All Forum Posts by: Ana Nomys

Effective October 7, 2014, Fannie Mae is retiring the HomePath Mortgage (HPM) and HomePath Renovation Mortgage (HPRM) products.

@Timothy J. 

You said "The township says that before the home was bank owned it wasn't  condemned."

I am a little confused. Is the home condemned now? 

If not just get a renovation plan together with your construction team and go to the Building Dept. in the town the house is in and tell the building/code official of your desire to renovate the home to a safe and livable condition and obtain the building permit applications to start the project once you close.

Fannie Mae for me has allowed 7 day inspections although they have never renegotiated a price. I have to decide after the inspection if i want to buy at the price i originally offered fannie mae and they accepted or I walk. 

As far as the open sewer permit application again get a abandonment permit application for the septic and get a price from a reliable firm. 

If you have the proper applications filled out by qualified persons their should be very little to be worried about. Just make sure the property is not in a location that is needed for things like flood control and such where condemnation for eminent domain is possible (EX: flood zone projects) 

@Tom McGrail  I agree with @Wayne Brooks 

 There are now many "programs" being offered to purchase foreclosures, reo's and short sales that include fixed rates. 

@Hasan Hamdan 

Have the same interests in properties........ Best of luck and feel free to pm me anytime.

Thanks ALL for your input and if there are any others that wish to put there .02 cents in great. I have investors flush with cash and crews ready to move on Rehabs to flip but if there is no one to sell to because of the downturn and job loss should I just head back North and not waste my time for now. 

Hello South Jersey-ans,

I am one that believes in one persons loss is an others gain (NOT BEING MEAN HERE BUT REALISTIC) 

Is there now an opportunity to buy low now and sell high later now? I have heard the chatter all the way up to Southern Ocean County about the job losses caused by the 2 casinos closing in a couple days in Atlantic City NJ and maybe another one in a couple months as my friends whom are B & H ers (and bought to high) have tenants that rely on the casino industry and they were just notified by there tenants they may be forced to leave. This is is an area that was also impacted by Hurricane Sandy. 

I have many NY investors that are looking for oceanfront and bayfront properties. Their is definitely going to be a ripple effect and many more than the 5K are going to be displaced at some point. When is the right time to buy? Should I wait a little longer till the real impact is felt or do I start to market my "We buy houses now" without really knowing how low prices might go(and will in my opinion). 

Any feed back from South Jersey ans would be appreciated... 

As @Wayne Brooks noted there are said documents like the "Arms Length Agreement" that you will often have to sign. I carefully want to say often. I have seen some lenders lately not have such an agreement in closing packages but those are from lenders that have no plans of selling your loan and are keeping it in house. Checking out the "RESPA" rules it apears to be a gray area. Gray enough in my opinion only not to chance it. But of course you should seek professional legal advice on this...

Unique situation. I just received a little windfall of about 20k. Normally I would reach out to one of the investors I have partnered with in the past and do a deal. The investors I use are part of a niche group of professionals that just want to hand out money and get returns but offer no sweat equity or assistance what so ever beyond a check book. I am not complaining but I would really like to partner with an other REI that is willing to put in a little time and effort on a property with me and form a true REI relationship that is willing to do flipping with a grand plan of flipping at least until a small apartment building with 10-20 doors is acquired that is throwing some good passive returns (good is subjective so share in your thoughts on what good is in NJ). If we go beyond that awesome. I know the NJ markets very well and have had great success in flipping and SFH / small mixed B&H stuff in the past but feel NJ offers great flip opportunities to move up the ladder. If I had to travel to a neighboring state to acquire Bigger units I might entertain the idea as long as I have a working partner. Is this possible? Please share your thoughts.

Ken,

Could you please describe the type of repair work needed? Is this a property mgmt. like kind opportunity or are you seeking a flip renovator...

Thanks

I have dealt with this many times...  I have had a number of tanks removed to which the soil was contaminated and one where I purchased a home next to a tank that leaked and spread to my property.  If there is truly a contamination and it was found by a legit firm it is registered with the state. As noted in a prior post until real good soil testing is done there is little anyone can do re the cost guesstimate at best. Even after the soil testing is done the contamination can be leaching well beyond the tank site. That said all of my tanks I have removed because of leaking was resolved by soil removal only. On the other hand my neighbor is still perking the soil and groundwater 3 years later. He claimed bankruptcy and his insurance co is handling the contamination as he exceeded his coverage limit.