All Forum Posts by: Paul Stewart

@Christopher Phillips ok got it! Thanks so much I understand now. 

@Christopher Phillips Thanks Chris!

 So The bank is the one who has brought up Escrow for Repairs. For me to close on the house with the cash I have I need the repairs to be fixed. I could fix them myself but with this property the Taxes are very high I know when I grieve them they will go drop extremely but because I have to pay the Taxes in closing it takes away some of my money I would have used for repairs and kind of disrupts the math on the property. Let me ask you this the Repairs are being take out of the sale price of them home correct? So its not a additional amount I have to pay. It is X amount taken out of the sale price to pay for the repairs correct? 

Hey 

So I have been in negotiations on a foreclosure property. The property needs about 10k in repairs in the property. The price they are asking for I believe in my opinion is the ARV price. The Bank is offering a sellers escrow for repairs to maintain there asking price. All the damage in the property is cosmetic. I'm waiting to hear back from the bank on what the repairs consist of. My question is how does a sellers escrow for repairs work? Has anyone done a deal like this with a REO property? I googled it and got a basis of what it means but want to get a more in depth answer and a step by step of how that process works. Thanks in advance for any help that's sent my way.

@Chris Miller  Almost all the Condo's in AC do not allow Airbnb. I almost found this out the hard way. 

@Theresa Kennedy

See I agree with that and can understand it more for a owner selling but a bank using that kind of thinking makes no sense to me being the more REO properties a bank sits on the less lending options the banks have it causes issues for the bank getting their lending as all banks just get lending from bigger banks. I'm aware of all the good development the new casino's, Stockton, the tech company the Tenseness ave re development, the supposed re development of ducktown etc etc but there is no factual comps to support a real estate boom higher then 10%, overall home sales in the country are still down and there has not been much of a kick up in sales in Atlantic county. I can't imagine banks are gonna start guesstimating markets to make a extra 20k on a property that they have to up keep and pay taxes on. It makes no business sense as banks are bank not real estate investors... Thanks for the reply! Love to hear everyone's thoughts

So I must have the worst luck with searching for properties in Atlantic City. I have been looking for a SFU for 6 months have put multiple offers in and even had a short sale go side ways on me and I have been in at least 60 properties by now. I watch the market daily on what is being sold in what area and at what price and what kind of sale it was. I watch people buy homes 50k under asking price but I have made similar offers and seem to strike out 1 after another. I have dealt with some shady selling agents and my agent who was a bit unexpired (currently working with new agent). I have missed properties by my offer not getting submitted fast enough even with me having the higher offer. Overall it seems like a lot of bad luck...how much longer can this go on before I hit a home run right? My primary use for this property is as a buy and hold property that I will use for a few years as a vacation home and will Airbnb it out when i'm not using it. I obviously only want to buy a property in a "good" area in AC ( not many to choose from ) and a property that I have at least 20% equity in. It seems like I might have missed the boat or maybe not... There are still properties but I see so many REO properties completely over priced and have had offers turned away on properties that have been on the market for over 90 days and the listing price does not reflect a single comp in the area. I'm starting to lose my patience especially when I make a fair offer on a house that the offer is supported by half a dozen comps but yet the bank won't budge but then I'll see a better property that was listed for more that sold for half the price...Maybe this is some real bad luck here I do not know. I'm in AC every month and over the last 10 years have got to know AC as good as most locals, Its not like I do not understand the market in the AC area. Well this is really just a post for me to vent but anyone with a thought is welcome to post. Thanks for reading...

The Atlantic City market has got crazy the last few months. I have been in several bidding wars on properties that were on the market for over 150 days that now are in high demand. Still some deals out there but there are slim and people seem to gobble them up fast... It has been a feeding frenzy 

@Kurt Kwart So I have been striking out on multiple offers. Currently have a offer in on a foreclosure. I will have a conventional loan on the property  and will be on paper used as a second residence. I do not plan on renting it out full time. Maybe airbnb or summer rental type of deal. Would I have to get a CO for that??  Would I be listed as the occupant in that case? No one has mentioned this to me real estate agent, Lawyer or Lender and have not seen much about that in any of the real estate books I have been reading. 

Do you have to have this done in AC if you are buying a single family home??

@Chrissy Ertz @Vaughn Smith That AC market is drying up fast. I have been looking since December. Finally just found something that will work for me. The deal braker in AC is the flood insurance on some homes destroys any possibility of cash flow Still a lot of condo's for good sales or Auction property if you have all cash