Posted by ken in sc on April 17, 2000 at 13:30:56:
Sounds like alot to deal with for your 1st purchase. Termites on 2nd level, how did they get there without damaging the 1st level?? Be careful! Do you know a contractor that you could do the deal with? You need some firm repair numbers in order to make a decision.
Good luck.
Possible 1st deal but scared! - Posted by Patricia
Posted by Patricia on April 17, 2000 at 12:42:57:
Here’s the deal, Handyman Special $27,000 firm
Huge 2-story old 1916 house 4/2 w/ 2 kitchens, it has 45 old windows some termite demage upstairs, has old plumbing, old electric, had two fireplaces (closed in) garage space in the rear, sits on .48 acres.
The nhood is probably worth $30-50,000 in some cases. This house was market value in 1999 was $54,125. So what you think, it is not moving fast. Could get some ditigal pictures of it!
Re: Possible 1st deal but scared! - Posted by phil fernandez
Posted by phil fernandez on April 18, 2000 at 07:44:12:
I don’t see a deal here. First off where did you get $54,125 as FMV. There is no way that you can pinpoint FMV this exact. But let’s assume that the market value is $50,000. You had mentioned that the range of values in the neighborhood are between $30,000 to $50,000.
You will have to work backwards to arrive at a price you can pay.
$50,000 FMV
-15,000 repairs
$10.000 what you can pay for this rehab.
For your first deal I wouldn’t attempt a rehab especially one like this where you will have major expenses with the old plumbing, old wiring, termite damage and 45 year old windows that may need replacing.