All Forum Posts by: Samantha Hiscock

 I'm not sure this is accurate information, atleast not in Vermont where I own property. 4 years ago my property flooded and my tenants were displaced for 12 days, I consulted both a lawyer and the folks doing the disaster relief and they agreed that I was in no way responsible for the cost of putting them up in a hotel. 2 weeks ago there was another significant flood event and my tenants were again displaced. At no point was it requested/demanded by the housing authority or the tenant to cover the cost of their temporary relocation. My only obligation to them was to get my property back in working order and be deemed habitable by the local fire marshal. 

FHA guidelines say you must occupy the property within 60 days of purchase, which should give you ample time to repair/replace the necessary mechanical systems to make the house habitable.

I read half of your post and was frantically trying to figure out where the hell an air base would be in Rutland before I realized there was a prison of the same name! I imagine this Mike guy truly has her convinced hes in the military and not in jail. The level of intelligence in that town seems significantly lower than the remainder of the state. I couldn't imagine having tenants there, you're much braver than I!

We purchased a foreclosure last winter and had the same issue. There were broken pipes throughout the house. There was a 50k spread in LTV on a 200k purchase in its "uninhabitable" state. They refused to finance because of the pipes. We wanted the house so we agreed to make the plumbing repairs necessary to do a pressure test. We knew, and signed a statement declaring, that we didn't own the house and were making the repairs knowing that if the sale fell through we would not be compensated for the work done. We paid about $900 and took the risk knowing our credit was excellent and the appraisal would come back fine.

It did take alot of back and forth with the assest manager,  but its worth trying. You'll put in some cash with no guarantee, but if you are confident the loan will be approved you shouldn't be hesitant to do what it takes to close. 

There doesn't seem to be much turnout for these meetings, and it seems that they aren't properly advertised. So, tomorrow Thursday June 24th at 7pm the Champlain Valley REIA will be meeting at the Dennys in South Burlington, Vermont. It would be great to meet some new folks.

Michael, this Thursday night the Champlain Valley REIA will be meeting at Dennys in South Burlington at 7pm. Hopefully you can make it.

(Sorry, my phone wont let me tag you!)

Hi Brenda.  

There was a group that met tonight in Waterbury at the Best Western. I missed the meeting (tonight was their first) but my understanding is that they are planning on meeting the first Tuesday of each month. There is also a group (Champlain Valley REIA) that meets monthly at Dennys in South Burlington.

I typically go back at least 40 years or 3 transfers, which ever is longer. Around here it is common to hold a property for 20+ years, so I will still go back and verify there isn't anything wonky going on. If something seems amiss I will continue to dig, as the process does not take long. 

I did a preliminary title search on a property where it was quit claimed back and forth between family members every 3 years for the last 30 years or so, but had been in the same family for about 50 years. I went back longer just to make sure there was a legit warranty deed in there somewhere.  

Jay, it was good to meet you too! I will do my best to continue.  The May meeting may be difficult with a tiny new baby, and in June my husband will be gone.  Hopefully others are able to continue to attend as well. 

We used them for the purchase of our primary residence 2 years ago, and are currently refinancing a different property with them. The appeal for us was their portal where you can just upload documents and don't really need to talk to anyone. We have found the rates to be competitive, and alot of the fees with the current loan were waived due to being a repeat customer. Our experience was good, we certainly wouldn't have pursued another mortgage with them if we weren't happy.