All Forum Posts by: Sunshine S.

Hi Everyone,
I have't posted for some time but have been viewing posts daily. Well looks as if the REO that we offered on months ago should finally be ours soon.

We plan to renovate the house into a 2/2 from its current 3?/1. Location Florida.

I know that permits required for major renovations etc etc. We fine with that and we plan to renovate to a good standard. What i am actually trying to find out is where do i find the requirements for rooms. For example i have been told that a bedroom has to have a closet otherwise it is not classified as a bedroom. also that certain bathrooms are palatial. What makes them palatial?

As i said we plan to renovate to a good standard with necessary permits etc but if i knew this informaiton it would help in the planning to ensure that the property is more marketable when we plan to sell. sorry for what may seem like a stupid question but we not from your market and so your common knowledge is not common to us.
Thanks in advance.

forgive the ignorance, but what is the problem with a bi level, and does it apply also to 2 stories?

A wonderful opportunity. I hope it blossoms.

A small word of caution. Working with family can sometimes be challenging. I think it is important that you make sure that everyone understands the roles, responsibilities, and limitations of the business relationship, as opposed to the family relationship.It is often helpful to have a written document confirming that understanding, the intentions, what is to happen if parties want to pull out, increase/reduce their committment etc etc.
Good luck.

Thanks Steve, i thought that might be the case. If it drags out do you think there is much chance of getting a price reduction?

Hi all,
My first post, just joined so grateful for any guidance/help.

We put in an offer on an REO property. Purchase as is. Accepted at 55k. Cash purchase. Just found out that the bank actually paid 98k at auction.
We were to close earlier in month but I (not bank or realtor) found out that there was a code enforcement lien on the property. Current penalty fees approx 70k. Accruing daily at approx $100. Bank to rectify in order to give clear title, some outside tidying up needed. They not started despite this coming to light weeks ago. Agreed new closing date at the end of the month. Because of my homework I know that they wont close at the end of the month because if they want to apply for violation fees reduction, the Board meets only once a month, and they missed the deadline.
Although I have paid deposit, not got my escrow letter, or signed extension contract from seller. My agent has confirmed that she has the signed extension although I have not seen it. Agent has also confirmed that they are proceeding with the sale to us, although one web site has the property listed as active contingent.
Really my questions are as follows:
1. Do you think I have any need to be concerned? I am becoming a bit anxious and wondering if they might be trying to do a deal with one of the bidders at the auction. (Bids of 97 and high 80's).
2. When they discover that they won’t be able to close at the end of the month do you think there might be any leverage in trying to get price down, or they pay penalty for delay. Contract makes no provision for it, although time is of the essence. Don’t want to push my luck, but would be nice to get a reduction if possible.
3. Also I don’t think that the bank have actually registered title in their name yet. The property is in Florida. Does anyone know if the redemption period is from the date of the auction, or from the date of the registration of the new owner subsequent to the auction?

Also this is my first REO purchase, imo the bank seem to be pretty screwed on the deal, and might have been better just to let it go to someone else at auction. Wondering if there are many situations this bad for the bank.
Any help or general comments greatly appreciated.
Thanks.