All Forum Posts by: Traci Lovelace

I was so fortunate.  My title agent called the attorney handling the foreclosure and explained what had happened.  In addition to the back real estate taxes, they charged me a $27 publication fee (for the ad in the paper), and $149 (from memory) in attorney fees.  That was it.

Small world.  I'm also in Portsmouth and relocated here from Woodbridge, where I worked for a local broker.  Yes, the markets are VASTLY different.

Craddock is a neighborhood in transition.  It's got a good Civic League but the schools are not great.

The Naval Hospital is not 5 minutes from that house.  I live blocks away from the hospital and it's about 15 minutes away from Craddock.

There aren't a lot of comps that I saw, but I think that Portsmouth's political climate right now is not conducive to high real estate prices.  It's very unfortunate.  I'm working on a flip in my neighborhood  and I'll be faced with the same thing.

If you can afford to tie up your equity and rent it, you may consider that for a bit.  I think things will begin to look up here the early part of 2017.  If you can't afford to hold it, drop your price.  I wish you luck.

I am thinking zoning would not approve it.  The house is on the water and considered a flood zone.  We have decided to leave it unfinished, but put the French Drain system in so it won't flood.  Thanks everyone for your comments and help.

Thanks for your questions.  This is a single family home, the basement would just be additional living space.  We plan on selling it, not renting it.    If we were to go further with finishing it, we would probably create perimeter walls and a better floor and maybe a bar and a nice rec room space.  I don't think we would do a bathroom, it would require pumps for any water removal.

I think maybe its best to leave it as with the suggestion that the buyer could convert it to their needs.

We are rehabbing a property with a 1000 sf daylight basement, with a walk up exit.  The house is 100 years old.  The basement is completely open, with the HVAC and hot water heater in the center up against one of the 2 fireplaces.  There is currently an open sump.  The walls are original brick, with some water proofing material painted over the lower half.  The ceiling is 8+ feet tall.

The basement has a water problem.  We are looking at $9500 for a cure to that. We would end up with an enclosed sump and a scar in the concrete floor around the perimeter.  It won't be pretty but it will be dry.

The square footage of the house without the basement is 1700 sf.

We are thinking a mini split for heating and cooling, but we weren't really going to go any further with the space because the comps in the area really don't support a price point too far above where we are going to end up with the current plan.  Are we being short sighted?

Thanks for your response.  They wanted cash because they are on a shoestring budget.  I have receipts from the company (not an individual, but a business)  for all payments. I'm pretty sure a 1099 is not required under these circumstances.  I can't find anything to the contrary.   Am I missing something?  Thanks!

If I have a receipt for the whole amount from them, I am not sure how I am participating in fraud.

What is a reasonable discount to expect when paying a contractor in cash at their request?  (yes they are licensed and insured)

I can't believe there is more to this story, but there is.  I'm sharing here because maybe it will help someone else.  I dislike drama.    The past 2 days have been a roller coaster of teetering on the brink of losing money, and maybe being ok.

The last thing I shared was that I located the one remaining previous owner.  Her husband had passed away a few years ago.  She was willing to sign off on a deed and I offered her $500 for her troubles.  She and her family have been really, really nice and easy to deal with.

My title agent did a title search on the unowned lot.  She came up with two judgments against the deceased husband, a car loan and a medical bill.  They were old, but not past the 20 years which is the statute of limitations in Va.  With interest, it was over $14,000.  We were back and forth a few times over whether they were going to pass to us as the buyers.  We thought that the foreclosure would wipe them out, and it would have on the lot with the mortgage on it, but not the other lot.  Ultimately, her legal council said we would owe the money.  My husband raised the question as to why these judgments did not show up when the title search was done for the lot we did buy.  It was a great question, and one we got an answer to.

In full freak out mode, I reached out to a local real estate firm. I explained the situation to the legal secretary who returned my call.  She did some poking around while we were talking.  Long story short, while the judgments were filed in Virginia courts, they were *not* filed with the circuit court of the City where the property is located.  Because of this, they do not attach to the lot in question.  The deed of gift is being filed tomorrow.  Once it's docketed, I'm going to go off somewhere and have a good cry, and then get back to renovations.  And I'm sending the kind legal secretary, who wanted not a penny for her trouble, a nice Edible Arrangement.

The takeaway is that a judgement must be recorded with the circuit court of the municipality where the property is located, in order to attach as a lien.  At least, in Virginia.

Happy Birthday, Josh!