How Much Should You Offer?
I have heard that you should only offer 50% of the asking price when a piece of property is bank owned. Is this true?
I have heard that you should only offer 50% of the asking price when a piece of property is bank owned. Is this true?
I can almost hear "The-Rehabinator" saying:
"I am continually amazed by posts like this!" =))
just to add my 2 cents in AGAIN, i also read that if the reo cant get it FHA insured because of so much damage then they will be more flexible
Before you make the decision to do it the proper way with engineering, permits and contractors I will offer this bit of experience.
I once met a man who makes his living going around for attorneys taking pictures of parking lots and sidewalks. They look for improper drainage or any type of trip and fall hazard. Then they sue the crap out of the landowner. Usually the landowner settles rather than put up the expense of a fight. Just something to keep in mind.
Certainly gives me pause.
mattfish - i hope you were being sarcastic.
Quote:
On 2005-03-01 14:34, ZinOrganization wrote:
mattfish - i hope you were being sarcastic.
You know I was...
The precaution mentioned above talking about people taking pictures of parking lots looking for trip hazards - I just disregarded.
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Gee Thanks.
Getting back to the original question, I have created parking lots with mulch and rock. Drainage is good (I live in FL). Go to city or county and see what is permitted.
Really? What did that cost you per sq. ft?
I think its a non-issue.
C_
Quote:
On 2005-03-03 10:57, cpifer wrote:
I think its a non-issue.
C_
As a property owner, you are responsible for 100 percent of the clean up! Cleanups of labs are extremely resource-intensive and costly. The average cost of a cleanup is about $5,000. This is if you are lucky!
Clean Up (includes the insides and the outside of a building)
Air out the building
Removal of contaminated materials:
Carpets, carpet pads, Linoleum, drapes and blinds, air-filters, refrigerators, range, water heater, all tenant clothing and their furniture.
Removal needs to be to a site that accepts contaminated product.
All people that remove these items need to be specially trained and certified.
Surfaces: Extensive cleaning and replacement if the cooking occurred on those surfaces. After extensive wash down with bleach and other cleaners, seal walls and floors to seal in any contamination.
Ventilation systems: Furnaces and heaters will either need to be replaced or cleaned throughout all ductwork.
Plumbing: You might need to replace sinks, toilets and other accessible plumbing due to methamphetamine odors since meth residual was most likely deposited down the drains.
Repainting: Make sure the walls, ceilings and closets are cleaned, sealed and then painted.
Windows: Make sure they have been cleaned as well as the tracks. If the unit was especially heavily used, replace all of the windows. Doors in and outside need to be painted and door hardware needs to be washed down.
Exterior: Does the yard need to be cleaned up? Is there methamphetamine debris in the yard?
Most states required a certified industrial hygienist to approve of the clean up, and most states require a certificate of occupancy permit
Contact your state department of health for more information on this.
http://www.portlandtribune.com/archview.cgi?id=23990
http://www.mapinc.org/drugnews/v01/n214/a08.html
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