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Finally Got It!!!

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02chuck

Well-known member
Joined
Sep 11, 2007
Messages
69
Location
Collegeville, Ca
Back in March of 2009 (834 days), we started the process to try and buy a B of A short sale. Between the incompetent realtor and the Crappy B of A short sale dept. It never was completed. So it was finally foreclosed on this March and came back on the market last week. we offered and the offer has been accepted 834 days after we started this process.
Now many are going to say "why stay after this property so long?".
The property is 5 acres, 3100sqft house, pool, 4000 SQFT SHOP!!!!!! 50x80.
We did not need to move and were willing to wait this one out.
The previous owner got the building built and then ran into challenges so it is a blank canvas for me to play with, Pretty Cool!!!!!!!!!!!!!!
So once we get in I will be searching the forums and asking plenty of questions for wisdom and resources.

Chuck
 

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alabamavolvos

Well-known member
Joined
Mar 15, 2011
Messages
47
Congratulations on the purchase. Now that it is yours I bet you have all kinds of thoughts in your head on how to setup the shop. Did you get it cheaper than your short sale offer?
 
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JC23

Well-known member
Joined
Dec 31, 2009
Messages
11,718
Location
Northcoast
Way to go, Chuck. I love it when somebody beats the system instead of being the system's *****. Whatcha got planned?

Man, them is some tall doors!
 
OP
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02chuck

Well-known member
Joined
Sep 11, 2007
Messages
69
Location
Collegeville, Ca
Yes we paid less than what we had offered for the short sale,
so I would say it was a pretty good deal.
Yes the doors are huge, there also another one on the far end of the building.
The house is in good shape, just need to do paint and fresh carpets and it will ready to go.
The shop will be a long term project. It has no plumbing ( it was built as a Ag building), no electrical(just in one corner). With something this big it will take some time to get things done.
First thing will be develop a plan of development, then knock it out in steps.

Chuck
 
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Carl B

Well-known member
Joined
Feb 3, 2006
Messages
525
Location
Clearwater, Florida USA
Hi Chuck:
I couldn't be happier for you.

Many years ago - I'm thinking 20 or so - when the Savings & Loans were in trouble - they set up the Resolution Trust - to take the repo's and liquidate them. Anyone remember that?

Anyway one of my neighbors lost his job, and couldn't pay the mortgage he had. In addition he had taken out a loan on a vacant lot next to his house {worth about $65K at that time}. That vacant lot abutted mine. Then - like now, real estate values were very low.. I offered him fair value for the lot, but he turned me down.

Eight months later the bank had repo'd his house and the lot. I called the bank and made them a slightly lower offer. The local people accepted the offer - but when they sent the package to the home offices in S.C. - the home offices turned it down. OK...

Eighteen months later - I got a call from a representative of the Resolution Trust - he had seen my offer from eighteen months earlier in the file - and said he saw no reason that offer hadn't been accepted - and ask if I was still willing to buy. I told him no - that I had already bought another lot...

He said - "Would you be interested at any price?" I said that since the lot was next to mine, I'd pay $5K... {less than 10% of my original offer}. I thought that would get him off the phone...

He ask "when could you be ready to close?" I said; Right Now. He told me to bring the money or certified check to the Hotel that they had set up Full Real Estate Closing facilities at - and I could leave with the title. I did... both - took the check and left with the title. They filed all necessary legal paper work and there were no other charges.

Nothing like the Buy you got - but sooner or later - these repo's will have to be liquidated. The banks can't keep letting the Taxes and Maintenance Costs building up... while these homes decay year after year. People ready with the cash will be richly rewarded.

FWIW,
Carl B.
 
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ZipSnipe

Active member
Joined
Jun 9, 2011
Messages
32
Congrats Chuck, that size shop is to die for!!!

Also congrats to Carl of a good deal too!!!

But be warned you must always do a title search before handing over that check, this will make sure your title is clean and usually runs $150 to $250 to have one done....
 
G

GarageEnvy

Well-known member
Joined
Nov 17, 2009
Messages
1,282
Location
Fresno
Congrats to OP. That is a nice setup. I deal w/short sales all the time and industry wide B of A has the worst rep for short-sales (darn near everything else too). I have had a few buyers wait over a year but I think you now hold the patience title. Most every one that goes into foreclosure gets bought cheaper and quicker than during the short-sale process.

It certainly looks like patience and persistenace paid off.
 
OP
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02chuck

Well-known member
Joined
Sep 11, 2007
Messages
69
Location
Collegeville, Ca
We were in shock when it was actually accepted. inspections this week, closes end of July.
Then clean, paint, carpet and move. Busy July, in a good way
 
OP
0

02chuck

Well-known member
Joined
Sep 11, 2007
Messages
69
Location
Collegeville, Ca
Inspections went well, a few minor gripes , but nothing tragic.
Should close escrow third week of July.
Then we start moving stuff and get the interior of the house cleaned, painted, and new carpet.
Took a picture of my toy in the shop.
It will need more buddies, looks a little lonesome by itself.
 

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