House with Building code orders


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  • Jackie

    My partner has a $50,000 mortgage or loc on the property.

    Can I still sell it without that being paid off? I have no idea when she will pay it off. I know it won’t be soon.

    I’m sure the people she put in the house won’t qualify for a loan. Two of them are on disability. Unfortunately, my partner puts anyone in her properties that can fog a mirror–never does credit checks and then wonders why she has to evict so many people.

    I can’t even sell to a landlord because they won’t pay $50,000 for it even with owner financing. I had a buyer for 50K, 10K down but when he saw the for sale sign on the house next door for 18K and very little repair he went for that property.

    The only way I can get out if my partner will get a loan for 50K and pay off the mortgage that is now on it.

    Thx for all your advice. I’m also worried about the city going out to do the inspection and we have tenants in there and the work is still not finished. Need plumbing permit pulled and building inspector has to inspect it.

    Thx Joe
    Are you investing in Akron?

    Thx Joe
    Are you investing in Akron?

    I purchased a junker property last year and a neighbor reported it to the Health Dept. Someone had dumped a lot of trash in the front yard and vandalized it.

    Problem: Purchased property in my name and haven’t put it in a Land Trust yet. The Nazi-like woman who is the inspector for this house has found a million things wrong, and this is after I had it rehabbed. I want to put the house in a trust but I’m afraid she will think that I’m trying to hide it from her. Should I call her and tell her that I’m putting in a trust.

    BTW, I had no intention to rehab this property since I don’t even know what side of a hammer to use, but I couldn’t even give it away so I’m stuck with it.

    Thx for any advice that will keep me out of jail–I don’t look good in stripes!

    Jean Pizzoferrato

    working options but jackie is correct you can sell!

    THERE IS SO MUCH INFORMATION IN THE LEARNING ANNEX/DON`T KNOW YOU`RE BUY PRICE OR LOCATION/TRY CRAIGS LIST/USE IT FOR DOWN PAYMENT OR OPTION ON ANOTHER PROPERTY.INVESTOR CLUBS/HIGHEST BIDDER AUCTION,TRADE FOR ANYTHING OR CHECK BLOG ON SELLING WITH OPTION ATTACHED.READ YOUR LOCAL LAWS YOU MAY BE ABLE TO GET EXTENSIONS FOR REPAIRS.

    Jean:

    You say you now have it rehabbed, what things does the inspector want upgraded?

    If it is now rehabbed why can you not sell it now?

    Land Trusts are great, I hold all of my properties this way. It is a sort of smoke and mirror game in that the ultimate liability that the property possesses is still with the beneficiary of the trust.

    If you do put it into a land trust I don’t see one way or the other if you tell the inspector.

    Don Wede

    Trying to sell it is virtually impossible. The house next door is identical and was rehabbed 2 years ago. It has been foreclosed on and there was minor damage done to the property–broken windows, etc. not more than 3k in damages. It is now an REO an
    REO and on the market for $18,500 and still hasn’t sold. There are thousands of REOs and vacant homes in Akron.

    The worst part is my partner took out a loc for $50,000 that she needed for a few months and that was 6 months ago. Says she can’t afford to pay it back but is making payments on it. She decided to move people in so the tenants can help pay her mortgage with her half of the rent. Some of these dumb decisions were made when my mother was dying so I didn’t really pay attention to what she was doing. I have a meeting with her and want to sell her the house to get it out of my name. We’ll have to find a mortgage company that will finance her or a money partner. I just want out!

    The other problem I have is I had to move to a city 65 miles away to take care of my father so I’m not even close to the property.

    Lesson Learned–Never make decisions under stress.

    I live in akron,might be able to sell it for you.

    Anonymous

    Jean

    With seller financing you can sell just about anything. Even if you get zero down, it will get the house out of your name!
    If there are tenants in the property now, they are your ideal buyer.

    Put a 2 – 3 year balloon on it to get cashed out as fast as you can and offer an incentive to make it happen faster. A REFINANCE is a lot easier than a new loan.

    Jackie

    Jean try this number 33-315-6002 been awhile since I talked to them,mortgage broker.

    sorry 330-315-6002

    Jean:

    If you or your partner has another property that is free and clear or has allot of equity you might ask the mortgagor to move “walk” the mortgage to the more secure collateral, then get rid of this property. Sell cheep for all cash, or carry the financing on a note and mortgage or contract for deed. If you think this property or the area may ever come back you might consider keeping an option on the property to latter capture some upside.

    Don Wede

    ok! most sites i`ve been on don`t even come to this one.they would never talk about walking the paper unless you bought their course.Keep it up!!!

    Jean if you have an address I`ll take a look.

    1228 Marcy.

    There are tenants in there now, so I don’t know if you could get inside. If you see the outside and want to look at the inside I’ll call them for you.

    Thx

    Jean

    Hi Don

    The area has a lot of new houses on the street–it is an urban redevelopment area and that is the only reason I bought the property. I thought it would be an easy sale to an investor/landlord. But no one likes the area. Since the deed and mortgage is in my name the only thing I can do is get my partner to buy it for $50k and pay off the loan.
    Don’t know if she will do it. This is the only property I partnered with her on.

    Hi Joe

    I doubt if I can sell this property for the 50K that is owed on it. As I mentioned before the house next door is on the market for 18K and doesn’t need much work since it was recently rehabbed. It’s an REO.

    If you want to drive by and you think you can sell it I’ll give you an option on it. But I think I’ve gone thru every investor in Akron.. Unfortunately I need 50K out of it but if you can sell for more, go for it.

    Thx

    Jean

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