All Forum Posts by: Mary M.

Hi Stan,

She is the selling agent, not the listing agent. I am watching this one to have it accumulate more days on market. Thanks for your advice!

Thanks Steve and J Scott. That confirms what I've learned on my end about the banks.

As far as the dry rot, I am not sure to what extent. I will let you know once I have it checked out.

Thank you both for your advice!

I have an update on this particular property and then 2 separate questions. Thanks for your help!

1)The owner occupant offer was withdrawn because of the results of the inspection. It failed because of dry rot but she was not informed on the extent of the damage. My understanding with typical sellers is that they are required to disclose known defects if an inspection uncovers such items. Is this not the case with REOs?

2) Secondly, I am at the point of considering re-offering on this property. Luckily, their is a built in inspection so regardless of what I find, I have an out, BUT what is the worst possible scenario with dry rot? I am in the Northwest so it is damp but this house is not in a flood area. The home was built in 1930. It has a concrete foundation. I did notice on my first walk through some water near toilet but the flooring was not particularly soft.

I am considering offering 50K on this property that is tax asses at 125K. Current comps are about $100K. I like to buy properties at 65% ARV. This particular one, I would rent out and wait for appreciation (5 yrs). I believe I can rent for at least $750. All other repairs are pretty basic from what I can tell ($3-5K including updating some appliances-I do all the menial stuff like painting, tile, etc). That being the case, I would be reserving around 10k for potential dry rot-can it be even worse? Would love to hear your experiences!

Thanks Steve and Chris for you first hand experience. I think a call to Ft Lewis is a great idea!

Thanks for your incite, Chris!

Thanks everyone. One issue I forgot to mention is that they are relocating from California to Washington, but the husband is then being stationed in Germany for 2 years (leaving the wife and child behind for this time) until he is re-stationed here. If he is out of the country, will it be difficult to speak with his supervisor (I imagine he will be in Germany too)? I am definitely seeing that automatic rent collection is key here.

I am renting out a nice house and there is a couple that has applied-the husband has been in the military for over 15 years. They have pretty bad credit credit (590;620) between them. The wife says that the military does direct deposit into a landlord's account for off-base housing. I have never heard of this. Is this correct?

Thanks for your help!

The bank ended up accepting an owner occupant offer a day before investors were allowed in. On to the next...

Thanks, Steve and James. They denied my 2nd offer at 60K so I think I'll wait to see if it can accumulate more DOM, then revisit this one.

The property has been listed 24 days as of today, but I placed my offer probably on the 21st day. All of your insights are very helpful.

Great to hear from the broker perspective, Joel! It seems like a continual changing game for you guys.