Mr. Marconi - Please Answer This For Us??

Message Topic Search Topic Options Post Reply Create New Topic Printable Version Translate Topic · 1/29/2009 10:20:28 A.M. Eastern Daylight Time

Subj:
RE: 1018 Hughes Street - Rehab of FHA "Dollar Home" 

Date:
1/29/2009 10:20:28 A.M. Eastern Daylight Time

From:
Robyn.L.Mcnally@pncmortgage.com

To:
wleap@cinci.rr.com, Nelsonself@aol.com

CC:
erichter@coxohio.com, Paul@PaulRenwick.com, amarconi@cinci.rr.com

Sent from the Internet (Details)

I totally agree with you Walter.  It does not make sense for the city to
be involved in rehab work at all.  If you look at the list of
foreclosures you will see a lot of local rehabbers that are losing their
properties because they are unable to sale them.  If they do sale them
they have to sell at a loss which then in turn hurts the property values
for the whole neighborhood.  Common sense tells anyone if the
individuals that have been doing it for years are having problems, the
city program which will be ran by individuals that are not experienced
in this game will have issues.  Their plan is to sell below market
value, which hurts everyone else in that neighborhood.  So is it really
helping in neighborhood revitalization.

Robyn

-----Original Message-----
From: Walter Leap [mailto:wleap@cinci.rr.com] 
Sent: Wednesday, January 28, 2009 8:55 PM
To: Nelsonself@aol.com
Cc: erichter@coxohio.com; Paul@PaulRenwick.com; Mcnally, Robyn L.;
amarconi@cinci.rr.com
Subject: Re: 1018 Hughes Street - Rehab of FHA "Dollar Home"

For your info; This house is more of a *re-build* than a re-hab and
began in Jan. last year. I have visited this house many times since the
work began and  it was apparent that no oversight was in place. The
neighborhood is barely $45,000 some have sold in the 20's. This
expenditure is a gross waste of taxpayer funds which could have been
much better utilized elsewhere. In short the city should not be in the
REHAB business because the cost is far above the private sector and it
takes forever to complete. Why is the city competing with local
businesses? This house underlines the need for an Housing Oversight
Committee.

Walter

Nelsonself@aol.com wrote: 

Rehab work that wasn't completed or was improperly completed on this project is being re-bid by Skip Batten.  His estimate of additional cost is $40,000 plus.  Walter Leap's name was drawn from the Middletown Board of REALTORS random lottery to list this house.  It 
should have been completed months ago according to the $68,000 contract with Bose and Longworth of Middletown.

Subject: 1018 Hughes Street - Rehab of FHA "Dollar Home"
From: Nelsonself@aol.com
Date: Tue, 16 Sep 2008 23:15:07 EDT
To: dschiavone1@cinci.rr.com, amarconi@cinci.rr.com, bymyflwrs@fuse.net
CC: Paul@PaulRenwick.com, chrisamburgey@yahoo.com

*CONFIDENTIAL*

You might find it interesting to ask for a status report on the above project (1018 Hughes Street).  First of all, you might ask when was the rehab contract for this property signed.  Second, it would be interesting to find out how many days were allowed to complete the 
work.  Third, you might ask what is the current dollar amount of the contract.  Fourth, you might ask to see a copy of the after-rehab-appraisal that justified the expenditure of HOME Program funds.  Fifth, since Walter Leap has the listing for this property (random lottery system with Middletown Board of REALTORS), why is it taking so long to complete this project.  Sixth, is the contractor incurring penalties for failing to complete work within the allotted time?

The City also owns one other rehabilitated FHA Dollar Home at 2021 Logan.  Ray Stephens with Tenore Realtors has that listing.  Since I have been removed from direct involvement with demolition, code enforcement, down payment and housing rehab programs, it might be interesting to determine what marketing efforts are being made to sell this property that was rehabbed back 2006 and recently returned by NHS.

There are six other non-rehabilitated FHA Dollar Homes that were also returned by NHS.  What efforts are being made to market these properties?  They are targets for arson or vandalism.

There are five or six seriously delinquent rehab loans that Attorney Don Imhoff is working on for foreclosure purposes.  What plans does anyone have for dealing with these properties.

There is also a property at 508 Charles Street that the City acquired several months ago by deed in lieu of foreclosure.  It previously received a large amount of rehab funds.  Dick Morrison has the listing, but the property needs work in order to sell.  What are the plans for marketing this property>

My point is this, as each day passes we incur costs for grass cutting, property taxes, property maintenance, etc.  IS THERE A PLAN??