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Old 07-10-2010, 12:25 PM
 
6 posts, read 12,126 times
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I'm looking at a house that's listed as a potential short sale. It's vacant, door ajar, and in significant need of repair. The roof is bad and rain POURS in. It looks salvageable at present, but we are at the beginning of hurricane season, in a very hurricane prone area (Florida Keys).

Needless to say it's a potentially wonderful house, in a wonderful location.

If I understand the papers correctly, _lis pendens_ was filed on this place back in May 2009 --- and there it sits, just listed as a "potential short sale" a week ago.

Is there any accepted protocol for contacting the bank directly concerning the condition of a property, and registering an interest in it, under these circumstances ?

Open to suggestions !
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Old 07-10-2010, 01:08 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,886,299 times
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Quote:
Originally Posted by bluemaris View Post
I'm looking at a house that's listed as a potential short sale. It's vacant, door ajar, and in significant need of repair. The roof is bad and rain POURS in. It looks salvageable at present, but we are at the beginning of hurricane season, in a very hurricane prone area (Florida Keys).

Needless to say it's a potentially wonderful house, in a wonderful location.

If I understand the papers correctly, _lis pendens_ was filed on this place back in May 2009 --- and there it sits, just listed as a "potential short sale" a week ago.

Is there any accepted protocol for contacting the bank directly concerning the condition of a property, and registering an interest in it, under these circumstances ?

Open to suggestions !
You or your agent should contact the listing agent if you are interested in getting more information or making an offer. A short sale implies it is not yet a bank owned property, so the current owner would have to sign off on your offer before the bank would consider approving a short sale.
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Old 07-11-2010, 12:00 AM
 
672 posts, read 1,659,020 times
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Quote:
Originally Posted by bluemaris View Post
If I understand the papers correctly, _lis pendens_ was filed on this place back in May 2009 --- and there it sits, just listed as a "potential short sale" a week ago.

Is there any accepted protocol for contacting the bank directly concerning the condition of a property, and registering an interest in it, under these circumstances ?

Open to suggestions !
Bluemaris.... I'm assuming this property is in Monroe County?
Search the address in the link below and find out who actually OWNS the property...
Property Search -- Monroe County Property Appraiser

Even though the Lis Pendens may have been filed back in 2009, that doesn't mean any bank action has been finalized....

Good luck!
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Old 07-11-2010, 12:26 AM
 
Location: Columbia, SC
9,059 posts, read 18,017,267 times
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Where to start...where to start...

1-Bank doesn't own the property, so why would you contact them?
2-Bank will not discuss the home with you regardless as you are not authorized by the owner to discuss the loan status. Privacy laws and all-crazy stuff right?
3-Just because a Lis Pendens was filed doesn't mean anything other than a Lis Pendens was filed.

Why don't you just get an agent and let them find out what the deal is? Much better route.
Or don't believe, go ahead and knock yourself out. You can find the 1-800 number for the bank with a quick google search.
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Old 07-11-2010, 09:14 AM
 
6 posts, read 12,126 times
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I'd like to clarify my question.

It has to do with the current disrepair of the house in a hurricane-prone area.

I am a cash buyer. One good storm could put this house in a condition that would make it too costly to repair (if it is not already --- will require a contractor/engineer to determine).

I would like to find out if there is some protocol for letting the bank know about this situation, and, of course, perhaps, make them more amenable to an offer significantly lower than the seller owes.

I have an agent, I am preparing to make an offer; so if the seller entertains it, I guess this sort of information would be contained in the "short sale package" sent to the bank ? Sorry, I've just started this process for the first time and may have it wrong.

But I am also interested in understanding everything I can about the whole affair & not just leaving it to an agent.

How hard would an agent who is used to selling homes in the millions work on a sale for a couple hundred thousand anyway? I don't expect her to do the sort of research I want done. Our market was very inflated when the house in question was purchased by the current seller. And because the house is, well, "unusual", comps are very difficult. Getting this right will be a lot more important to me than to my agent.

... find out who actually OWNS the property...

volk2k, yes, it is one of the first things I do when interested in a property; I get all the court records too. I think the owner/seller is well aware of the property condition. I've been looking for a home down here for 9 years. Places I like are few and far between --- eccentric.

It may be that I'll decide that it's just too risky and wait 'til the end of storm season & see what happens. Maybe wait 'til/if it forecloses and pursue it then, if noone else purchases it.

Where to start...where to start...

I have a thousand questions, not very well organized --- you are right Brandon.

Thank you all for your responses !
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Old 07-11-2010, 09:30 AM
 
Location: Columbia, SC
9,059 posts, read 18,017,267 times
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You can find the 1-800 number for the bank with a quick google search. Go ahead and knock yourself out. Let us know how it goes. Best of luck.
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Old 07-12-2010, 10:05 AM
 
Location: Niceville, FL
7,648 posts, read 16,035,981 times
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Before considering buying that home, I'd get very, very familiar with Monroe County's 'substantial improvement rules'. Because if it's in as bad of shape as you say, I'd be concerned you'd his the substantial damage/substantial improvement threshold, and no home down there is a bargain if you end up at a point where you have to elevate it in order to meet modern code.

Seriously, the red flags about it make me think it's not worth offering more than the value of the land underneath it, considering the house could essentially be unsalvageable.
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Old 07-12-2010, 10:48 AM
 
6 posts, read 12,126 times
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Hello beachmouse,

Thank you for your advice. I made a very cursory search; looks like the "substantial improvement rules" have to do mostly with ground-level enclosures. The house is elevated. Looks like the roof damage goes back at least to the 2005 hurricanes though (as evidenced by the 2006 sat images).

There is so much to learn! I am concerned that the incomplete renovation may have been unpermitted or that there may be "open permits". I haven't contacted the buiding office yet; there are no permits recorded in the public tax docs for this property. (A puzzle: why would someone begin renovating the interior of a house with the roof leaking ??)

My family has been in the Keys since the '50s; back when things were much simpler re regulations & building; back when most people thought you were crazy to live here and those who did live here were more fearful of wind than water (thus building low, flat, block structures). Now, even a mediocre storm puts water in our old '50s house --- open water 20' from back door ( --probably will be literally underwater in another 50 years).

Thanks, all suggestions are welcome and helpful. This would be my first home purchase, assuming it gets off the ground.

[btw: reading around all weekend, learning about BPOs, pretty much resolves my original query ~~~lol !]

Regards,
bluemaris
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