Shamoozal.com - Smorgas Board

what a bunch of horsehit

in other news, we finally got this asshole locked out of the property on saturday..then the fukin listing agents gave him the fukin code to the new lockbox because he called and bitched..so now im assuming he is going to fuck shit up and this whole thing falls through. endless.

Wait, so what is the backstory here. I saw you last few posts about the house, but what is going on? Is this guy squatting or something?

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no, he is out, but he just left a ton of his shit behind. 90% of it is garbage, but the asset manager has to make the call as to its actual value. plus apparently he has a legal right to be on the premises until the eviction process is complete, which I have no idea how long that is. i was supposed to close today, but thats not happening. might not even be this year now. no clue. i will say it has been interesting learning the process of dealing with these sorts of properties. its a bit of work, but i can see how people end up making a lot of money off of this type of shit. you just have to have a lot of patience.

Elaboration required? Was it one of those seized houses or whatnot?

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"Cook Free, or Die" -- Anthony Bourdain

Nah, it was a distressed (meaning it had a lot of cosmetic issues/damage) preforeclosure property. It was originally listed as a short sale, which is when they try to sell the house for less than they owe and the bank has to approve. But it sat on the market so long they ended up foreclosing..which was annoying cause we were already in the middle of contract negotiations. But if it goes through, I am picking it up for about 70% of the appraised value, then I will have to put about 20k in renovations into it. When finished, I could sell it easily for 60k more than my total investment. Plus with interest rates being so low, my 30 yr fixed rate is only 4.375, with no PMI! So even if you didn't have enough cash to cover, I only had 10%, if you qualified you could easily take out a mortgage at a super low rate and then flip it in a month and only get dinged one or 2 mortgage payments.

I stalked this property for like 4 months before finally getting it under contract. No normal buyer was going to buy this house, it looked like an absolute disaster, but there was really nothing big wrong with it. But normal buyers want move in ready.. So there are people who save up a big lump sum of cash and just buy these types of properties at auctions, throw in a bit of cash for renovations and sell it for more profit than I make in a year at my regular job. Plus after you do a few of them, you would have enough cash to have multiple projects going at once. It really boils down to patience, investment capital and having tradesmen you can trust that aren't too expensive. Tradesmen are a dime a dozen and the more work you give them, the better their prices are.

The funny thing is the real estate market is still a viable source of income. The big issue right now is there is a shortage of good properties because no one wants to sell their house at a loss. People who have actually taken care of their homes are not selling, so most of what is on the market is total crap. The non crap stuff, if priced aggressively, sells super quick. At least that is how it is here.

I feel like I might be getting ripped of by my bank for the refinance.
For those of you that have refinanced, was the payoff amount for your first mortgage more or less than what you owed on the loan?

Here's whats going on for me, the remaining amount on my loan when I refinanced was 103.5k.
The paperwork I have during the refinance said the payoff amount was to be 102.8k.
My new LTV was under 80% so I dropped escrow on the new loan. They told me they would send me a check for the remaining escrow balance of the 1st loan within 30 days.

Based on the information I have available to me, it looks like they made a loan payment of 102.7k instead of actually paying off the loan. Then a few days later they made another payment of $1400 to payoff the loan.
Which means it actually cost 104.2k to payoff the loan, but I was never made aware of the additional $1400 in any of the paperwork I have.

There was just over $1400 in my escrow account.
I got a check for $20, with no real note about what it was for. When I asked if it was the remainder of my escrow, they told me it was "overpayment of the loan" and said I should wait 30 days before calling about the escrow money.
I think they used my escrow to payoff the loan and that $20 was actually the remainder.

Now I'm not sure what they did was wrong, because I wouldn't of thought the payoff to be less than the amount remaining..... but I don't have any paperwork explaining the numbers.

I really should've switched banks because this bank is basically a black box, they provide very little detail into where my money goes and it annoys the shit out of me.

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- Oh, great. You killed the invisible swordsman!
-- He's dead, all right.
--- How was I supposed to know where he was?
- You were supposed to fire up. _We_ both fired _up_.

I believe our payoff amount was what we owed. Not more or less.
And then we got a big fat check for all the escrow money. But it did take like 30 days to get it.

