Westmeath Condos behind hickory hills...

[hokie11]

That things been on the market for 198 days or so. Do you think it's strange that all these real estate investors who have a lot more money than you do haven't stepped in and beat you to the deal?

Do you know what DOM and DOMP is? Did your agent explain those?

well, i know what they mean. i also know condos are risky investments.

the one im looking at, unit h24, which uve probably scanned across and figure that im looking at that one, is at 159k right now and that price drop just occurred on dec5th, though its been on the market for a total of 125 days, it seems like this was a decent deal. my offer is much closer to 140 and also asking all closing costs to be paid for. even if things get worse, i am willing and able to keep the property until things even back up, if they ever do, or i may just take a hit as soon as i have enough principle to pay for a larger place

 

[hokie11]

If a property is under contract, the listing agent is supposed to change the listing status to "under contract."

well... poo on them.

 

[BoyGenius]

well, i know what they mean. i also know condos are risky investments.

the one im looking at, unit h24, which uve probably scanned across and figure that im looking at that one, is at 159k right now and that price drop just occurred on dec5th, though its been on the market for a total of 125 days, it seems like this was a decent deal. my offer is much closer to 140 and also asking all closing costs to be paid for. even if things get worse, i am willing and able to keep the property until things even back up, if they ever do, or i may just take a hit as soon as i have enough principle to pay for a larger place

Did you happen to look up how much unit H24 has borrowed against the unit?

The reason I ask that is, say I owe 200k on my house, I have it listed for 215k, and I'm willing to pay the small difference I'll lose. You come along and offer 180k. You're wasting everyone's time because I can't sell it for 180k because I owe 200k and don't have the money to give you. At best I could ask the bank to do a short sale, but that's iffy and takes months in most cases.

Why would you pay 20k more than the foreclosure? Is it the same size unit? You can't cleanup the other unit for 20k and save a bundle?

 

[BoyGenius]

well, i know what they mean. i also know condos are risky investments.

the one im looking at, unit h24, which uve probably scanned across and figure that im looking at that one, is at 159k right now and that price drop just occurred on dec5th, though its been on the market for a total of 125 days, it seems like this was a decent deal. my offer is much closer to 140 and also asking all closing costs to be paid for. even if things get worse, i am willing and able to keep the property until things even back up, if they ever do, or i may just take a hit as soon as i have enough principle to pay for a larger place

Private message me the tax id of h24 and I'll tell you how they borrowed to buy it.

 

[hokie11]

Did you happen to look up how much unit H24 has borrowed against the unit?

The reason I ask that is, say I owe 200k on my house, I have it listed for 215k, and I'm willing to pay the small difference I'll lose. You come along and offer 180k. You're wasting everyone's time because I can't sell it for 180k because I owe 200k and don't have the money to give you. At best I could ask the bank to do a short sale, but that's iffy and takes months in most cases.

Why would you pay 20k more than the foreclosure? Is it the same size unit? You can't cleanup the other unit for 20k and save a bundle?

both are foreclosures, this one is larger and in very nice condition. they wouldnt let us see it or do anything with the other since it was under contract. i just called my agent and he went back to verify and you were right about the bank taking it over at a lower pricepoint which misled us when we briskly went over it (stupid us). it is still under contract right now and nothing is being signed for. if that falls through before they reply to my offer, then i would like to see it and maybe get lucky buying the other for like 120s. 200sq ft is a nice difference especially for a condo, plus the other is 1st floor which can be good/bad. if i could save 20k for the smaller one, i would take it and clean it up unless its got dead bodies everywhere

 

[hokie11]

Private message me the tax id of h24 and I'll tell you how they borrowed to buy it.

dont know the tax id... ill ask my realtor

 

[BoyGenius]

both are foreclosures, this one is larger and in very nice condition. they wouldnt let us see it or do anything with the other since it was under contract. i just called my agent and he went back to verify and you were right about the bank taking it over at a lower pricepoint which misled us when we briskly went over it (stupid us). it is still under contract right now and nothing is being signed for. if that falls through before they reply to my offer, then i would like to see it and maybe get lucky buying the other for like 120s. 200sq ft is a nice difference especially for a condo, plus the other is 1st floor which can be good/bad. if i could save 20k for the smaller one, i would take it and clean it up unless its got dead bodies everywhere

Dude, you need to run away from these people. This agent is supposedly an expert taking care of you and I had to tell you that the price in the tax record was the loan amount that the bank took it back for?

This agent supposedly knows the community and forum members had to tell you the building's been jacked up?

Wake-up! These realtors only serve themselves and the commissions they make. You're getting hosed! The more they get you to pay, the more they make.

There's so many foreclosures out there and so many more in the pipeline that if something is listed for 140k, I'd be offering the bank 120k at best. And if the agent didn't support it, I'd fire them on the spot until you get one that's really working for you.

 

[BoyGenius]

dont know the tax id... ill ask my realtor

You put a contract on a property and don't know the Tax ID or haven't looked at it?

