I would like to know if anyone would attempt to shortsale a property that has a magnitude of problems. :
The slumlord had tax warrents but he paid those, he also has a class action lawsuit against him from all his tenants for uninhabitable units and not giving back there securtiy deposits. He also has a couple of criminal trails coming up within the coming months for some other stuff.
The bank is foreclosing on him for $1.69Million and the city assessed it at $900,000.00 and he has numerous code violations. The properties are located in very prosperous neighborhoods that are in a perfect area so I really would like to get at least one of them.
I would like to know from an expert in Short Sales would you attempt one of these messy messy situations?
Well i’m far from an expert, but if his tenants are suing him for “unihabitable unit” and he has numerous code violations those might not be the best properties to look at unless you have the capital to invest. I wouldn’t advise stepping into the situation with all sort of criminal suits pending for the owner. Good luck though, I would definetly be interested to know how that turns out.
If you are serious about the property… you need to invest time and energy into negotiating with the city. You will be surprised to see how much power you will get if you submit a good plan to city to help you.
That is contradiction: Slumlord/properous neighborhood.
These properties would be a major pain in the “you know what”. Code violations, major rehabs, slum neighborhoods, etc. Why would you want to take on a headache that could take years to resolve?
Move on and find better deals.
Thank you all for your post
Jan it’s not a contradiction if the neighborhood was redeveloped around this sad looking building that has much potential. There building sky rise condos that are a million or more in this area and this is really the only building that looks bad I believe that’s why there forcing the slumlord out so I’m not contradicting anything.