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Real Estate Wheeler Dealers?

Real Estate Wheeler Dealers?

Old May 28th 2014, 4:56 am
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Default Real Estate Wheeler Dealers?

Here is a scenario, I don't know if or how to pursue.
My house is 1950 ranch style, mortgage is $50k, value is maybe a little more.

The house next door was owned by an old fella who died about 3 years ago. It is now occupied, but they appear to be squatters.

Bank of America filed for repo/foreclosure or whatever 18 months ago, I have been following the court updates online and it appears to be stalled since Jan 2014.

The lot on the other side of the next door house has been vacant (no building) for maybe 10 years, but has just been purchased by a builder/developer for $15k (taxable value $7.5k per county appraiser website)

Anyway, I am thinking, maybe the developer would be interested in 3 adjoining lots, but I don't know how to approach them, and if the repo in between might be a good thing or a bad thing. Both houses would be demolished I would think, not worth preserving.

Thoughts?
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Old May 28th 2014, 1:24 pm
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Lightbulb Re: Real Estate Wheeler Dealers?

You could try posting on the Florida forum of City-data.com (there are subsections for the various cities/counties in the State). The people who post on the boards are ordinary members of the public as well as realtors:

http://www.city-data.com/forum/florida/

http://www.city-data.com/forum/tampa-bay/ (I've just noticed that you are in the Tampa Bay area)

Hope this helps

PS. the day after I got my US citizenship I walked along to our local Post Office to apply for a new passport. I was astonished to see just around the corner from our house that a recently purchased house (a very pretty colonial house in v. good condition on a corner plot) had been demolished with just one wall remaining. There was a guy in the front garden who was adjusting a temporary fence and I got chatting with him - initially asking why on Earth one wall was standing there. He said that the stonework was a great feature and that 'you can't find good craftsmen to cut stones like this anymore'. (Btw I heard later that it is often done for tax reasons). He told me that he was from a building company; they had paid just under a million $ for the house but were replacing it with a larger one (a McMansion) It is located just a two minute walk from a mainline station with trains to NYC and a top school district. The new house looks like a monstrosity to me, it now dwarfs the house next door and it amazes me that it got planning permission.....but it sold for more than $2.2 million. My own house is considered too small for the locality - it's a 1940s colonial. The land, 1/3rd of an acre - is worth more than the house. He gave me his business card and he said that if I ever want to sell then to give them a call and that of course there wouldn't be realtor's commission fees. Naturally if we decided to go this route I would get an independent appraiser to do a survey and fair price.

Perhaps you could approach the builder/site manager when you see them visiting the next door house - or post a large note there requesting that they get in touch with you?

Last edited by Englishmum; May 28th 2014 at 1:45 pm.
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Old May 28th 2014, 1:37 pm
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Default Re: Real Estate Wheeler Dealers?

What sort of development is going on in your neighborhood? Is it older houses being torn down and replaced with McMansions? Unless it is, it is probably not worth paying you $50k for a tear down. If you know who the builder-developer is, you could give them a call, or you could sign up with a realtor, and have them call.

Last edited by Pulaski; May 28th 2014 at 1:42 pm.
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Old May 29th 2014, 12:33 am
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Default Re: Real Estate Wheeler Dealers?

Did a bit of research. This is the builder's website and the house they plan to build.

http://americanhousingbuilders.com/w.../CAMBRIDGE.pdf

Not exactly a McMansion. It is already listed, at $165k. There is a zoning hearing next week as they want to build a few feet nearer the edges of the lot than allowed. These 3 lots are 50'x150' each. It looks from comps like $15k for the lot was reasonable.

This neighborhood is "interesting". I am in the middle of the block. The west third is owned by Habitat for humanity. On half of it, they built 2 x 8 unit townhouses (2 story), before I moved in. The other half is evidently waiting for the rest of the project to build. That land used to be a trailer park.
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Old May 29th 2014, 12:42 am
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Default Re: Real Estate Wheeler Dealers?

Originally Posted by Englishmum View Post
You could try posting on the Florida forum of City-data.com (there are subsections for the various cities/counties in the State). The people who post on the boards are ordinary members of the public as well as realtors:

http://www.city-data.com/forum/florida/

http://www.city-data.com/forum/tampa-bay/ (I've just noticed that you are in the Tampa Bay area)