 

[hokie11]

Dude, you need to run away from these people. This agent is supposedly an expert taking care of you and I had to tell you that the price in the tax record was the loan amount that the bank took it back for?

This agent supposedly knows the community and forum members had to tell you the building's been jacked up?

Wake-up! These realtors only serve themselves and the commissions they make. You're getting hosed! The more they get you to pay, the more they make.

There's so many foreclosures out there and so many more in the pipeline that if something is listed for 140k, I'd be offering the bank 120k at best. And if the agent didn't support it, I'd fire them on the spot until you get one that's really working for you.

well, he doesnt know this area, he lives and works out of fairfax and comes down here when i want to see something. he actually pushed me to bid lower than my initial impression. with my family, he doesnt take all 3% of the commission, he only takes 1-1.5% and gives us the rest in cash. only because he's known us for a while.

 

[BoyGenius]

dont know the tax id... ill ask my realtor

Here's the tax id to H24:

results

It originally sold for 196k. The guy must have refi'd it up to the 215k amount the bank took it back for.

The County assessor says it's worth 177k.

The bank's willing to sell it for 159k.

The listing doesn't mention it's owned by a bank, which is deceptive in my opinion.



- Property Finder

There's a lot of other units for sale for higher amounts than the foreclosures that probably can't sell because of the foreclosures.

You are so screwed.

 

[BoyGenius]

well, he doesnt know this area, he lives and works out of fairfax and comes down here when i want to see something. he actually pushed me to bid lower than my initial impression. with my family, he doesnt take all 3% of the commission, he only takes 1-1.5% and gives us the rest in cash. only because he's known us for a while.

Cool deal, you pay tens of thousands more than necessary, buy a structurally deficient condo, and he gives you a couple grand back.

 

[hokie11]

Here's the tax id to H24:

results

It originally sold for 196k. The guy must have refi'd it up to the 215k amount the bank took it back for.

The County assessor says it's worth 177k.

The bank's willing to sell it for 159k.

The listing doesn't mention it's owned by a bank, which is deceptive in my opinion.



- Property Finder

There's a lot of other units for sale for higher amounts than the foreclosures that probably can't sell because of the foreclosures.

You are so screwed.

ah, all that information my realtor gave me before. i just didnt know what else was pulled from the tax id, so at least my realtor isnt a complete failure. so all the selling prices i was aware of. and i used the tax assessments to check out all of my neighbors bc im a nosey bastard

maybe if both of these foreclosures get sold, people will buy the higher-priced ones and my value will go up! lol

though this went way off topic, i appreciate all the information. i think whats bugging me most is the noise level of neighbors. stupid of me i know, but if u knew who i lived with, you'd want to move out asap as well

 

[hokie11]

Cool deal, you pay tens of thousands more than necessary, buy a structurally deficient condo, and he gives you a couple grand back.

lol. thanks. imho, i dont think it will get THAT bad. if it does, just shoot me in a couple of years

 

[BoyGenius]

ah, all that information my realtor gave me before. i just didnt know what else was pulled from the tax id, so at least my realtor isnt a complete failure. so all the selling prices i was aware of. and i used the tax assessments to check out all of my neighbors bc im a nosey bastard

maybe if both of these foreclosures get sold, people will buy the higher-priced ones and my value will go up! lol

though this went way off topic, i appreciate all the information. i think whats bugging me most is the noise level of neighbors. stupid of me i know, but if u knew who i lived with, you'd want to move out asap as well

So, before you didn't even know the tax id's of the proprerty's and now you've checked out all the neighbors previously in the tax records?



And, if you were a smart nosey bastard, you would have used the Landrec site to find out how much all the neighbors borrowed and found out how many are investors to evaluate the future foreclosure risks.

Regardless of what you decide, I played the devil's advocate to educate you. Hopefully the info everyone gave you was helpful.

Good luck to you.

 

[hokie11]

So, before you didn't even know the tax id's of the proprerty's and now you've checked out all the neighbors previously in the tax records?



And, if you were a smart nosey bastard, you would have used the Landrec site to find out how much all the neighbors borrowed and found out how many are investors to evaluate the future foreclosure risks.

Regardless of what you decide, I played the devil's advocate to educate you. Hopefully the info everyone gave you was helpful.

Good luck to you.

i checked the tax records before i made the offer. i copy and pasted info on that foreclosure of 139k earlier from teh same site, i just didn't realize that was the same thing you were referring to. i saw "account number" which is what i copied. didnt know if there was something different from tax id.

i did a fair share of research over the past 6 months on foreclosures. but this is still my first home, so im no expert.

i am going to the condo later to see if i notice any cracks anywhere. i really dont know if that structural issue stated earlier is true or if it was an isolated event among a few homes. maybe they are still not going to admit it but i asked my realtor to look into it. so maybe it is true or maybe it isnt

 

[anniemay]

i checked the tax records before i made the offer. i copy and pasted info on that foreclosure of 139k earlier from teh same site, i just didn't realize that was the same thing you were referring to. i saw "account number" which is what i copied. didnt know if there was something different from tax id.

i did a fair share of research over the past 6 months on foreclosures. but this is still my first home, so im no expert.

i am going to the condo later to see if i notice any cracks anywhere. i really dont know if that structural issue stated earlier is true or if it was an isolated event among a few homes. maybe they are still not going to admit it but i asked my realtor to look into it. so maybe it is true or maybe it isnt

They had to raise all of the buildings because of this. i'm in one of the newe buildings and I have tile cracked (split) from this and above my door there is a split running up. They all have the same issue. Same cruddy builder. Check all tiles and above the door frames. Also look at the walls, they were poorly done so you can see "seams" or whatever that is called. Just look carefully. And remember...I wouldnt' go into this with an attitude of "it's only for a couple of years" When you buy a home, unless you are going to try to rent it, it isn't usually for short term.

