All Forum Posts by: Mark Davis

We are in the midst of negotiation on a house we have in Pottstown PA.

We started at 215K  there was limited interest

dropped to 205K  there was much more interest.

buyer offered 215 with seller assist of 10K (to cover closing)    so, 205 to us

it is va so no real money down on their part

house appraised at 200K (va appraisal (.. realtor is working on getting that bumped up))

lender is balking saying max loan would be 200K

we don't really want to go that low and certainly not with a buyer assist

it has been suggested that WE, the seller get a 2nd position lien to cover the difference and help buyer with the closing.

it was suggested that 10K-12K 2nd position lien to us is something to do

so, questions

1. is this difficult to write?

2. is this difficult to service ... set up payments, tax docs, track amortization

3. if they dont pay us, foreclose?   if it goes thru, do we get the house and assume the existing mortgage

4. if they dont pay the main mortgage, how do we get paid?

5 what would an appropriate percentage and term be

We use RentRedi, paypal and CashApp

the house is "cleaned out"   i took some video and will drop some stills in

ok, when i say cat infested...     15 months ago the tenant was evicted.  part of the eviction was that the cats were removed....

on day 1 they removed 43 cats... they saw a couple more, so left traps to catch them.

the next day.. they removed 42 MORE cats!!!  

https://philadelphia.cbslocal....

anyway.  this is in Phoenixville, PA

we have purchased the house at an extreme discount...    I have heard it said that cat pee is the smell of money...    any advice on removing the cat smell.  it is extremely pervasive.   we are looking at doing a complete demo ... all walls, floors, appliances, everything.

it is 750 sqr feet    (small)   bottom floor is living room, dining room, kitchen..   2nd floor is 2 small bedrooms.

any ball parks for what a demo job should cost?

TIA

Mark

@Joseph Leofsky thank you so much for the advice. 

And the nuance of paying vs collecting 

There are numerous standard PA lease agreements. Is there anything special I should make sure is included. 

My brother and i purchased a house at a judicial sale in Chester County.

the house has 3 units in it.   we had visited the house several times prior to the sale, knocking on the doors with no response.

after the sale, i visited it a couple more times, we did not change any locks yet because the house was secure and appeared in good shape.

much to our surprise, this weekend, while we were getting ready to change the locks, a spry but elderly gentleman presented himself and asked what we were doing...  turns out he was a tenant of 11 years in one of the units!..   he invited us in and it turns out that he kept a very clean place no big issues.

now, while we did intend to rent the units...   we did not anticipate doing so so quickly.

this is in Coatesville pa...  Chester County

any suggestions on 

1. a lease template

2. getting a "landlord license" for Coatesville... i believe one is required.

3. collecting rents/transfer of lease

4. any other pitfalls that we may not even know we don't know

TIA

mark

not the escrow ... the county ..  the tax office prepared it and the recorder recorded it.

this was a tax sale, the paperwork they had us fill out at purchase was filled by hand.

the name was written and *could* have been interpreted as a u...

i noticed it right away and told the recorder of deeds... they said, we just record it.  i talked to the tax office, they said "thats why we tell the people filling out the form to be legible"...

they said i would have to do a correction deed, the fees associated with that are 250-300  and we have 2 deeds with the same problem (from the same purchase)

the name should have been Avra...   they spelled it Aura...

it is going to be a PITA to change it (the deed) in the time frame we need... as well as cost 5-600 for fees.   for something that isnt our fault.

questions is...

can we get a DBA as Aura? and leave the deed as is.

it would just be for the 2 properties recorded this way...   (we will be more specific on future ones.)

@Josh Caldwell, thanks!

i will see if any pop up that are more local

hi,  we are located in SE PA.   near West Chester.

any reccomendations for Real Estate Attorney?

thanks

mark