Hope this helps

PS. the day after I got my US citizenship I walked along to our local Post Office to apply for a new passport. I was astonished to see just around the corner from our house that a recently purchased house (a very pretty colonial house in v. good condition on a corner plot) had been demolished with just one wall remaining. There was a guy in the front garden who was adjusting a temporary fence and I got chatting with him - initially asking why on Earth one wall was standing there. He said that the stonework was a great feature and that 'you can't find good craftsmen to cut stones like this anymore'. (Btw I heard later that it is often done for tax reasons). He told me that he was from a building company; they had paid just under a million $ for the house but were replacing it with a larger one (a McMansion) It is located just a two minute walk from a mainline station with trains to NYC and a top school district. The new house looks like a monstrosity to me, it now dwarfs the house next door and it amazes me that it got planning permission.....but it sold for more than $2.2 million. My own house is considered too small for the locality - it's a 1940s colonial. The land, 1/3rd of an acre - is worth more than the house. He gave me his business card and he said that if I ever want to sell then to give them a call and that of course there wouldn't be realtor's commission fees. Naturally if we decided to go this route I would get an independent appraiser to do a survey and fair price.

Perhaps you could approach the builder/site manager when you see them visiting the next door house - or post a large note there requesting that they get in touch with you?
Thanks for the links, and the story I think I will go and talk to the builders, just to see.
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Old May 29th 2014, 1:32 am
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Default Re: Real Estate Wheeler Dealers?

Originally Posted by RICH View Post
Did a bit of research. This is the builder's website and the house they plan to build.

http://americanhousingbuilders.com/w.../CAMBRIDGE.pdf

Not exactly a McMansion. It is already listed, at $165k. There is a zoning hearing next week as they want to build a few feet nearer the edges of the lot than allowed. These 3 lots are 50'x150' each. It looks from comps like $15k for the lot was reasonable.

This neighborhood is "interesting". I am in the middle of the block. The west third is owned by Habitat for humanity. On half of it, they built 2 x 8 unit townhouses (2 story), before I moved in. The other half is evidently waiting for the rest of the project to build. That land used to be a trailer park.
So he paid $15k for the land, and is selling the structure for $100/sqft. If he paid you $50k and built the same size house he'd be lucky to break even.
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Old May 29th 2014, 1:50 am
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Default Re: Real Estate Wheeler Dealers?

Originally Posted by Pulaski View Post
So he paid $15k for the land, and is selling the structure for $100/sqft. If he paid you $50k and built the same size house he'd be lucky to break even.
I know it's a long shot. Maybe if the middle property becomes available he could put 2 of these in the 3 lots, making it more viable.

http://americanhousingbuilders.com/w...HLANDER-II.pdf
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Old May 29th 2014, 1:50 am
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Default Re: Real Estate Wheeler Dealers?

Originally Posted by Pulaski View Post
So he paid $15k for the land, and is selling the structure for $100/sqft. If he paid you $50k and built the same size house he'd be lucky to break even.
True but if he can get all four lots, he may be able to get $20K more per home.
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Old May 29th 2014, 2:12 am
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Default Re: Real Estate Wheeler Dealers?

Originally Posted by Michael View Post
True but if he can get all four lots, he may be able to get $20K more per home.
True, I did think of that, especially if the foreclosure is an eyesore.
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Old May 29th 2014, 2:45 am
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Default Re: Real Estate Wheeler Dealers?

I pm'd you guys a street view.
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Old May 30th 2014, 2:33 am
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Default Re: Real Estate Wheeler Dealers?

So today I discovered that the same builder is building the same house on another vacant lot on the next block ,literally 500 feet away, and I did not even realise it was a vacant lot. On research, he got that lot for $12k in back Feb.

I am hopeful he might be interested in my place, although I need to pay off the mtg and have a stash for a down payment on the next place left over so it is a tough sell.

Regarding the foreclosure next door -anyone know what might happen next? This is the info, edited, I gleaned from the court records: (Sorry it is a mass of text)

