I would love to Vegas but this is my brother and he tends to be a little thick. He likes the location and wants the house but it would be beneficial to get them to pump it out first.


Update: First off, please tell me every deal doesn't suck as bad as this one. This broker is killing me. Just received an email, after talking to him about the water problem, and he told me to submit an offer subject to the seller installing a sump pump. We did say seller to pump out prior to inspection in the PA. I don't think it's rocket science here to figure out this is what needs to be done.........Perhaps I am expecting too much...

And it gets better. I got another email stating that he didn't look at the PA that was faxed over Not too mention, he asked if I had a trash pump being that I am a builder. So I guess he figures I should pump it out for my buyer :rolleyes:

I would really like to know where in the United States that is true!!!!

Nationally foreclosures are down more than 27%, most AMC's report record low inventories and most MLS's indicate a strong Sellers Market that makes any investment property more difficult to find. Knowing several very active investors in the Las Vegas area, they are assuring me their is not only not an abundance but a significant shortage resulting in decreasing ROI potential.... so if you know of an abundant supply... let me know!

I've read a couple of articles recently regarding certain states and increasing foreclosure rates. I'd have to find them to verify this, but I seem to remember Texas and Ohio being listed as states with increasing foreclosures (due to predatory lending, loss of maunfacturing jobs, etc.). With the number of buyers interested in RE investing increasing, I can believe that the ROI potential is decreasing, but I would think that some areas continue to have a decent supply of REO properties.

One only has to drive through Youngstown, Ohio to find a number of "fix-it" properties.

Unfortunately, we're also seeing this type of activity beginning in Akron and Canton, mostly due to the manufacturing jobs leaving...

Canal Winchester and Pickerington Ohio are filled with them..almost every house in the 130,000's is bank owned..they trash them though and that's the sad part..some are beyond repair to most buyers...

Angie

It sounds like it might be time to walk; potentially too much liability and there may be more problems than what is discovered.