All Forum Posts by: Ken Sanders

 I did just that, except I didn't record the call. I also created a fake name and email address. Here's what I was told when I asked if rumors of a sinkhole were true:

"The home was demolished at Township expense due to a subsidence issue. Before any construction may begin, an engineer suitable to the Township shall provide geo-technical engineering and reports to confirm the adequacy of this building lot for construction."

If you have any suggestions for what to ask in a follow up email, I'm all ears.

 This is two Counties away from Malvern.

The buyer did have an excavator out and dug several test holes. I'll have to find out how deep he dug, but he told me that all they found was the buried house. The other test holes came up clean.

The house was demolished in 2014. I have the minutes of the Township meetings where it was discussed. I also have an email from the Constrcution Code Official saying the Township had it demolished at their expense. I filed a Right-To-Know Request with the Township and that's when they told me that they have no documentation on the dump/sinkhole issue, nor the demolition of the house.

This was my initial thought, too. I've only posted part of the story, though.

I listed the lot for sale and within a week I had several offers. This was an attempt at an immediate flip, as I had acquired it from a bank a few weeks earlier . I told everyone we were going to a "highest and best" situation. All of the potential buyers disappeared.

I accepted another, lower offer from a builder who told me that the Township told him there's a sinkhole on the property. I called the other people who made offers and they were told the same thing by the Township.

I contacted the Township and requested any documents they had pertaining to a sinkhole. They claim they have no records at all, but that whoever buys the property must have a soil coring test done. Why? Especially if they have no evidence of any issues!

The house that was there was demolished, but not removed. The Township buried it! Insulation, wood, siding, concrete, etc! I suppose they figured that no would ever find out since there may be other debris buried there, but my buyer found it while digging test holes. The Township claims they have no records or any documentation regarding the demo, but I have proof that they oversaw it and paid for it.

Basically, I'm trying to do some "digging" to see how long the Township has been polluting this lot and covering it up (literally and figuratively).

I'm in the process of selling a vacant plot of land and the consensus from the neighbors is that 50-100 years ago the Township was using this site as a trash dump. There was a house built on the land in the late 60s, but it was demolished a few years ago because of foundation issues attributed to the underlying soil.

The Township says that they know there are "soil issues" with the property, but they won't say how they know this. They claim to have no records of any such soil issues. I'm assuming they have to have some sort of basis for saying this other than gossip.

Is there a way to find out if there really was a trash dump on the property? I thought about heading the County Courthouse, but I don't even know what department might have this information.

This question is regarding a contract in Pennsylvania.

Tomorrow (Tuesday) marks the first day of the 5 day "negotiation period", as stated in the agreement of sale. Does this period include weekends and/or holidays? I'm trying to figure out if the period ends Saturday, next Tuesday, or some other day, being that it will encompass a weekend, Independence Day (Saturday), and Independence Day observed (Friday).

Thanks, Steve. I, too, am confused by the 45% LTV with 100% financing. I'll have to get back to them about that.

Sounds like VA/FHA are sticklers. That worries me a tad, as the house is quite large and has a pool. It was built in 2004, though.

ATTN: Mods- Please delete this thread, as it was posted here in error.

I just received an offer on my current fix & flip and I thought I'd run it by the BP crowd. Here's the scoop:

1. House has been on the market for three days and has received one lowball offer in addition to the one discussed here

2. Offer is for full asking price with 3% seller assist

3. Buyer will make an initial deposit of $5,000 to be held in escrow

4. Mortgage Contingency:

Loan Amount: full asking price (100% financing)

Minimum Term: 30 years

Type of Mortgage: VA

LTV Rate not to Exceed: 45%

Interest not to Exceed 4.5%

They are pre-approved for 100% VA for $40k over sale price (no mention of interest rate)

5. Mortgage Commitment Date: 7/14/2015

6. Closing Date: 7/28/2015

7. Seller purchases home warranty

8. Home, termite, & radon inspection contingencies

9. Current home sale contigency -- Their current home is under contract and enters inspection period on Monday

I'm worried mainly about two things:

First up is the appraisal. As this house is now the best in the neighborhood and their offer states that they get their $5k returned to them if the property doesn't appraise per the VA/FHA language. I fear I won't be compensated for lost time if it doesn't appraise.

The second thing I'm wary of is the contingency on the sale of their current home. I've never dealt with this situation before (luckily!), and wonder how common it is for these deals to fall through. A million things can go wrong with one real estate transaction, let alone two back-to-back.

Anything else I need to freak out over?