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WWW.MOVIEWISEGUYS.COM

I think the same thing happened to me. They paid down the original loan with my escrow, then gave me back some..So when it was all done and they had rolled in closing costs, it ended up where I owed more on the new loan. I was a little annoyed, but apparently it is standard operating procedure. my gf was an underwriter and she said that was just how it was done.

Really? Thats some fucking bullshit. I think I'm still going to raise hell about it. They made me document every cent I was using for the closing costs, why should they be allowed to sneak around and spend more of my money without telling me?

_________________
- Oh, great. You killed the invisible swordsman!
-- He's dead, all right.
--- How was I supposed to know where he was?
- You were supposed to fire up. _We_ both fired _up_.

these motherfuckers are going to push the fukin close again..im going to end up losing my contractors. luckily rates have not really gone anywhere..fuck these people so hard.

the only reason i am sticking with it is because there is no house even close to this one within 80-100k in the area.

Shit. This is probably something that has been a problem for a while but hurricane preparation had me checking things I don't normally check.
I'm working from home today and heard a dripping sound in my computer room closet. Immediately I say to myself, FUCK.

I put a bucket where the drip was coming. And its very slow so its not a huge issue. But still, its a drip from my ceiling so in a way it is a huge issue.
But I had to investigate where it was coming from. I went up in my attic and saw some shit.
Sections of my roof on the INSIDE were wet with 2 drip spots I could see. Looks like some damage up there that I never knew about.
We don't really use our attic because there's no ladder and its a really small opening to get up there. So I'm rarely in there.

Well now I have to check on that shit for a couple days and then probably get someone out to fix it after this storm nonsense.
I hate my house. Old houses mean constant problems.

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WWW.MOVIEWISEGUYS.COM

call your insurance after the storm. blame it on the storm. cash in and get everything fixed for free..well you will have to pay your deductible. i have done it twice. always works.

I called my insurance for 2 problems before and my rate skyrocketed.
I switched insurance companies and got it back down a good amount but I still pay more than most people because of my previous claims.
But I am going to get estimates to see how much it would be. If its a lot then I might have to go the insurance route again.

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WWW.MOVIEWISEGUYS.COM

that sucks. i have travelers. my rate barely went up after 2 claims. thats some bullshit if you cant even call a claim in without it boosting your rates like that. wtf is the point of even having insurance at that point?

Well my one claim got me $15,000 because a whole room pretty much caved in when we got a ridiculous snow storm.
The other one was after Hurricane Irene, they gave me $5000 for all the basement damages from the flood.
My house has been the money pit during storms. So the rate increase sucked but it was still worth it. And like I said, I switched at the end of 2011 and got it lowered.

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WWW.MOVIEWISEGUYS.COM

yeah mine were both 5k claims. so you definitely are still getting the better end of that deal. ahaha. well i hope it isn't anything major. maybe just some minor gutter/roof repair.

I filed a claim today. That shit is fucked up. I took pics with my wife's camera but forgot to put them on my comp.
I went to work today though. The main highway I take was empty. It was so weird. And there's a huge ass tree knocked down in the parking lot at work.
My basement stayed dry though which was my major concern. But the roof is probably gonna have to be replaced. Not the whole roof but a decent like 12-15 foot portion. We'll see what happens.

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WWW.MOVIEWISEGUYS.COM

that sucks man. might want to get a few estimates before the insurance folks come. i got a section about that large replaced and it was less than 1k. kudzu.com is a good place to find people with solid reviews.

That blows dude, sorry.

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WWW.MOVIEWISEGUYS.COM

This is the estimate we got.



Insurance will not cover rotted plywood because it could just be from wear and tear and not the leak itself. Which is probably true for the most part.
So that subtracts $75. And then the $500 deductible. So they're cutting us a check for $1725.
Not as bad as I thought it would be.

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WWW.MOVIEWISEGUYS.COM

yeah i dont get what the point of having insurace for if your rates go up after you actually need to use the fucking money that you are giving them to fix your house in the event of a disaster (storm, snow, etc.) i was going to call mine about a few things that were damanged to the house from sandy and my wide didnt want to, because she used her house insurance twice a few years ago before we were together and allstate refused to carry her afterwards.


fucking assholes.

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Swear to me.

insurance companies are bloodsucking pieces of shit. im glad at least the health insurance companies are getting brought under control. now they just need to go after the rest of them. would probably end up with less uninsured people.

Roof Fixed. Ba-BAM!

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WWW.MOVIEWISEGUYS.COM