Posted by Steven on October 10, 1998 at 09:47:39:
My neighbor just lost his house. He started a huge addittion to make a 2/1 into a 3\2 with a family room. Nice job so far. But for some reason he was unable to finish and the bank took the house back. My thaught is to get some bids on finishing the addition and get an aprraisal based on the work being completed. Take that to the bank and see what happens. Currently the records show the house was taken back (cetificate of title) for 71,000.00. I’m not sure if the bank needs to get that much out of it. Clearly the house in it’s current condition is not worth that price. More like 40,000.00 and it needs about 15,000.00 to finish it up.The old owner started the work and has neglected the house for about the last four months. I would guess that the appraisal would come back in the 80’s.(after completion of work) Any suggestions on how I could approach this in a way that I could take advantage of the banks current position.
Any help would be appreciated