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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Ward, 2 questions... Posted by J.L. Rader on September 06, 2001 at 2:03 PM In Reply to: Re: Ward, 2 questions... posted by Ward-CA- on September 05, 2001 at 6:25 PM : : Ward, : : Thanks for a great forum. : : I'm mostly new at the foreclosure investment strategy. I'm in the middle of trying to secure a home for myself via short sale and have 2 questions: : : How has HFC been to deal with? : : How would you approach a pre-foreclosure that has a serious mold problem caused by burst water pipes last winter? : : Thank you for your insight! : : Jeff : =•=•=•=•=•=•=•=•=•=•=•=•= : Jeff, I haven’t dealt directly with HFC, but I have a few trainees that have been very successful in working deals with HFC because that outfit is so amenable to bargaining. : A mold situation created by a one time occurrence is fairly easy to remedy. First of all I would take up and toss out all carpeting and pad. Then I would get a couple of day laborers for $7.00/hour and have them scrub the slab floor with stiff bristled brooms dipped in a diluted bleach solution. I would also use a sponge and wipe clean those wall areas showing mold too. : Then I'd paint the walls with paint that has a mold inhibitor in it. Check with Home Depot and with Lowes to see what they offer in that line of product. The paint will be a lot more expensive than regular, but you’re probably only going to have to use it just once. : By the way, this would be the ideal time to scrape that acoustic, cottage cheese looking junk , off the ceilings. Will give the house a more cleaner, modern look. I’m doing that ceiling treatment to every house and apartment I have whenever they go vacant. : Hope this helps. Ward, The mold problem, as described to me by a certified home inspector, will involve $15-20,000 worth of rehab by a competent restoration service. The inspector indicates that all drywall in the affected area has to come out and possibly the drywall and furnace ducting in the upstairs also, depending on the findings of the microbiological testing company. The inspector relates to me that the visible mold only represents about 30% of the mold that is actually there. His concern is that the mold present has the characteristic "pattern" of staphlybotrus and aspergillis. Apparently these are the molds that have caused the furor on 60 Minutes, Dateline, etc. The subject property has a FMV of $145,000. First mortgage is $94,000, a second of $20,000, there are back taxes of $1,500, and a $6,000 lien filed by the city for a water bill that caused all the water damage last winter. With this information, would it be a fair question to ask you where to start on a short sale negotiation? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : : Thanks for a great forum. : : : I'm mostly new at the foreclosure investment strategy. I'm in the middle of trying to secure a home for myself via short sale and have 2 questions: : : : How has HFC been to deal with? : : : How would you approach a pre-foreclosure that has a serious mold problem caused by burst water pipes last winter? : : : Thank you for your insight! : : : Jeff : : =•=•=•=•=•=•=•=•=•=•=•=•= : : Jeff, I haven’t dealt directly with HFC, but I have a few trainees that have been very successful in working deals with HFC because that outfit is so amenable to bargaining. : : A mold situation created by a one time occurrence is fairly easy to remedy. First of all I would take up and toss out all carpeting and pad. Then I would get a couple of day laborers for $7.00/hour and have them scrub the slab floor with stiff bristled brooms dipped in a diluted bleach solution. I would also use a sponge and wipe clean those wall areas showing mold too. : : Then I'd paint the walls with paint that has a mold inhibitor in it. Check with Home Depot and with Lowes to see what they offer in that line of product. The paint will be a lot more expensive than regular, but you’re probably only going to have to use it just once. : : By the way, this would be the ideal time to scrape that acoustic, cottage cheese looking junk , off the ceilings. Will give the house a more cleaner, modern look. I’m doing that ceiling treatment to every house and apartment I have whenever they go vacant. : : Hope this helps. : Ward, : The mold problem, as described to me by a certified home inspector, will involve $15-20,000 worth of rehab by a competent restoration service. The inspector indicates that all drywall in the affected area has to come out and possibly the drywall and furnace ducting in the upstairs also, depending on the findings of the microbiological testing company. The inspector relates to me that the visible mold only represents about 30% of the mold that is actually there. His concern is that the mold present has the characteristic "pattern" of staphlybotrus and aspergillis. Apparently these are the molds that have caused the furor on 60 Minutes, Dateline, etc. : The subject property has a FMV of $145,000. First mortgage is $94,000, a second of $20,000, there are back taxes of $1,500, and a $6,000 lien filed by the city for a water bill that caused all the water damage last winter. : With this information, would it be a fair question to ask you where to start on a short sale negotiation? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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