[mike92104]

I was planning on a low ball, but wanted some hard facts on the condition of the abatements first. I just didn’t feel the bank would try to fix any of it. They might lower the price though (which they did yesterday) As far as the price:

Price Reduced: 12/05/2008 from $259,900 to $254,900
Price Reduced: 11/03/2008 from $299,900 to $259,900
Price Reduced: 10/21/2008 from $304,900 to $299,900

As far as the traffic, I have been there a couple times and have not seen anybody around. I haven’t noticed anybody hovering and waiting for me to leave either. All of the signs have been taken down, so from the street you can’t even tell it’s for sale.

Sounds like your realty gig is just about what I would want. Part time, on my time, but with a good broker that takes his fair share. I’m going to head down to try to get a map of the setbacks, easments, and the original plans on monday. I’ll give you guy a call at that point after I’ve gathered all the info I can.

[mike92104]

I was planning on a low ball, but wanted some hard facts on the condition of the abatements first. I just didn’t feel the bank would try to fix any of it. They might lower the price though (which they did yesterday) As far as the price:

Price Reduced: 12/05/2008 from $259,900 to $254,900
Price Reduced: 11/03/2008 from $299,900 to $259,900
Price Reduced: 10/21/2008 from $304,900 to $299,900

As far as the traffic, I have been there a couple times and have not seen anybody around. I haven’t noticed anybody hovering and waiting for me to leave either. All of the signs have been taken down, so from the street you can’t even tell it’s for sale.

Sounds like your realty gig is just about what I would want. Part time, on my time, but with a good broker that takes his fair share. I’m going to head down to try to get a map of the setbacks, easments, and the original plans on monday. I’ll give you guy a call at that point after I’ve gathered all the info I can.

[mike92104]

I was planning on a low ball, but wanted some hard facts on the condition of the abatements first. I just didn’t feel the bank would try to fix any of it. They might lower the price though (which they did yesterday) As far as the price:

Price Reduced: 12/05/2008 from $259,900 to $254,900
Price Reduced: 11/03/2008 from $299,900 to $259,900
Price Reduced: 10/21/2008 from $304,900 to $299,900

As far as the traffic, I have been there a couple times and have not seen anybody around. I haven’t noticed anybody hovering and waiting for me to leave either. All of the signs have been taken down, so from the street you can’t even tell it’s for sale.

Sounds like your realty gig is just about what I would want. Part time, on my time, but with a good broker that takes his fair share. I’m going to head down to try to get a map of the setbacks, easments, and the original plans on monday. I’ll give you guy a call at that point after I’ve gathered all the info I can.

[mike92104]

I was planning on a low ball, but wanted some hard facts on the condition of the abatements first. I just didn’t feel the bank would try to fix any of it. They might lower the price though (which they did yesterday) As far as the price:

Price Reduced: 12/05/2008 from $259,900 to $254,900
Price Reduced: 11/03/2008 from $299,900 to $259,900
Price Reduced: 10/21/2008 from $304,900 to $299,900

As far as the traffic, I have been there a couple times and have not seen anybody around. I haven’t noticed anybody hovering and waiting for me to leave either. All of the signs have been taken down, so from the street you can’t even tell it’s for sale.

Sounds like your realty gig is just about what I would want. Part time, on my time, but with a good broker that takes his fair share. I’m going to head down to try to get a map of the setbacks, easments, and the original plans on monday. I’ll give you guy a call at that point after I’ve gathered all the info I can.

[mike92104]

[quote=Rustico]Econoprof Yep,nudge them along to workable pricing if possible and/or let them keep it until it’s ripe.Market time is going to be a big help :).

I think you have a good attitude about it Mike. The part about picking up valuable information for this one… or perhaps the next. Calculating how much to put into the feasibilty study still poses a bit of a dilema. You probably have good instincts that will help you there. It is a great time, for those of us that are so inclined, to be improving on what we know toward this style of enterprise.

[/quote]

Yup. I will stick to the cheaper research first, and if that looks ok, I will proceed. Just about everything I have ever really enjoyed, and have kept for long periods of time have always needed a little work, but for some reason jumped out at me. I think I enjoy the challenges of learning new things under the gun, and I usually come out ahead a bit (never as much as I think I’m going to, but that’s life) Thanks for ll the help to everyone who has replied! This will keep me busy for a while.

On a side note, I know you, Rustico and SDrealtor are part time real estate agents (I think) and I was wondering who’s wall you hang your licenses on?I’m just a little curious about getting in to it as well, but I don’t want to change careers.

[mike92104]

[quote=Rustico]Econoprof Yep,nudge them along to workable pricing if possible and/or let them keep it until it’s ripe.Market time is going to be a big help :).

I think you have a good attitude about it Mike. The part about picking up valuable information for this one… or perhaps the next. Calculating how much to put into the feasibilty study still poses a bit of a dilema. You probably have good instincts that will help you there. It is a great time, for those of us that are so inclined, to be improving on what we know toward this style of enterprise.

