All Forum Posts by: Wei Huang

Btw folks! to provide an update (I had it for awhile just forgot to provide it), the title search came back way too out of hand where there wasn't any room to work around it... verified it with my title search person and closing agent, it was not doable.  Also, PM me if anyone wants to hear a bit more about the story... let me just say make sure you always do your due diligence before you make bold moves! 

Thanks @Chad U. and @Anthony McEvoy, got some verification in progress now. We'll see what we're up against here.

@Anthony McEvoy wow, that's an interesting thought.  I am told the process for foreclosure is much faster now but your point got me thinking a few things: if I walk away from trying to get the property from the seller directly and let the foreclosure process kick in, I wonder if anywhere in that foreclosure process I can place a bid before it goes on market? Sounded like you had a realtor and was looking at the property as "on market" with the short sale in progress. 

Thanks folks for the input!

@Anthony McEvoy I believe the bank is a big bank at first but sold the mortgage to a smaller loan servicing company.  And you're right on, I spoke with my closing agent and that was one of the first things mentioned which is all other possible judgement against her, given her situation.   

@Wayne Brooks and @Minna Reid , that is kind of what I am getting. Short sale is definitely out of the question and I know that was one way to possibly settle for a lower payoff.

Sounds like the verdict is to move on from trying to negotiate with the bank and just see if the numbers makes sense after the payoff and clear title.  Thanks folks!

Hi BP - wanted to hear some thoughts from everyone's creative minds on this: I am in the Richmond VA market and one of my off market leads is a person who is letting a home go into foreclosure. She basically said she would "sell" me the house at cost where she doesn't have to put any more money into it (making any more mortgage payments, closing costs, etc). She already began the default process and haven't paid the last couple mortgage payments. The only thing the seller said she is willing to do is to get on the phone with the bank and authorize me (or just conference call the bank) to discuss loan condition to sell me the house.

Now the loan balance is around 60k and likely plus a couple of penalty charges. Houses in the same condition in the same neighborhood were sold for around 60k and were off market transactions as well, most likely bought by investors. ARV could be in good 100k+ if done right and rent for 1000-1200.

My question is has anyone done this type of negotiation before with the seller's bank?  Is there any incentive for the bank to settle for much less than the balance to transfer title to direct buyer (assuming it costs them certain amount of money to foreclose)?  If so realistically how much less would they settle for?

Definitely open to hear if you have actual experience on negotiating with the seller's mortgage provider/bank as a buyer on a scenario like this. Also, please DO NOT worry about the seller's situation to comment on it; she does NOT care to do anything else, including short sale, other than just letting the house go foreclosed. More curious about what I can/can't do or should/shouldn't do in this scenario.  Any creative minds have done this before?

Welcome @Andria Kobylinski, (although a month late!)  I wanted to jump in and say hi here and also connect/reconnect with few folks who posted here ( @Daniel Harnsberger we should catch up again soon!).

@Andria Kobylinski sounds like you're in a fantastic position being agent while digging into RE for your personal investment. I know you're also in search of contractors and would love to hear who worked out for you and who didn't.  I also have a small network of decent contractors I can share with you (DM for those)!

@Jana Corbitt if we can ever figure out a good time to catch up, happy to share with you of my experience so far. Definitely not as glamours as I was an accidental landlord.  Like Andria, I think you're in an awesome position to start as you're already in the industry.

@Chinmay J. your current post about that tenant is crazy. I am following it to see how it is going to turn out! Definitely would love to catch up in person as well to share our RE experiences. 

See you folks around!

Thanks @Account Closed, thanks for the feedback and I really appreciate your perspective. So you went the other way.  I would say though, I, too, refinished hardwood in my personal residence about a year ago. With children, an active dog, and few moves of the furniture it has nothing like the rental's floor as shown in the pictures. I guess it's all subjective. 

So to provide more insight, I visited onsite throughout tenancy and the floor looked fine. However, I identified these damages during the move out day and it appeared as their movers did not lift up the some of the furniture and simply dragged them across the floor. 

I had one general contractor and two hardwood flooring contractors looked at it and with me just refinished the flooring a year ago they all agreed that the damage is excessive with one year of use.

I would love to hear more perspectives, especially if anybody has dealt with the same situation dealing with security deposit with damaged hardwood floor.

Hello all - I'm reviving this thread with a challenge of security deposit I currently face. Specifically on hardwood floor wear & tear vs. excessive damage.

I just refinished the entire hardwood flooring on my rental a year ago and it was brand new right before the tenants moved in.  Upon their departure there are basically scratches/scuffs and dents in every room after one year living there. Especially bad in the bedrooms. below link is a folder of few pics:

https://drive.google.com/folderview?id=0B9u97uFgHe...

I got some feedback offline from others but would greatly appreciate any thoughts, suggestions, and/or previously experience/consultation with contractors/attorneys from our BP community.

Specifically:

1.) is this considering excessive hardwood floor damage from tenants after one year living?

2.) if so, how would you deal with the security deposit.  Complete hardwood refinish again is $2k+ and the deposit is only $1k+. (or how have you dealt with it in your past experience?)

3.) do I have enough evidence/case to stand on if tenants decide to file legal security deposit lawsuit?

I greatly appreciate any feedback folks!

Welcome to BP @Jason King, and Richmond REI for that matter! Great group of folks here both BP and Richmond. As Shera mentioned, definitely take advantage starting off as an owner-occupant investor to get yourself some good deal. And agree with Dan, make sure you take actions!