Newsflash: [USA-NC] What is the best way to scout out properties in foreclosure?

Is the best way to contact an agent and search through local MLS? Talk directly with banks? Any good databases out there with foreclosure listings?Thanks!

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Newsflash: Offer Price question

Hi Everyone, I really appreciate this sub and all the contributors and hoping to get some guidance. My wife and I are under contract on our current (and first) home and scheduled to close in less than 4 weeks. We’ve finally found a new home we both like and are taking a second look at it tomorrow with our families to get some additional input. The place is great and hits every check box for us…price, location, features, etc. The ask price is in the upper end of what we’re looking for…530k. We have up to 120k in money down, fantastic credit and really no financing concerns.The questions gets to this…the home is in the high end of the comps we rec’d from our agent, but not way out of line. The fit and finish of the place is exactly what we want, just gorgeous! If tomorrow goes as well as we’d hope we’re looking to make an offer. How do we decide how much to offer? We will need to pick a number, but 505 vs 515 are both in my mind as ok, but really are they? Maybe it should be 525, maybe 495? It’s a big swing from either end! The home has been on the market since early March with no price adjustments. We looked up the seller on LinkedIn to do some incognito research and are under the assumption he’s not hurting for cash and certainly not in the business of losing money, so he’s not an incredibly motivated seller. That being said the selling season is starting to be on the back end of things, so maybe he is. It’s driving me nuts and our agent (who I love and she was awesome on the sale s negotiation of our house) isn’t really pegging a number as ideal. What should I be looking at here? It’s my second go around on house buying and I’m getting into the bigger money for us now so I’m dwelling (no pun..I’m a homeowners adjuster!) a bit more now Thank you!

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Newsflash: Adverse Possession?

Has anyone had experience with adverse possession? I was looking at a property awhile back and was almost to the transaction when a neighbor came by and informed me that she owned part of the land that I was trying to buy. She even showed me her survey.She was wrong, in my view. The current owner had possessed the land for 50 years, peacefully, with a road for a boundary. Her survey, claiming that she owned a strip on his side of the road, was only a couple of years old.Still, I wouldn’t touch the property. Who wants to climb into a fight like that unless there is a whole lot of profit involved.I advised the owner to put up a fence and dare the neighboring woman to enter his property.Anybody experienced something like this or know the law on it?

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Newsflash: [NC] When a due diligence period is extended, is the earnest money deposit due date extended as well or does that need to be independently extended as well?

I noticed on my state’s form used to extend due diligence periods, known as the “Agreement to Amend Contract,” there is a separate space for extending the date of the (Additional) Earnest Money deposit.It makes sense that, if the due diligence alone is extended, the earnest money due date is extended as well even if you don’t explicitly state so in the form, but I want to clarify this.

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Newsflash: Neighbor on shared driveway wants to develop – Louisville, Kentucky

I live on a shared driveway with two other households. One household is an older lady who doesn’t want to go anywhere and wants to give the place to her son once she passes (she’s in her mid 60’s).The other household is at the top of our shared driveway. It’s an older couple – he’s 82 and she’s 79 – that has 10.5 acres with a crappy little house. The lot is GORGEOUS. Some rolling hills with a pond and enormous pole barn. Really is beautiful.Anyway, the old man at the top of the hill uses our driveway, located entirely on my property and my other neighor’s property, with an easement and apparently has rights to widen the easement to 60 feet if needed in order to bring in a neighborhood.I have spoken with him about my wish to purchase the land without him speaking with any developers. The land is tax appraised at $375,000. He said he wants $550,000 from a developer or he would sell it to me for $500,000.My questions are:1) I have spoken with three neighbors (plus myself) that would be interested in parceling the land out. 2 acres to one neighbor, the house / barn and 2 acres for another, one acre for my neighbor, and everything else for me. Howevever I believe the neighbor that wants to develop is asking more per acre (ultimately) than people could get financed for. How can I tell how much a bank will loan for the land if divided up?2) I would LOVE to purchase the whole lot for myself for $375,000 since I can get a loan on that. I don’t have the extra $125,000 cash to make that loan work at $500,000. Is a developer going to offer tax appraised price, more, or less? What is the norm here?Any answers are greatly appreciated. I will be back on shortly

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Newsflash: Looking for some specific advice for first time home buyers, house will need work but has huge potential.

Trying to figure out if this house could be an amazing deal or if we should be running away from it. Note, the house is being sold AS IS. The house we are looking at WOULD be an amazing house but a lot of things just haven’t been kept up with as the owner is a single old lady. Big things that I noticed that need repair were water damage around skylights (repair/replace skylights and drywall) and the deck was not cared for in years and probably just needs to be replaced. Other than that the house is mostly just dirty and packed with years of accumulation of things. Needs flooring replaced, wallpaper removed, paint, stuff like that.Major things like appliances have all been updated, including new AC. No problems with water in the house or anything, and the house is fairly new (1989).The market value for this home if it was in good condition is probably around 250-280k. Possibly even higher in the right circumstance but it is (potentially) the nicest house in the neighborhood. Last house on a dead end street with no chance of any new construction going up in the back or to the side. Definitely the biggest, 3 car garage etc. Initially it was listed at 229k, and over the course of a month it’s dropped to 215k. I’m thinking of offering 200k and just seeing what happens.This will be our first home (been renting for.. 13 years now) and we look forward to learning how to do all the things we would need to do to fix the house up. Everything that I saw (admittedly we are novices) would be doable ourselves given enough time and money, neither of which would be a problem. I’d have a professional do the skylights but that was definitely the biggest thing we found. BUT we are very nervous as we’ve never attempted anything like this before.Our other options are smaller house, needs less work, spend around 200k. Or buy an older WWII era home for low 100s, probably need some work, more worries about dealing with stuff like flooding (big in our area), lead/asbestos, general older house problems. Our annual income is around 120k so I think even if we spent up to 250k on a house we would be ok and able to afford it without compromising our saving plans.So just looking for some reasons basically to not go through with this. Tell me what things could go wrong and why this is a bad idea. What is worst case scenario for “as is”. Also this post is worded terrible probably, so just ask if there’s any more relevant info I can provide.

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New Story Just Out: Weather Technology Falters Amid Communication Breakdown

Yet another interesting headline in the world of health and well-being. Weather Technology Falters Amid Communication Breakdown
Springtime is severe weather time in many parts of the United States. Strong storms and tornadoes can be a daily occurrence. Technology has improved to warn people days in advance, but effectively communicating severe weather remains elusive.

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New Story Just Out: Doctor Outlines Plan To Battle Antibiotic Resistance In ‘The Washington Post’

Yet another interesting headline in the world of health and well-being. Doctor Outlines Plan To Battle Antibiotic Resistance In ‘The Washington Post’
NPR’s Ari Shapiro talks with Ezekiel Emanuel, a senior fellow at the Center for American Progress and chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania, about his opinion piece in the Washington Post that argues the cheap price of antibiotics has led to their overuse and has also discouraged drug companies from developing new antibiotics.

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Newsflash: Why would a mortgage co. Buy a forelosure just to resell it on the market?

Fiancé and I put an offer in on a foreclosure that went through the auction period and is now on the market. After doing some digging we found out it was bought by a lending corporation. The buyer was NOT the bank originally foreclosing on it.I guess I don’t get it? Why would a lending corporation buy out a foreclosure at an auction, then put it on the market without doing any repairs?We can see they outbid the bank and bought it for 182k, they have it on the market for 200k now, which is alittle high for the area esp with how much work it needs. I can’t imagine they actually expect to get 200k, and they will be lucky to get close to breaking even. So what was the point for them? What are the getting out of this?

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