St. Paul REO Nightmare...don't let this happen to you
Date Posted:
Saturday, February 14 2009 2:37 PM
There is an article in today's Star Tribune titled He can't fix it, flip it or even own it that is capturing a lot of attention not only from my peers in real estate and clients, but a lot from the looks of the comments on startribune.com.
While I agree that if Mr. Dick is willing, able and capable of fixing the property then the City of St. Paul should probably allow it. Albeit, it sounds like he has experience in the rehab game and should know the rules to the game. Rules, no matter how ridiculous they may seem, you still need to play by them when buying these types of properties. Many Cities, including Minneapolis and St. Paul, have made rules to the buying and selling game in a move to put pressure on banks to take care of their problem properties and for buyers to understand their responsibilities once they take ownership of the property.
The City of St. Paul has three categories of vacant buildings. This property in question is a Category 3 Registered Vacant Building. For the sale of a Registered Vacant Category 3 Building in the City of St. Paul to take place one of three certificates must be obtained. 1. Certificate of Occupancy, or 2. Certificate of Code Compliance, or 3. Fire Certificate of Occupancy.
Comments
Nice
Posted by Saint Paul Real EstateMar 19, 2009 9:15 AM CDTMr. Dick should have had a realtor that was watching out for him. Price should not always be the only factor when buying an investment property.
A deal is a deal
Posted by Mike Nehmzow Mar 24, 2009 10:13 AM CDTThe best deals are the ones that will take a little more effort and a lot more understanding That's how we grow as investors and people.
Andrew Dick Should be Compensated
Posted by Palmdale HomesJul 31, 2010 12:00 AM CDTIt seems more logical to blame the seller before the buyer. If the bank was supposed to follow an ordinance that was obviously neglected, they should rectify it by paying Andrew Dick interest on the time and money that was wasted in this fruitless deal. That would teach them not to try and fly under the radar like that again.
Lesson Learned
Posted by Antelope Valley Real EstateAug 16, 2010 12:00 AM CDTI really like your attitude Mike Nehmzow. It's a great lesson, albeit an expensive one.