[/quote]

Yup. I will stick to the cheaper research first, and if that looks ok, I will proceed. Just about everything I have ever really enjoyed, and have kept for long periods of time have always needed a little work, but for some reason jumped out at me. I think I enjoy the challenges of learning new things under the gun, and I usually come out ahead a bit (never as much as I think I’m going to, but that’s life) Thanks for ll the help to everyone who has replied! This will keep me busy for a while.

On a side note, I know you, Rustico and SDrealtor are part time real estate agents (I think) and I was wondering who’s wall you hang your licenses on?I’m just a little curious about getting in to it as well, but I don’t want to change careers.

[mike92104]

[quote=Rustico]Econoprof Yep,nudge them along to workable pricing if possible and/or let them keep it until it’s ripe.Market time is going to be a big help :).

I think you have a good attitude about it Mike. The part about picking up valuable information for this one… or perhaps the next. Calculating how much to put into the feasibilty study still poses a bit of a dilema. You probably have good instincts that will help you there. It is a great time, for those of us that are so inclined, to be improving on what we know toward this style of enterprise.

[/quote]

Yup. I will stick to the cheaper research first, and if that looks ok, I will proceed. Just about everything I have ever really enjoyed, and have kept for long periods of time have always needed a little work, but for some reason jumped out at me. I think I enjoy the challenges of learning new things under the gun, and I usually come out ahead a bit (never as much as I think I’m going to, but that’s life) Thanks for ll the help to everyone who has replied! This will keep me busy for a while.

On a side note, I know you, Rustico and SDrealtor are part time real estate agents (I think) and I was wondering who’s wall you hang your licenses on?I’m just a little curious about getting in to it as well, but I don’t want to change careers.

[mike92104]

[quote=Rustico]Econoprof Yep,nudge them along to workable pricing if possible and/or let them keep it until it’s ripe.Market time is going to be a big help :).

I think you have a good attitude about it Mike. The part about picking up valuable information for this one… or perhaps the next. Calculating how much to put into the feasibilty study still poses a bit of a dilema. You probably have good instincts that will help you there. It is a great time, for those of us that are so inclined, to be improving on what we know toward this style of enterprise.

[/quote]

Yup. I will stick to the cheaper research first, and if that looks ok, I will proceed. Just about everything I have ever really enjoyed, and have kept for long periods of time have always needed a little work, but for some reason jumped out at me. I think I enjoy the challenges of learning new things under the gun, and I usually come out ahead a bit (never as much as I think I’m going to, but that’s life) Thanks for ll the help to everyone who has replied! This will keep me busy for a while.

On a side note, I know you, Rustico and SDrealtor are part time real estate agents (I think) and I was wondering who’s wall you hang your licenses on?I’m just a little curious about getting in to it as well, but I don’t want to change careers.

[mike92104]

[quote=Rustico]Econoprof Yep,nudge them along to workable pricing if possible and/or let them keep it until it’s ripe.Market time is going to be a big help :).

I think you have a good attitude about it Mike. The part about picking up valuable information for this one… or perhaps the next. Calculating how much to put into the feasibilty study still poses a bit of a dilema. You probably have good instincts that will help you there. It is a great time, for those of us that are so inclined, to be improving on what we know toward this style of enterprise.

[/quote]

Yup. I will stick to the cheaper research first, and if that looks ok, I will proceed. Just about everything I have ever really enjoyed, and have kept for long periods of time have always needed a little work, but for some reason jumped out at me. I think I enjoy the challenges of learning new things under the gun, and I usually come out ahead a bit (never as much as I think I’m going to, but that’s life) Thanks for ll the help to everyone who has replied! This will keep me busy for a while.

On a side note, I know you, Rustico and SDrealtor are part time real estate agents (I think) and I was wondering who’s wall you hang your licenses on?I’m just a little curious about getting in to it as well, but I don’t want to change careers.

[mike92104]

[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.

[mike92104]

[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.

[mike92104]

[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.

[mike92104]

[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.

[mike92104]

[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.

[mike92104]

Thanks Rustico! I wouldn’t mind living in a house without the permits, but an abatement has been filed (garage too close to property line and a shopping list of non permitted work), so code compliance is a must. I have talked to the code enforcement inspector (who seemed rather helpful for a city employee) and asked if the work could be permitted after the fact and she said possibly. She went on to ask if I was in construction, and I said no. I wish I would have said yes because it seemed like she was going to give me some good info, but backed off on the no and recommended I get a contractor or engineer to advise me. I’m definitely not jumping into this without a damn good idea of what to expect. Like I said it’s a house we like, and I’m willing to do some research. If someone else picks it up before me then I learned quite a bit for the next house with it’s issues (seems like everything I look at has one) Is there a contractor, or someone else you would recommend? I don’t want to just start gong down the list in the phone book.

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