The latest…EL DUMPO! - Posted by Krista(WA)
Posted by Krista(WA) on February 24, 1999 at 21:14:13:
There is MUCH potential and MUCH work! Pending an actual inspection, everything looks cosmetic. Just to give you an idea, the house was built in 1928, and everything is original! There isn?t even a space for a fridge in the kitchen (just an enclosed porch for an icebox!) The walls haven?t been painted since 1967(w/oil heat - they?re black). And there is a couple layers of wallpaper under the paint. The agent left my husband and I to do our repair estimates for an hour or so, and while she was gone I made contact with the very informative neighbor who showed us through her house (almost identical ? but fixed up) and then walked through El Dumpo with us, giving us the history. Some extensive plaster damage due to past plumbing problems and a leaky roof (which has recently been replaced). There is about 20-30k of work (retail) for a decent rehab, and (roughly) 7-12k for livable condition - marketed as a “fixer” to homeowners (this is a VERY desirable neighborhood - fixers few and far).
What I got from the Realtor: She just talked to bank today (after my call, I presume) and they don’t intend to fix up. They want a BPO in as-is cond. I couldn’t get her to give me a ball park as to what that figure might be… she did mention that fixed up the place could probably go for 140-150k and up…“of course it will go for much less like this.” She encouraged us to figure out what we would need to get it for, and make a low offer! I don’t know if her idea of low, and mine are the same, but at least she seems to want to sell it to us! Last thing I want is a difficult agent in the middle of this. She also said that once it’s listed, there will be A LOT of activity on it, so she would suggest making an offer before then… Duh!
What I got from the courthouse: I confirmed that the bank paid 89k for it. Now the assesed value is 111k, but that assumes average condition, right? So for those who have done this… will the bank consider an offer around 89k or even less? We will have to do an accurate rehab estimate?but if 30k gets it to 140k, with holding time and all the other expenses, it will have to be that low to be do-able.
Now? FINANCING. That will have to be a-whole-nother post! Any suggestions on where to go with this next? I?m learning as I go! There?s a slight possibility we would consider this as a residence, but for now, let?s assume it?s for profit only?