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thanks! this has been a very interesting process. ultimately, i put up with it because i wasnt going to spend the money it would take to get an equivalent house on the market.
Last edited by CaptainNJ; 12-23-2016 at 03:01 PM..
it is my understanding that the owner lived rent free for about 6-7 years. so he did drag the process out as long as possible. i believe that the bank was close to foreclosing and going to auction. after the auction (if the house isnt sold) the bank owns the property and I assume a marshal evicts the owner. now, i am not exactly sure how he benefits from the short sale but i know that his deal was that the bank agrees to accept x dollars and the owner is no longer in debt to them for the full amount (or remaining amount). so that must benefit him even though he went through bankruptcy which theoretically discharges debts.
it is definitely not for someone who doesnt have a lot of time or someone who needs a mortgage. you also need to get a nice discount for the crap (which i did). now i have a little insurance issue where the companies are valuing the house (replacement without land value) of double or more than what i paid for it. which makes it more valuable than many of them can provide.
The benefit of having your home short sale instead of foreclose is several reasons.
1. The bank typically gets a little more from a buyer than if it foreclosed.
2. It's more beneficial to the homeowner because they can typically buy again in two years instead of 7 years if the home foreclosed.
i have a little adventure tomorrow and i am not sure how it will go. the seller left a full dumpster on the driveway. so tomorrow, i will be calling the dumpster company to remove their dumpster from my property. does anyone know if those are prepaid? if not, it could be an interesting phone call.
ok, it wasnt an adventure. nice lady just said they would pick up the dumpster tomorrow.
seems like nice lady isnt very bright. after calling twice and having her say they would get it and nobody getting it, this morning i got a guy on the phone. he checked and saw it wasnt paid for and will be contacting the previous owner. im guessing they wont pay.
sooooooooo i guess they will probably try to get me to pay. they may not, im pretty sure it isnt my obligation. i dont like to see people get screwed but that doesnt mean it should be on me to pay. just painting this house is going to cost me a ton of money, im not looking to add expenses.
just spoke to the girl, she had to find the guy and call me back. she mentioned something about me holding back money at closing so the seller would make sure the dumpster was taken away. i guess she was trying to prep me for them possibly asking me for money, i prepped them for me saying no by wishing them luck getting money from the previous owner.
either way, i am looking forward to the next conversation.
also, got a quote to paint basically the whole house including trim & ceilings and some wall papering of 14,800. guy also quoted 3,800 to install all new doors (doors not included) and repair some damage to walls that happened in hurricane sandy, install some ceiling fans and maybe some other stuff (my wife is meeting with the people). my wife gave me a hard time when i suggested getting several quotes but i pushed and she really liked this guy so now she says i was right. woohoo! right for once!
Last edited by CaptainNJ; 01-11-2017 at 09:19 AM..
just spoke to the girl, she had to find the guy and call me back. she mentioned something about me holding back money at closing so the seller would make sure the dumpster was taken away. i guess she was trying to prep me for them possibly asking me for money, i prepped them for me saying no by wishing them luck getting money from the previous owner.
either way, i am looking forward to the next conversation.
also, got a quote to paint basically the whole house including trim & ceilings and some wall papering of 14,800. guy also quoted 3,800 to install all new doors (doors not included) and repair some damage to walls that happened in hurricane sandy, install some ceiling fans and maybe some other stuff (my wife is meeting with the people). my wife gave me a hard time when i suggested getting several quotes but i pushed and she really liked this guy so now she says i was right. woohoo! right for once!
WOW, that seems really high for both quotes! I suggest getting a few more.
WOW, that seems really high for both quotes! I suggest getting a few more.
i have 2 quotes and i believe i am waiting on a third. it is a large house. it was listed at just under 7k square feet. when i asked the owner about it he says "i think so." so i am not sure exact square footage but it is large. the trim needs to be done around every door, window and across the floor of pretty much the entire house. there are lots of doors, lots of big high windows. so i knew it wasnt going to be cheap.
i have 2 quotes and i believe i am waiting on a third. it is a large house. it was listed at just under 7k square feet. when i asked the owner about it he says "i think so." so i am not sure exact square footage but it is large. the trim needs to be done around every door, window and across the floor of pretty much the entire house. there are lots of doors, lots of big high windows. so i knew it wasnt going to be cheap.
That makes more sense
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