When Vision is “cloudy” Property Holding LLCs- NY TIMES

August 26, 2016 at 3:49 pm 8 comments

“It” was the Icon House of West Erie and for the Point of Sale poster child- No one would go through POS to buy this house !
Wurmser for lease rs 091015
A great deal has been written about this house on this blog and elsewhere

Morning Journal Headlines

Lorain house sets record with $45,750 escrow requirement by R. Payerchin June 2014 – we are now in 2016 and end of August


And from that article where a real estate agent was bemoaning the Point of Sale

“It appeared the home at 1348 W. Erie Ave. could have an escrow amount that is more than the house is worth.

The home is owned by the Federal National Mortgage Association, commonly known as Fannie Mae.

The Lorain County Auditor’s Office puts the market value at $85,210, but the home’s last listing price was $36,000, said Ken Myers, the real estate agent who last had the house for sale.

Callers interested in the house don’t understand how it can have a listed sale price of $36,000 and a city repair requirement of $45,750, Myers said.

“It’s not wonderful in any sense of the imagination,” Myers said. “We have properties we can just not sell now. Everybody just walks away because nobody wants to put that kind of money in a house in Lorain.”

NOT every body walked away except the owner at the time Fannie Mae Mortgage… No! it was purchased February 2015 from Fannie Mae for “0” dollars apparently

Sale Date: 2/3/2015
Sale Amount: $0.00
Conveyance: 2015090327

and there in lies the rub- as Kaja had been on my radar as “buying” up homes in this “old neighborhood” and selling… SORRY leasing to own ….these properties – even our 1348 West Erie Home with another of those handmade signs-
Kaja lease to own
I won’t bore you with regurgitated information you can find the “rest of the story here !

and here
where the “new ” attorney for Kaja in this area (presumably) is Mr. James White- who did clarify that Vision/ Kaja were not affiliated (professionally speaking) with Harbor Portfolio, the Property Company that featured heavily in the New York Times article in February-

I reached out to Mr. White a few weeks ago to see what was happening with the property at 1348 W. Erie and he stated :

Several of the violations to the exterior have been repaired. The City’s required escrow to perform the repairs has been deposited with an escrow agent with repairs to follow.

Well some good news on the 1348 house apparently but not so good news for Kaja and Vision Properties.

The New York Times and their investigative journalists ALEXANDRA STEVENSON and MATTHEW GOLDSTEIN published another hard hitting article about the blurring of the lines between landlords, renters, and the right to own ( well sometimes) the American dream or perhaps nightmare.

Remember this just isn’t a Lorain County problem these “businesses” are popping up everywhere there is a problem with mortgage dumps and the “federal connection”

.( Nearly half of Vision’s homes were bought from Fannie Mae, the government-backed mortgage firm, according to RealtyTrac. NYT- Article below)

The focus of this particular article is Vision Properties , buys homes spread across 24 states through nearly two dozen limited liability companies, all with different names like MI Seven, OH Seven and Kaja Holdings.

I would suggest looking at the video- in the article and reading thoroughly – because Lorain, we are “part of the business” and business seems to be expanding.

porter house
Another blue house – 1038 -4 blocks down from the Kaja Icon house – historic in nature – being that it was one of the Porter Ship Captain’s homes) is now owned by Princeton Commercial Holdings LLC
Sale Date: 11/17/2015
Sale Amount: $0.00
Conveyance: 2015095351

I can’t believe it passed Point of Sale in November seeing that the windows are broken and boarded – especially since we have such strong ordinances as with boats and morning glories 😉 but who knows- I certainly haven’t a clue anymore as to “code of enforcement????

Zillow listing just under $45,000 ( now off the market – apparently- don’t say it SOLD!!! NO please not that………
photo source Zillow

SHHHHHHHH don’t tell these companies that “rolled roofs on dwelling is “legal in Lorain” cause we are already singing the blues……….

Entry filed under: Charleston Village, city of lorain, hell is other people, Link -ups, Lorain Multi Property Owners, media, Ripped Off?, Uncategorized. Tags: , , , , , , .

Another Birthday- time stopping- Chris Ritchey Sept 3rd- a day / life captured – Chris Ritchey

8 Comments Add your own

  • 1. Dennis Flores  |  August 26, 2016 at 4:25 pm

    You ever hear that saying: “Mi casa tu casa” ? Well, given the facts, that between the law director’s office and the housing court magistrate there exist a serious housing court problem, excluding the fact there’s a shortage of manpower to run the Building, Housing & Planning department efficiently. Unfortunately, in the City of Lorain the attitude has become more like: “Caca Pasa.”

  • 2. thatwoman  |  August 26, 2016 at 4:49 pm

    🙂 Dennis well they certainly have enough man power to inspect downspouts I January and morning glories in July – can you tell this isn’t going away soon….. one thing city council can do is change the fact that rolled roofs are not appropriate for more than temporary intervention with a time limit on a dwelling with pitched roofs……… and can suggest zone inspections

  • 3. Mark  |  August 26, 2016 at 6:52 pm

    Playing dumb here, but how in the world do those properties ‘sell’ for nothing? Do the mortgage companies let them go to avoid the possible money pit involved or to avoid any liability that might befall them should something happen with the house?

  • 4. thatwoman  |  August 26, 2016 at 8:12 pm

    the mortgage companies dump to save expenses – a local bank sold off over 270 of them before point of sale – because they didn’t want to have the expense of fixing them up in all likelihood. so like the blue house next door to me ( why are these homes blue I wonder) from my blog post in 2012

    “First Federal Saving of Lorain have, in my opinion, “dumped your unwanted housing” from $56,000 to 28 thousand (buy back )to 13,900 listing just two months later .great !!! And let us face it – it was your bank that made the decision just a few short years ago by giving a mortgage to someone unable to pay it in the first place that set in motion this chain of events.” It sold for $12,900 and now has a rolled roof and other issues…….. but no weeds in the fence 😉 These mortgage holders want out they literally give away the property because it would cost them to fix it up – they caused the sub prime crisis and now we are once again paying for it…… funny thing we the taxpayers are also having to pay twice once for the bank rescue – losing taxes on the properties – and also having to pay for them to come down ……..

  • 5. Renee Dore  |  August 27, 2016 at 1:47 am

    I don’t usually post comments but re. this blue house -there has been a light on upstairs in a hallway of this dwelling since last year!! So there is electricity on inside this property. Is anybody paying the Bill?? Who knows. And now there is a large window facing west right off Hamilton Ave. that is broken out and the screen is cut out-so it’s wide open for anything or anybody to enter and exit easily. Or perhaps drag somebody inside with them-it’s sooo creepy. It’s right across from the American Legion parking-gives that corner on West Erie a very bad look given the fact that many are trying to keep up with their properties on one of main avenues along the lakefront. I have called and reported this and also spoken to our councilman. This is ridiculous. The company that owns this house has an extensive website-the man’s photo shows up and they just bought property in New York-it’s not like there is no contact info for them.

  • […] property holders   investigated by  all and sundry  ( including the NY Times) https://thatwoman.wordpress.com/2016/08/26/when-vision-is-cloudy-property-holding-llcs-ny-times/ we would not find ourselves back to  square […]

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August 2016

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