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Flipping houses- foreclosure companies/mold - 7/11/2007 8:52:00 AM

pahunkboy

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From: Central Pennsylvania
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Ok- I am reviving a topic here with a twist.

Forclosure holding companies have run-a-muck.

They dont seem to be regulated by anyone! also- in the US mold disclosure is now in vogue. i thought winter doesnt produce mold!!! but im told otherwise.

My brother is at it in Orland Park, IL; this is an affluent suburb on Chicagos southwest side. the pickings are picking up- it seems.

My current home- is in fact a foreclosure.

What is the real estate market doing in your area?

locally a ton of properties are for sale or rent here,. rural PA.

spill it.

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RE: Flipping houses- foreclosure companies/mold - 7/11/2007 8:53:34 AM

uwinceismile

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mold rowth has more to do with moisture, then tempature

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 6:31:48 AM

pahunkboy

Posts: 33061
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Thank you. I looked at a few foreclosures before this one. it is like buying a pig in a poke. nothing is turned on- so you cant tell if utilities work. if you need to know you can have the places utitlies placed in your name- and check it. THO YOU MUST PAY TO "rewinterize it" --one thing- if you do so you are under no obligation to tell the seller what you found. --also realtors here work banker hours- and are lazy as heck- to write a 10 page contract- standard in this state!

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 6:54:09 AM

MstrssPassion

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From: West Palm Beach, FL
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the Florida market is shit right now

home prices, insurance rates & taxes are way too high

there are far too many homes on the market & they keep on building

Most people find they can sell their existing home for a profit but then they have to leave the state because they can't afford to buy another home.

These interest only loans have placed homes in foreclosure with nothing paid on the principal so 2nd owners will have to buy homes that have been lived in for higher prices than what they were sold at to the previous owner when brand new. The prices are far too high to make a few repairs & flip... oh, & the market is pretty much stalled in FL so flipping really isn't advisable

Just my observation of my 3 county area here in SE FL... we are stuck paying out over 1500 a month in rent right now (not including anything) & this is cheaper than buying believe it or not

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 6:56:52 AM

pahunkboy

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MP, interesting. my bro is on a plane this very mintue to FL.
he KNOWS chicagoland.... so i suggested he stick with that.

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 9:22:04 AM

MstrssPassion

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depends on where he goes as to what he finds

I was on the west coast for many years.... I knew the market over there pretty well (let me stress I KNEW)

I am just now learning it over here.... problem is... all the rules seem to have drastically changed over the last 5 to 10 yrs.

There are too many things going on with the FL lawmakers concerning the cost of owning & buying a home right now... I'm going to sit back & see what happens while they try to sort it all out.

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 9:30:55 AM

pahunkboy

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quote:

ORIGINAL: MstrssPassion

depends on where he goes as to what he finds

I was on the west coast for many years.... I knew the market over there pretty well (let me stress I KNEW)

I am just now learning it over here.... problem is... all the rules seem to have drastically changed over the last 5 to 10 yrs.

There are too many things going on with the FL lawmakers concerning the cost of owning & buying a home right now... I'm going to sit back & see what happens while they try to sort it all out.

he almost bought a stunnning home- near Tampa. at good price. then he learned- it was on a sink hole.

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 9:54:17 AM

MstrssPassion

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that's Tampa for ya.... lots of sink holes

That is where I lived prior to my move to my current location.

I was south of Tampa for about 13 yrs. I loved the Island between Bradenton & Sarasota... If I could have bought the house I wanted to buy on Anna Maria Island back in 97, I never would have left. It was a stilt home in the mid section on the widest part of the Island... it would have had to be a really bad storm to suffer the flooding the Island is known for. I just missed the bid on it by $2000... man was I pissed.

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RE: Flipping houses- foreclosure companies/mold - 7/12/2007 10:56:10 AM

SubinMaine

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Maine's housing market is shit as well. There's 6 houses on my street and 3 are for sale. You can't drive down the road or through town without seeing "for sale" signs on every other lawn.

i agree with MstrssPassion when it comes to those interest only loans. i firmly believe they are the reason the housing market is in such rotten shape right now.

i always wanted to flip a house...but i wouldn't even THINK of attempting it with the market as it is right now. Especially where forclosures don't have to really "state" all the problems with the home (mold, electrical, insects, whatever).

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