All Forum Posts by: Ty Wightman

I'm in. Looking forward to another great meeting! 

I previously posted that we made an offer on a fourplex, and it was accepted. Unfortunately the seller informed us that he would not be vacating the property at COE, and neither would his mother and brother, who lived in another unit. A third unit was occupied by a tenant that had stopped paying rent, and the fourth had a family of five that was moving out but didn't know when. Considering the state of disrepair that the property is in and all the tenant issues, we backed out. The rents that the listing agent provided us with were merely wishful thinking..

We then made an offer on a duplex in Uptown Phoenix (at 3rd Ave and Glenrosa), which was accepted and our inspection is tomorrow. Wish us luck!

Did anyone else see this property at 2109 W COLTER ST, Phoenix, AZ 85015? MLS # 5803510: Fourplex near Camelback and 21st Ave. for $350k.

It just came on the market today and liked what I saw when I drove by so we made an offer. They already had two offers on it, so we came in strong. I'll let you all know if they accepted our offer tomorrow.

What a great meeting! @DeWitt Gibson Thanks again for putting this together, I will definitely attend the next one as well. 

I had a trusted contractor come out to give his assessment of the situation and our fears have been confirmed: the crack in the foundation is about 1/4" wide and likely runs the entire length of the house, right down the middle. We are passing on this property - this is one type of project we don't want to get into for our first one. Back to searching!

We considered getting the inspection done up front but our agent said we should wait until the bank accepts our offer before paying for the inspection, otherwise we could waste several hundred dollars on the inspection if the bank doesn't accept. I see now that getting it done up front and submitting a lower offer probably would have been a better move, even though we would potentially lose the cost of the inspection if the bank doesn't accept our offer. 

At this point, we have permission from the seller to bring inspectors and contractors to evaluate the property without starting our 10-day inspection period, so we will bring them out next week. Hopefully the potential foundation issue turns out to be minor. I'll you all know what we find out.

In the meantime, here is a video walk through of the property that I took last week: https://www.youtube.com/watch?v=FUPbnMcXTUs 

Thanks everyone for your input! I asked for additional clarification from my agent, and this is indeed an FHA short sale. That said, are there additional considerations we should be aware of?

A couple days ago, the listing agent told our agent verbally that the bank approved of the purchase price, but we have not yet received the actual letter. 

Thanks for the clarification on the HUD approval - I am still a little unclear as to what the purpose of the HUD approval is.

Thanks for your insight Minna. Do you think we should do both the foundation assessment and the general home inspection at the same time in order to compile a value dispute, even though Wells Fargo indicated they would not entertain any concessions? 

Or should we look at the potential foundation issue first, and then proceed with the general inspection after we confirm the foundation problem is a small one? My worry is that we would lose the cost of the inspection if the foundation repair ends up costing $15k+ and if WF won't make any concessions at all.

Hi BP! My wife and I are about to start the inspection process on a SFR about a half mile from the quickly developing downtown Gilbert area outside of Phoenix. The house sits on one of the many artificial lakes here in the desert, and was built in 1993. Our plan is to live there for a year or two and then buy another distressed property to live in, and rent this one out.

Comparable homes in the area are selling for around $305k - $320k after renovations, and the seller's lender (Wells Fargo) accepted our offer price of $275k but will not make additional concessions for any repairs. Aside from the paint and carpets that need to be replaced, I noticed a crack that runs along the grout that may be indicative of foundation heaving - something we are going to have several foundation experts look at before we hire an inspector for the rest of the house. The way I see it, if the foundation repairs cost less than $10-15k this could still be a good deal if there are no other major repairs needed.

Wells Fargo is currently waiting for HUD approval, which they say could take a couple weeks, but we are planning on starting our inspection period early next week. Any thoughts or advice for us newbies? Thanks in advance!

Hi Everyone! My wife and I are new to real estate, and we are in the process of closing on our first house (a short sale in Gilbert currently awaiting HUD approval), and if this works out well, we are planning on buying another distressed property in about two years and renting this one out.

Looking forward to meeting you all!