All Forum Posts by: Rob Ratch

Thanks for the clarification!

I'm looking at a few lots in a county repository. Once they go into this repository, they are supposed to be free and clear of all liens, but in researching them, the HOA has told me there are 3 years of dues owed on the lots. The dues on the lots add up to more than the purchase price.

So my question is, how can the HOA still have a claim to the property, but the original lender's claim can be wiped?

I'm not sure this is an actual HOA... They call it a country club, and charge annual dues on improved and unimproved lots.

Thanks for the warm welcome.

Steve, it is not in Parkesburg, and the bank is a national chain.
I'll give you a call tomorrow or friday at the number in your signature if you're interested.
I'm pretty confident someone's going to lose their shirt on this place, be it the bank or a buyer. I'd rather it be the bank that can usually survive the hit...
Jon H., great advice and perspective, thank you!

FinanceExaminer, that's a good idea. I had figured with such a low offer, I'd be better served to send in an explanation/justification with it.
The listing agent hasn't returned my call, going on almost a week now. I have a realtor, but I think she said she's bogged down with tax-credit closings.

That's what I figured.

The house is just short of being condemned. It's potentially structurally unstable and loaded with mold. The list of rehab it needs could go on and on, and after that, it's still poorly constructed and was never approved for occupancy by the township. My contractor said it's a knockdown, and my realtor said no way we could build in it's place for less than $300k (although I found builders for less).
The homeowner also poured a cement floor and built a garage over the septic system to hide it, so that was estimated to be around $50k to correct, assuming the land perc's and a system is approved.

As an investment, I wouldn't even look twice at this, but for a homesite, I was really into it. No one has been able to tell me if it's worth the effort to submit an offer like that, and my realtor agreed it was barely worth that, so I'm glad I found a forum with experienced folks to ask.

Thanks for the insight, I'll walk away from this one.

Hi, I'm a new member from NY, currently relocating.

I attempted to get into RE investing years ago, but couldn't make it happen from where we were.

I'm looking for a home to move my family into now, and am seriously considering buying an apartment building or two that are being offered as positive cash-flow properties at a cash-affordable price.

So, just stumbled across the site while looking for info on how to negotiate with a bank for an REO, and to research the intelligent way to invest in apartment buildings.

Hi all,

I'm relocating and looking for a house to live in, not necessarily invest in, although I have some RE investment questions I'll ask in other forums if I don't find the answers with some searching...

I found a REO property I really want as a home. The house is large and by it's surface specs, already underpriced.
However, the structure has never had a CO or U&O, it has significant construction flaws, including what appears to be a garage built over the un-approved septic system. No septic permits, either.

The bank listed the property in the low $300's. The peak value on Zillow was around $550k, comps are in the $300-400's. The bank has owned it almost a year and a half, unsuccessfully auctioned it twice, and lowered the listing price 3 times.

In light of the problems, is it ludicrous to consider offering $50k for the property? I'd pay that in cash through family gifts.
Assuming I find a lender (which I'd do before making an offer), I'd use a conventional mortgage to demo the house and build a new house.
I've found a few builders that are willing to give me very good deals (thank the economy).
I'm not attached to the property and can walk away, but if this could come together, it would be the best home I could find in the area.

As people that deal with banks and REO's, what are your opinions?