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Would you buy this house?

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Originally posted by: ironwing
You'd be buying a lot. How much are lots in the area?
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We have a winner.

If they won't allow access there has to be a reason, and that reason would probably cause a reasonable buyer to run for the hills. So you have to view it as a lot that has to be cleared.

That sale wouldn't work in here in the land of fruits and nuts, disclosure laws require the owner list every deficiency and allow inspections.
 
No freaking way. For $10,000 more you could more than likely find a comparable home that requires little work and lacking the dead and rotting wildlife carcasses.

Even if you bought it and dozed it you are still in the same neighborhood that very well could be a dump in itself.

I know nothing about that part of Des Moines so I have no clue what sort of shape the area is in.
 
Is the lot plus demolition worth the asking price in that area? Because that's the type of place you knock down and start over.
 
The neighborhood doesn't look too bad

I know nothing about the area, but it doesn't look ghetto from the sat pics. If the neighborhood is decent, you could probably fix that place up and flip it for a profit.

The exterior of the house looks OK, although I'd be very curious about the interior condition. I wouldn't pay $105k, but if they would deal A LOT on the price and allowed an inspection, I might consider it. I'd kind of like to learn how to do all the work on the house myself though, so maybe I'm a bit different. 🙂

I would also like to know how the animals, etc. got in...that would make a difference. Gaping hole in the roof (bad)? Or broken window (not bad)? And what kind of wildlife we talkin about? 2 dead squirrels? 8 generations of raccoons? A family of deer?
 
Originally posted by: Black88GTA
The neighborhood doesn't look too bad

I know nothing about the area, but it doesn't look ghetto from the sat pics. If the neighborhood is decent, you could probably fix that place up and flip it for a profit.

The exterior of the house looks OK, although I'd be very curious about the interior condition. I wouldn't pay $105k, but if they would deal A LOT on the price and allowed an inspection, I might consider it. I'd kind of like to learn how to do all the work on the house myself though, so maybe I'm a bit different. 🙂

I would also like to know how the animals, etc. got in...that would make a difference. Gaping hole in the roof (bad)? Or broken window (not bad)? And what kind of wildlife we talkin about? 2 dead squirrels? 8 generations of raccoons? A family of deer?
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The fact that you're not allowed inside to inspect the premises tells you that it's a teardown and the property is only worth the price of the lot minus teardown/removal costs of the house.

Also, it's mentioned the roof needs replacing, one can assume water damage/mold/etc on the inside.
 
I would only pay whatever the value of the lot is. The place should be condemned, as it is uninhabitable. Infact, the more I think about it, I think I'd only pay lot value less demolition costs. :thumbsdown:
 
If it is a short sale, that means the bank is about to foreclose. Just wait until it does, and let it pass the auction date. If the house is not bought at auction at the courthouse, the bank will begin the cleanup process so they can begin showing the house. Banks hate to have RE properties on their books. Any non-performing propertly lowers the amount of money they can lend ( I think by a factor of 3), so they will be desparate to get rid of it.

The other way in is to contact the owner. If it is a short sale, the bank has not foreclosed yet (the paperwork may be in process), and the owner still has a right to live in the property. Look up their name in the tax records, send them a letter, and try to find their phone number with an internet search. If they let you in, you can see the extent of the damage and begin negotiating with them right there. If the house has not been forclosed on yet, you can cut a deal with the owner to take over for the value of the loan. So if Vic is right about only 27K on the loan, you simply pay the lender to bring the loan current, have a contract with the seller where you give a few thousand for them to get into an apartment and they sign the deed to you (which you record at the county office), and you keep the loan current while you rehab it.

Oh, and for the people saying it should be condemned, don't make that assumption. If you can get into the house, hire an inspector and have them run through it. Should cost you about $350 to find out what needs repair, other than cleaning up the inside.

If there are no major structural, plumbing, or electrical problems, you may only have to pay a couple of thousand for a cleanup crew and someone to patch and paint.

Lastly, there are companies that will loan you money based on after repaired value (ARV). They will give funds for rehab. Most often this is hard money, but some conventional loan programs also work. Check with a local real estate investment club and see if they have a good lender that will do this. The countrywide's and bank of america's will not do this, but there are plenty of options.
 
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