In 2013, we purchased a foreclosure that was in dire condition. As normal, the home had been gutted of everything of value inside. We paid $175k but my wife and I used a full blown 203k with about 86k additional. It was put in my wife’s name because I was still a resident in another state because of professional licensing.
I had been a gen. contractor for many years and was able to negotiate that most of the 86k was materials. We put our own labor in, and of course spent over and above the requirements for the 203k loan.
I grew up in a cabinet shop so I made all the cabinets and entertainment center, etc.
We lived in it for a couple years then rented it for a year and now it is for sale, This was a complete renovation inside and out. But now we have listed it for sale at $440k. It irks me that Zillow and such still shows that we paid $175K. But, that’s not the whole story.
Now, today my agent emailed me and said that a buyers agent was requesting “a list of total repairs and remodel work done”. First, I was steamed at my agent. I told her that this wasn’t some retail home that we purchased and made a few upgrades.
I told her we had an extensive list that we had worked with HUD and the bank to develop. But, I reminded her that I felt that she should just say that it was a complete renovation inside and out.
My question is…Is " a list of total repairs and remodel work done" normal? We hadn’t been asked that before.