All Forum Posts by: Andrew Clark

Thanks for the suggestions. I'll be calling the inspector in just a couple minutes for further clarification. I'll post his response.

Thanks!

I purchased a boarded up home for 8K today. I have 65 days until it gets bulldozed by the city.

Details:
SFH
2/1
850 sqft
Cinderblock
Crawl space

I want to get it off the demolition list asap and to do this I need to have it meet minimum housing codes including heating.
I have researched baseboard heat and gas packs but today someone mentioned using window heating units to satisfy the city. I fully plan on putting in an entire HVAC system (have quotes averaging around $4500) but would rather get it off the bulldoze list asap just for piece of mind.
I am in Raleigh, NC. Has anyone used a window heating unit to satisfy SFH heating requirements?

Thanks,

Andrew

Thanks for your response Jon.

I supposed you are right. It just seems as though all the hype of 'First Time Home Buyers' should be rephrased to say, 'First Time Financed Home Buyers.'

Thanks for your input!

Anyone else?

I have bought and sold real estate using partners names but never purchased a personal residence.

I found a great deal on a home and will be paying cash at closing in about 2 weeks. I do not know where to turn for first time home buyer programs/discounts/credits. I will be paying cash for the home - no mortgage. I understand there maybe local historic district credit but I am looking specifically for first time home buyer programs.

Any suggestions? I suppose buying for cash may disclude me from many normal financed first time home buyer programs.

It almost seems as though I am punished for paying cash, when maybe it should be the other way around :idea:

Thanks for your help!

Andrew

Hi Brandi,

I do want to stay in Raleigh/Durham. I've had some deals outside of the area and travel time became an issue.

Thanks,

Andrew

Jon, 2 homes around 2.5MM have sold in the last 6 months. Not a huge buyers market :). There are another 42 for sale at 2.5MM and up.

It does come with 15 acres of relatively desired land. This zip code has been cranking out high priced home over the last couple years. But you are 100% right, I still don't see how this package was EVER valued at 12MM. It's interesting.

Let me clear the air. I stand to gain nothing if anyone buys this home. I do not know the listing agent. This is not an advertisement. This is for amusement.

This home is fascinating to me.

LP: $3MM
Tax Value: $12.6MM
18,000 sqft

Link to the home: http://tra.mlxtempo.com/Pub/EmailView.asp?r=1869051963&s=TRA&t=TRA

Looking forward to your responses.

-Andrew

I work as the REO Asset Coordinator for a listing agent in Raleigh, NC. When a property does not sell and gets moved to an auction house, we are still responsible for it. We maintain the lawn, complete refresh cleans once a month, property checks once a week and this time of year we winterize. Even though you are buying it through an auction, if the listing agent is still getting commission he/she may very well be responsible for getting it winterized and submitting for reimbursement to the seller. You do not own it yet. The seller does. It is generally the sellers responsibility to maintain until it's yours.

That being said, the advice above is important. In the end if the seller/agent does do anything you may want to take it into your own hands and do it yourself.

I would contact the listing agent to find out if they have already done it... if they have you'll see notices placed all over the house confirming the completion ie: toilets, hot water heater, sinks, commodes, w/d hook up...

Good luck!

Tons of great information as usual. Thanks BP'ers!

I think my best bet is to go with the local guy - accurate, daily updates. Doesn't get any better than that.

Thanks again!

Thanks for the information!

Chris - My plan is to direct mail to the NOD list for short sale opportunities. I am looking for the name, address and value of the mortgage in default. The other information, while it is important, is not needed for my mailer. I can get whatever information I need later down the road.

With this in mind, do you think foreclosure.com is just as efficient as the local guy. I am not opposed to using the local guy, I am more interested in best bang for my buck. It looks as though the foreclosures.com site will do the trick but the recency leaves a bit to be desired. The local guy updates daily.

Thanks again!