All Forum Posts by: Mike G.

Well, luckily no investor got sucked into it at the wholesaler's price.

The bank is hesitant because they valued the garage at $0? Unless it was completely dilapidated and you were going to have to tear it down anyway, that seems a bit silly.

I mean, just the fact that someone burned it down adds enough worry to the situation that they should be happy to lower the price.

I have granite tiles in my kitchen, and I wish I had slab granite. Every time we rehab a property, I look enviously at the nice smooth granite counters... I'll have to replace mine at some point... :)

Tammy, you say the market value of the house is about $200,000. Subtract from that the money you spent already. Subtract from that the cost of any additional work you'd have to do to the house (if any). Subtract from that any other fees that may be outstanding (for example, back taxes owed). The resulting number would be the most you should offer the bank, in my opinion - unless you REALLY like the house and are willing to pay over the market value for it.

Simple answer, yes. In my opinion, if you are doing anything contractual for the first time, have an attorney check it out, preferably one with specific experience in that type of thing.

My concern would be a liability issue for the neighbor's structure. Clearly, the bank still owns the property so they should be liable, but... Personally, I'd want to have some legalese in the contract saying the bank indemnifies me, or whatever the appropriate legal term is.

The other concern is - why did the garage catch fire?? Was a transient living in there? Was there faulty wiring? You want to make sure that whatever happened there doesn't happen in the house.

If you really like the house and want to keep it, do you have enough cash to make an offer to BofA? At this point, they might be willing to take significantly less than what is owed to them.

For me, I currently spend most of my time here in the Forums. It's not that I have no interest in the Blogs or Articles, it's mostly because when I go to the Dashboard, the latest Forum posts are presented to me, so that's what I click on.

I do tend to check out the blogs and articles more when I get the emails that link to them.

Thanks for the first-hand insight, Lee. I appreciate it!

I'm envious, Rich! I love going to new places. I've only been to 23 states and 9 countries, but I'm definitely going to grow both of those numbers. Have a great year completing your travel goals!