Peggy Gabour

Do you have a condominium association? Is there an organization that takes care of the units? Usually condo fees cover any exterior work( windows, siding) -did you have an inspection prior to your purchase?
I would go to the association - and notify them in writing of the structural issues - Thu Oct 23 2008, 14:41

Hi Lori,
If you are having 2nd thoughts because of condition ( did you have a home inspection done? or is this your own conclusion?) and a bad location - the location will not get better; the condition can with improvements.
I would have your realtor keep looking - this time of year in Provincetown the prices tend to start falling on the places that didn't sell over the winter, is my experience. Perhaps locate another property that you like, a bit higher than you can afford and try to negotiate the price to fit your parameters. Sellers who want to sell are also looking at the market, fearing a hike in interest rates - higher rates = less buyers who can purchase.
Winter is coming, and the sellers know that too.
Good luck! - Thu Oct 23 2008, 06:56

My question is whether it is a local bank or was this foreclosure handled by one of those many asset management companies for the banks that handle most of the bank owned properties? If it is an asset management company, those due take time because of the volume they are experiencing right now. They do hire local attorneys to handle any local legal work. What is your broker telling you? I would suggest you get your broker on it, for a good solid answer. Asset managers usually reply pretty quickly and can forward the
lawyers name and phone number to contact for any legal updates on the foreclosure.
If it is a local bank, go to the bank and request a response or try to get the name of someone who can answer this question.
Good luck! - Sat Oct 18 2008, 07:08

It sounds as if you are going to make a "lowball" just to see what happens - when in fact you can probably come up in the offer. You do risk losing/insulting the seller. Despite it being a "declining" marketplace in
terms of pricing, the best way to decide the offer is to go with the current listings - have your realtor work up a CMA with current listings and solds in the last 3 mos. Lean more heavily on the listings, particularly if they have just recently come on the market. Your realtor will be able to tell you where things have sold off the listing price - 90%? 88%? . I would then work up an offer from there using averages. If nothing has sold in 3 months, then I would expand to 5-6 months, and reduce 3% since this market has been declining 1.0-1.05% a month for the past few months.
Good luck ! But I would not "lowball" for the sake of the activity. Try putting an offer that reflects to the seller that you have "thought" about it - and given consideration to the seller, based on recent market activity. - Mon Sep 29 2008, 06:30

Generally septics should be pumped every 2-3 years depending on the quantity of individuals living in the
home. For example, 4 people living there year round vs, a home being used for 3 months in the summer only. Your niece will need to have the septic inspected for a Title V Certificate. The septic company will not pump it prior to the testing, only after it is tested. The test costs around $350.00 - why does your niece feel it is going to fail? Of course if it does fail, it will have to be replaced - either before the sale of the property or
another option is that monies from the sale get placed in an escrow account and the septic is done immediately after the closing - usually the escrow is an amount over and above the actual costs - to make sure everything is covered - and your niece can possibly get a check back from the escrow. People usually do this if the sellers cannot afford a new system. Another option is to negotiate with the buyers - a lower sales price for their financially taking care of the new septic. - Mon Sep 22 2008, 04:24