negotiating REO Properties

Marvin ValencourtPosted
  • Posts 38
  • Votes 2
Originally posted by "ProHabber":
.... take it AS-IS or go away.

Very accurate description of the "attitude" I got from them. Be prepared to sign many documents saying that you take it as-is in different ways.

Post: Negotiating REO Properties

Marvin ValencourtPosted
  • Posts 38
  • Votes 2

I'd say they're flexible like any seller, especially if it's already listed with an agent and in MLS. This may not apply to all situations but when I bought a primary residence 5 years ago as a REO from a finance company they actually lowered the asking price before I even made a written offer. It was listed in the MLS at 96k and when my agent contacted the listing agent they'd lowered it to 91k. I offered $86k and it was accepted. All before the sign went on the lawn.

Based on the subsequent confusion in closing the deal it could be this company or agent just didn't do a lot of REO sales and didn't know the market well or had a new guy handling it........

Post: First Forclosure Auction

Marvin ValencourtPosted
  • Posts 38
  • Votes 2

Sounds as if you may have some competition....One other thing I haven't tried but occurs to me, get the name and contact info of the lenders representative, they're identified at the sale here in FL by being given the first bid. Call just after the deadline for payment (if it's not immediate) just to confirm that payment was made, if not get on the phone with the lender rep and see if they'll take your "backup bid" rather than going though the sale process again.