All Forum Posts by: Shagah Zakerion

Blake, I just messaged you!

@Steve Gregory brag away!! Would love to connect to learn more. Can you DM me your contact and any reference to past jobs? Appreciate your quick response.

@Patti Robertson thanks for responding. Good news! Since it will be my primary residence, I offered to buy it via a conventional loan, which helped me get the bid at $113,000, which is $8,000 above my initial offer but still 10% below asking price!

The loan officer I worked with for preapproval is hooking me up with a rehab loan, which includes an extra $45,000 for the renovations (will need more but I have cash to complete the additional stuff). She also mentioned that I shouldn't face too much trouble getting the loan approved as long as the house does not have structural issues, so i'll be looking for a good structural engineer since the house is on a hill.

We did get inside and it actually made me wonder if the plumbing and electrical disclosures were simply because utilities are not active in the house. It's been off the market over a year and a half, so it may be as simple as turning on electric and getting the plumbing active after a long time of being winterized.

The assessor has the property listed as fair market value at $198,000 so I feel like it was a good buy already going into it with equity (as long as it appraises). Fingers crossed it has no major structural issues!

I have had an eye on a foreclosure for months but missed the buying period. It recently came back on the market but I only found out last night, offers end this evening.

I haven't had the chance to do a walkthrough with an inspector but the disclosures note electrical and plumbing issues. It's listed at $49/sqft in an area well over $150/sqft, and I would make it my primary residence while slowly rehabbing. List price is $130,000.

Curious if those disclosures should stop me? How much under, if at all, should I go on the list price to get the property knowing that those two biggies are an issue?

Or, as a newbie, should I pass on the property entirely?

Appreciate any input... Thanks!