In the meanwhile I'll start gathering "fixer upper" comps to justify my offer price to the lender.I guess I wasn't thinking about this one as a "distressed sale" because its charming as ever and in much better shape than the wrecked junk foreclosure properties I've been seeing in Buffalo here which normally have 9 foot cracks in the foundations, 8 missing windows, and 3" of standing water in the basements, hahaha.This is a charming historic home with tons of appeal which is why I was initially questioning submitting a low-ball short sale offer on such a pretty property.

It's entertaining in a somewhat depressing way; like watching a good number of these tenants go from train wreck to train wreck with their lives. 

People that dodge paying back their student loans do indeed get kicked right in the DTI where the sun don't shine.I hate to be the wet blanket, but if you can't afford to pay back your student loans and keep them in deferment or forbearance for as long as possible because it would wreck your monthly household budget to make amortized payments, are you really ready to take on another half million dollars in debt!?

A family member death and the house is a wreck?  

(Feel free to send me the appraisal and I'll take a look... but I'm certain that comp #2 is the problem)One way to fix this is to call the appraiser and tell him something like, "Hey, yeah, I saw that house before it was sold... man, that place was a total wreck.

I imagine if this flooding was a frequent occurrence, the landlord would have stopped renting that unit out as it's expensive for him to keep repairing and/or would wreck his insurance.

If you buyer doesn't pay us off, we will foreclose and wreck your credit."

See Vacant Building Ordinance and registration form at https://ipiweb.cityofchicago.org/VBRCN193029Maintain watchman from 4:00 PM to 8:00 AM for vacant and dangerous residential premises. (13-12-140)CN193019Repair or wreck dangerous and vacant residential premises. (13-8-100, 13-12-125, 13-12-130)CN193000Maintain building in safe condition so it does not constitute actual and imminent danger to public. (13-12-130, 13-8-100, 13-12-120, 13-12-125, 65 ILCS 5/11-31-1) Maintain building windows and doors in safe condition. (13-196-550) Maintain stairway and porch in safe condition. (13-196-570) Maintain floors, walls, and ceilings in safe condition. (13-196-540) Maintain building in safe condition.

In other words staying on time and on budget may be a challenge and could wreck the deal, although the towns are expediting approvals to get that juicy property tax revenue collecting again.However, this person alleges to have a team in place that is ready to do the work and could achieve some efficiencies and economies of scale given several units will be worked on at one time.  

Well let me show you public records just so you know .. we can all trust but we do being smart sellers and buyers we have to verify.. please look at this print out from the county website.. see all those properties.. see what company they name they are in see my card and my address they all match up.. that is me.. we are successful and we do not leave sellers hanging.Next as you know the condition of this home will preclude most folks from getting a loan ( for hoarders they know there home is a wreck..)