01/27/2014 ORDER DENYING EX-PARTE MOTION FOR APPOINTMENT OF GUARDIAN AD LITEM
11/27/2013 CORRESPONDENCE TO COURT RE:PROPOSED ORDER RCVD BY COURT 112213
11/27/2013 ORDER DENYING EX-PARTE MOTION FOR APPOINTMENT OF GUARDIAN AD LITEM
11/27/2013 MOTION TO APPOINT GUARDIAN/ADMINISTRATOR/ATTORNEY A LITEM (EX-PARTE)
11/27/2013 ORDER - NOT SIGNED BY COURT OF ORDER APPOINTING GUARDIAN AD LITEM
11/21/2013 MOTION TO APPOINT GUARDIAN/ADMINISTRATOR/ATTORNEY A LITEM (PLTF'S EX PARTE)
08/21/2013 SUMMONS - RETURNED SERVED: <deleted name/s> Party: <deleted name/s>
06/12/2013 SUMMONS EMAILED TO ATTORNEY FOR SERVICE (AMENDED COMPLAINT) Party: <deleted name/s>
06/06/2013 REQUEST FOR SUMMONS
05/24/2013 SUMMONS MAILED TO ATTORNEY: (AMENDED)(SASE) Party: UNKNOWN HEIRS/SUCCESSORS/ASSIGNS
AND ALL PERSONS FIRMS OR ASSOCIATIONS CLAIMING RIGHT/TITLE OR INTEREST FROM OR UNDER <deleted name/s> DECEASED
05/16/2013 COPY CORRESPONDENCE FROM CLERK RE: SUMMONS NOT ISSUED-NEED ADDITIONAL PARTY FEE OF $2.50
05/08/2013 REQUEST FOR SUMMONS
04/26/2013 ORDER GRANTING PLTFS MOTION FOR LEAVE TO FILE AMENDED COMPLAINT
04/26/2013 ATTORNEY COVER LETTER RECEIVED BY COURT 042513
04/15/2013 NOTICE BORROWER NONPART FORECLOSURE MEDIATION AND CANCEL MEDIATION SESSION 042613
04/01/2013 PLTF/PET'S MOTION LEAVE TO FILE AMENDED COMPLAINT
03/08/2013 PUBLISHER'S AFFIDAVIT 30 DAYS
02/25/2013 NOTICE OF ACTION/EMAILED - BUSINESS OBSERVER Party:UNKNOWN SPOUSE OF <deleted name/s> ETC
02/25/2013 CERTIFICATE OF MAILING Party: UNKNOWN SPOUSE OF <deleted name/s> ETC
02/22/2013 AFFIDAVIT OF DILIGENT SEARCH AND INQUIRY AS TO UNKNOWN SPOUSE OF <deleted name/s>
02/19/2013 SUMMONS - RETURNED NOT SERVED: Party: <deleted name/s>
02/19/2013 SUMMONS - RETURNED NOT SERVED: Party: UNKNOWN SPOUSE OF <deleted name/s> ETC
01/30/2013 ANSWER OF AND Party: ST PETERSBURG CITY OF
01/30/2013 AFFIRMATIVE DEFENSES TO AMENDED COMPLAINT
01/29/2013 SUMMONS - RETURNED SERVED: 011713 UNKNOWN TENANT/OR OCCUPANT Party: <deleted name/s>
01/25/2013 SUMMONS - RETURNED SERVED: 011613 Party: ST PETERSBURG CITY OF
01/23/2013 NOTICE OF APPEARANCE AND E-MAIL DESIGNATION
01/04/2013 CASE FILED Party:<deleted name/s> Party: ST PETERSBURG CITY OF \
arty: UNKNOWN SPOUSE OF <deleted name/s> ETC
01/04/2013 COMPLAINT
01/04/2013 CIVIL COVER SHEET
01/04/2013 NOTICE OF LIS PENDENS Vol./Book 17851, Page 2051, 2 pages
01/04/2013 VALUE OF REAL PROP/MORTGAGE FORECLOSURE CLAIM
01/04/2013 FORM A-PLAINTIFF CERTIFICATE
01/04/2013 SUMMONS TO PROCESS SERVER - PICK UP
DPS
Party: <deleted name/s>
Party: <deleted name/s>
Party: ST PETERSBURG CITY OF
Party: UNKNOWN SPOUSE OF <deleted name/s> ETC
01/04/2013 PLAINTIFF'S CERTIFICATION OF SETTLEMENT AUTHORITY
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Old Jun 4th 2014, 1:42 am
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Default Re: Real Estate Wheeler Dealers?

I'm a little obsessed with the foreclosure next door, and what action might be imminent.

I got to wondering what the bank would/could do.They do not have a lot to lose. I looked up the property records.

Can anyone do the Maths?

In 1990 the house sold for $62,500. Assume minimum 80% loan. Buyer was a Veteran so VA loan/decent rate?. 30 year loan, paid well for 20 years till he died,

How much is still owed? I am thinking $20k, or less which is perhaps not worth the bank's effort?

The property taxes are being paid by an escrow account. Is the lender probably paying, assuming the owner is not? ($1500 p/a)

There is no probate info, the daughter/heir is a junky jailbird, so probably ignoring the place.

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Old Aug 20th 2014, 4:39 am
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Default Re: Real Estate Wheeler Dealers?

Dragging this thread up for my own entertainment.

I chickened out of approaching the developers.

The builders started in at the vacant lot on Thursday and ripped out 2 or 3 trees. Leveled the ground Friday & Monday, dug foundation trenches today.

The foreclosure case next door moved on a bit, there is a "hearing" tomorrow 8/20.

And the nearby house, started circa May 29th is almost done. So 3 months-ish.
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