For whatever it's worth...I just purchased an actual house; 5 bedrooms, 2 bathrooms 1/2 acre for 160k. It was a foreclosure. I had 100% closing paid. It needs paint...but that's it. There are so many good prices on homes right now. If you have the extra to put into a bigger payment, why not look for a house now? There are awesome programs out there for first time home buyers...why not put that to use on a house now instead of in 3-4 years?

 

[RaspberryBeret]

Strange that you didn't mention that a big part of the current foreclosure problem is people that can't get enough rent to cover the mortgage payment, so they let it go into foreclosure.
A condo is nothing but a glorified apartment, and he has a not of apartments to compete with in the landlord business. Doesn't Abberly Crest have a bunch of new phases coming online?

Are you a Realtor BoyEinstein .... I mean BoyGenius??

 

[Club'nBabySeals]

i am going to the condo later to see if i notice any cracks anywhere. i really dont know if that structural issue stated earlier is true or if it was an isolated event among a few homes. maybe they are still not going to admit it but i asked my realtor to look into it. so maybe it is true or maybe it isnt

Here are just a few of the photos I took of damage to my mother's condo due to the structural problems with the building. There were literally cracks at every door frame--some over two feet long. Consider it a sampling to whet your appetite. Notice the sunken floor. Also, some pictures of where the builder, in an effort to finally repair this damage, had to cut out samplings of the garage ceiling to assess the trusses.

She had an independent structural expert come out to verify that the damage was not of her doing. He did.

In fairness, I will re-emphasize that after a somewhat arduous process the builder has made many of the necessary repairs to the structure and is now working to correct the issues in the units themselves---however, I am absolutely appalled that these issues were not disclosed to you by the Realtor/Seller/Whatever before you put a contract down on one of these units. That fact alone should be enough leverage to get you out of it without the default falling on you.

 

[hokie11]

They had to raise all of the buildings because of this. i'm in one of the newe buildings and I have tile cracked (split) from this and above my door there is a split running up. They all have the same issue. Same cruddy builder. Check all tiles and above the door frames. Also look at the walls, they were poorly done so you can see "seams" or whatever that is called. Just look carefully. And remember...I wouldnt' go into this with an attitude of "it's only for a couple of years" When you buy a home, unless you are going to try to rent it, it isn't usually for short term.

For whatever it's worth...I just purchased an actual house; 5 bedrooms, 2 bathrooms 1/2 acre for 160k. It was a foreclosure. I had 100% closing paid. It needs paint...but that's it. There are so many good prices on homes right now. If you have the extra to put into a bigger payment, why not look for a house now? There are awesome programs out there for first time home buyers...why not put that to use on a house now instead of in 3-4 years?

that's a sweet price! congrats! which buildings are the newer ones, if you happen to know? I had several opportunities to buy homes at pretty good prices, but I havent found any that gained my particular interest and within my price range. not saying I didn't see any at all, just none that I really wanted. also, i did bid on several other homes earlier, but got outbid on almost every single one, most well over the original asking price. the bank never even told us we got rejected so we could possibly counter-offer

In fairness, I will re-emphasize that after a somewhat arduous process the builder has made many of the necessary repairs to the structure and is now working to correct the issues in the units themselves---however, I am absolutely appalled that these issues were not disclosed to you by the Realtor/Seller/Whatever before you put a contract down on one of these units. That fact alone should be enough leverage to get you out of it without the default falling on you.

well, in his defense, i found the property myself, gave him the address, and he arranged to see it within a few hours all while driving. on my part, i guess i didnt allow him enough time to get more info and also research more myself. i was reading some other blogs and they were saying the hickory hills and wildewood areas were good places to live in general, none noted these structural issues. so, i made attempts in finding out as much as i can in short time, but apparently not enough.. and with wildewood being pretty darn expensive, that was out of my range and these condos seemed to be nice from the first few impressions.

 

[anniemay]

that's a sweet price! congrats! which buildings are the newer ones, if you happen to know? I had several opportunities to buy homes at pretty good prices, but I havent found any that gained my particular interest and within my price range. not saying I didn't see any at all, just none that I really wanted. also, i did bid on several other homes earlier, but got outbid on almost every single one, most well over the original asking price. the bank never even told us we got rejected so we could possibly counter-offer

The newer ones are the ones are to the right when you come into the development. Just beware and know what you're getting into!!