Termite damage: Is there a deal in this? - Posted by Don
Posted by Don on April 10, 2000 at 21:37:38:
Property advertised at $150,000. House has real bad termite damage. Owner said he thinks it needs to be taken off the foundation or possibly torn down. I agree. The home is surrounded by homes that sell for $400,000 that are on 1.2 acres. These properties are about 3500 sq ft. The property that is for sell is only 1900 sq ft, but is on 1.5 acres. The guy selling is the nephew of a gentlemen who owned the property and died about a year and three months ago. No one has been in the property since. The nephew is an out of towner and is actually coming into town tomorrow because there have been reports that someone has been sneaking into the house. If this guy is motivated what type of deal should I offer and are there actually investors, who would want to rebuild a house from the ground up? I would like to tie this up with a contract with plenty of contingencies such as subject to partner’s approval, buyer may assign, etc and then flip it. The neighborhood is awesome. I know if a home of equal value was built in this home’s place someone could easily sell for $400,000 +. I just don’t know how much it cost to build a 3500 sq ft home. All the lots that have the $400,000 homes on them was brought from this guy’s uncle. I hear they had a lot of money. All advice welcomed. I hope I put enough info and not to much. Thanks in advance.