No H2O For Inspection
I went to make an offer on a bank owned property today and was told the bank has decided against turning on the water for an inspection. I held off on making my offer. I still intend to make an offer, ( a bit less now of course) but I wanted to know if anyone else has run into this and if anyone has any advice.
I was told up until today the water could be turned on at inspection. I repeatedly requested it be turned on with no luck. Apparently, it is not going to be turned on at any rate. Any suggestions?
Thanks,
KP
Normally properties are winterized by the lender once they are repossessed. In my experience they are willing to allow you to turn on the water if you are willing to pay the $250 rewinterization fee.
You could try to put a clause in your offer relating to plumbing damage, but also in my experience they will just stamp "subject to addendum one" on everything they send you, and addendum one will state that it supercedes anything else and the lender will not be responsible for anything.
Make your offer "subject to inspection", naturally, including a plumbing inspection, and you should get an opportunity to turn on the water for a price. If not, you will have to either take the chance or walk.
Chris
Time to knock off a few thousand due to "plumbing issues"...
Chris
The best sources are usually local sources. Check at you local investors association and look on the lender tab here.
Merchants mortgage has done a lot of HM lending as well.
In Utah 3 points and 11-13% is pretty common for 90-120 day holds.
[addsig]
70% in my area of Michigan use Feature Sheets. I think they help and use them personally. For an owner selling the property they are not that expensive in the grand scheme of things.. but I can see for an agent paying out of a potential commission how they could add up.
I am not a realtor, first and foremost.
I believe most realtors do not use tubes for the reason stated above. They want you to call so they can have a better chance of selling you that house or another one they have listed. If the info on flyer turns you away as a buyer then the realtor can not sell you a house, no commission, no money for them.
Nothing against realtors, but agree, flyers do not sell houses, face to face does.
[addsig]
I think there is more blood letting to go.
If you have access to realquest or a similar too, look at how many highly leveraged houses there are w/ ARMs.
If you can rent cash flow positive today, them I would say buy.