Posted by Steve(NY) on March 09, 2000 at 19:04:01:
Thanks for all of the input. I like the idea of putting on contract for a little $ and having an inspector check it out. I called the guy again and said that I thought his price was high. He told me that he just put it on the market and wants to give it some time to see what happens. I can tell him what’s going to happen, NOTHING! I’m going to keep in contact with him and see what develops. He’s not yet motivated enough to deal with. And even if he becomes motivated, I’m not sure if there’s a deal here at all. Besides, I’ve got 2 offers in on bank repos and an offer on a nice duplex that has just been accepted! We got this one way below market and seller consessions to the tune of 4K. They are definatly “don’t wanters”.
I’ve just seen the ugliest house!!! - Posted by Steve(NY)
Posted by Steve(NY) on March 07, 2000 at 19:38:59:
I just checked out a FSBO owned by someone out of state. When I talking to the guy I got a little excited because the adress of the house is in a nice section of town and the guy wants only 10K for it. Houses in this neighborhood usually go for 45 - 60K. When I got there I saw why he only wants 10K! The foundation is settling and the roof line looks like a horses back. The entire house is leaning to the right side. And if that’s not bad enough it looks like the rest of the house is in horrible shape. I just don’t see a deal here even at 1/2 the price. Does anyone have an opinion?
suggestion - tie the property up with an option ( best price possible, little consideration, limited risk). Get it inspected and estimate to repair. If there’s a deal, great or renegoiate now that you have the facts.
Also, would somebody pay you for or just take the house if they moved it? (Salvage value) you keep the land. never know until you ask - $10 to $100 option, an ad in the paper, call all the house moving contractors in the surrounding area. Take bids. I know of two movers who have houses just given to them for moving. one man’s junk is anothers treasure.
you are still going to make an offer, right? We looked at a house once where the main support beam had been dislodged by the owners daughters getting their frustration out.
I think that we offered about $500-$1000. Of course, I don’t know what the owner has communicated to you as far as his needs, obviously if he still owes 10k on the home there is probably not a deal there. Unless he were to owner finance for 0 down and 0% interest…
If you have a crew, ask them for an estimate to fix the home. Or ask them if the home can be fixed. Then base your offer on that.
Short of getting a licensed inspector to tell you the worst,check out the value of the land the house is sitting on. You may be able to buy it,demolish and sell the parcel of land. Worth making a few phone calls on I think.
Maybe you could get a great deal on the property and just level the house and sell to a developeer. Might be some profit, but I have never leveled a house, so I am unsure of the costs there.
Re: How much is the lot worth?? - Posted by Steve(NY)
Posted by Steve(NY) on March 07, 2000 at 19:54:19:
The lot’s not worth much of anything by itself. It’s in a nice part of town but the houses around it are older and on small lots. I can’t see anyone wanting to build a new house on it when land is so cheap elsewhere.