Question regarding home buying

[mac5155]

If the house has been unlocked for a long time with electric on, there's a good chance anything of value has been pulled out of it. Not sure if you've gone in yet.

I went in it today. There isnt anything in there, but its at the end of a populated road; no copper pipe or anything was removed. Obviously id give it a thorough investigation but what i saw today leads me to believe not many people are aware that it's there and open.

[profpolisci]

yeah, understood. if i call bank of america and ask them about the place, what are the odds they know anything about it?

also, why would the electric still be on....?

Insist on a meth test, especially for a property that has been vacant for a couple of years. They're inexpensive relatively speaking.
Question the veracity of the realtor who tells you ..'that's the first time I've ever been asked to do a meth test' etc.

[mac5155]

my parents neighbor is a realtor who i know rather well. im going to ask her tomorrow what she thinks. she has apretty good handle on the whole real estate climate of this area.

also meth test? is that a real thing? lol

[blackjack68]

my parents neighbor is a realtor who i know rather well. im going to ask her tomorrow what she thinks. she has apretty good handle on the whole real estate climate of this area.

also meth test? is that a real thing? lol

I never heard of a meth test either, but I googled it and it's apparently a big thing.

[mac5155]

i googled it too. makes sense for a vacant, unlocked house. especially in my area.

[profpolisci]

I was considering the purchase of a long unoccupied property in southern Washington county and was told by someone who knows better that I should have it tested for meth. Wasn't looking nor expecting the house to be a meth lab, but the possibility and ramifications that someone merely smoked the drug on the premises were alarming enough that I went ahead and did it.
The test was negative. But I felt good about it given things like this
http://www.denverpost.com/ci_22827863/m ... yer-beware

"Meth can be detected in homes after a small number of uses, and the residues persist in homes for many years, meaning that if anyone ever smoked meth there in the past, it may show up in a test. So, while most people do not use meth, many houses are still affected," Dennison said.

[mac5155]

ahhh makes more sense. i was thinking solely production of it. never even thought that it could've just been used inside.

[BigMcK]

Troy Donovan and His Wife, Dayna, Find Squatters Living in Their Littleton, Colo., Home

http://realestate.aol.com/blog/2012/07/14/troy-donovan-and-his-wife-dayna-find-squatters-living-in-their/

[mac5155]

Are those famous people or something?

[Idoit40fans]

I wonder how Ray Donovan would have dealt with that.

[mac5155]

So this house is officially for tax lien sale September 9. I have a meeting with a real estate attorney who is going to do a title search and tell me any liens on the property. It's my understanding that I pay the auction price, and "take over" the liens.. so if they're small amount, it's a good deal. If they're high, no way.

Anyone ever purchase a property in tax sale? Seems like a crap shoot unless I do plenty of research.

[DropEmJayBird]

So this house is officially for tax lien sale September 9. I have a meeting with a real estate attorney who is going to do a title search and tell me any liens on the property. It's my understanding that I pay the auction price, and "take over" the liens.. so if they're small amount, it's a good deal. If they're high, no way.

Anyone ever purchase a property in tax sale? Seems like a crap shoot unless I do plenty of research.

I don't know, but the house I bought went through one, and I believe with the liens - the price was too high and nobody wanted to touch it. I am assuming the bank ate it on the liens, and put the house on the market - which is when I bought it (had to beat out 3 offers though).

If the price is too high, and you are in no hurry to move - you might see the bank put the house on the market soon.

[KennyTheKangaroo]

mac will you be staying true to your westmoreland county roots?

[PensFanInDC]

I've been interested in checking out auctions myself. There are plenty of options in Western PA.

[mac5155]

Yes, it is in westmoreland county, only a few miles from me.

I figured as such with the liens. I;m going to see what the liens look like then hope no one has interest in it, cause it's tucked way back in the woods. I'm sure someone will outbid me, but there's no hurt in trying I guess.

[mac5155]

So lets say the liens are low enough.. do I need to buy them out immediately then? If the liens are like 20k, it'd be worth it. any more, probably not. I've been in the house, the land is perfect, the house needs plenty of repair since it has been vacant for 3+ years.

[dodint]

There was a house in South Greensburg I really liked. Quaint, but in a decent enough neighborhood and I liked the structure. Looked it up and it had been on the market for years. Turns out it has foundation damage and it has been empty for years. Probably still is. whomp whomp.

[mac5155]

I mean, at 20k this is not a huge deal if the house is bad. There's 3 acres of land here. You figure $10k an acre is about average price, maybe a little on the high end. Im proceeding with much caution, but it seems to be a half decent opportunity.

[PensFanInDC]

There was a house in South Greensburg I really liked. Quaint, but in a decent enough neighborhood and I liked the structure. Looked it up and it had been on the market for years. Turns out it has foundation damage and it has been empty for years. Probably still is. whomp whomp.

"The value is in the land"

We've been looking up near Butler. Considering buying something with some land.

[meow]

So this house is officially for tax lien sale September 9. I have a meeting with a real estate attorney who is going to do a title search and tell me any liens on the property. It's my understanding that I pay the auction price, and "take over" the liens.. so if they're small amount, it's a good deal. If they're high, no way.

Anyone ever purchase a property in tax sale? Seems like a crap shoot unless I do plenty of research.

I've bought 3 of my 6 rental properties at tax sales. I basically set a cut off point on the lien amounts. "More than X = walk away." And stick to it. Also, if you are comfortable with it, you can run your own quick and dirty title search without paying an attorney.

[mac5155]

So this house is officially for tax lien sale September 9. I have a meeting with a real estate attorney who is going to do a title search and tell me any liens on the property. It's my understanding that I pay the auction price, and "take over" the liens.. so if they're small amount, it's a good deal. If they're high, no way.

Anyone ever purchase a property in tax sale? Seems like a crap shoot unless I do plenty of research.

I've bought 3 of my 6 rental properties at tax sales. I basically set a cut off point on the lien amounts. "More than X = walk away." And stick to it. Also, if you are comfortable with it, you can run your own quick and dirty title search without paying an attorney.

How do you know how much is still owed though? I see a mortgage, I think there may be a second one though. But if the mortgage was registered 10 years ago at 100k, is the lien still 100k?

[meow]

So this house is officially for tax lien sale September 9. I have a meeting with a real estate attorney who is going to do a title search and tell me any liens on the property. It's my understanding that I pay the auction price, and "take over" the liens.. so if they're small amount, it's a good deal. If they're high, no way.

Anyone ever purchase a property in tax sale? Seems like a crap shoot unless I do plenty of research.

I've bought 3 of my 6 rental properties at tax sales. I basically set a cut off point on the lien amounts. "More than X = walk away." And stick to it. Also, if you are comfortable with it, you can run your own quick and dirty title search without paying an attorney.

How do you know how much is still owed though? I see a mortgage, I think there may be a second one though. But if the mortgage was registered 10 years ago at 100k, is the lien still 100k?

Liens are of public record, but often the recorder does not have that paperwork. The recorder handles the deed and mortgage and other ownership documents. Since the lien has been placed because of tax reasons, it will be at the tax assessment office.

[mac5155]

So I will be able to call the tax assessment office and get a rough idea of all the liens on the property, those tax related and mortgage related?

[meow]

So I will be able to call the tax assessment office and get a rough idea of all the liens on the property, those tax related and mortgage related?

I know the tax assessor in my county, so I do just call him and ask. I think they would do that for anyone, though. Make sure you have the tax identification number when you call. That is what they will use to pull up the lien info.

[mac5155]

The attorney I'm talking with is also the tax collector for the township the house is in. She's also a family friend. So that's probably my best option.