What will happen to a building that the city will tear down?

I want to hear from someone. let me know what is the next step

Did the city condemn it? That's very important to find out cause if they did you will most likely have to bring it up to all codes & that most likely will cost ALOT so that would be my first step & talk to the city & also maybe the tax office to see about back taxes owed.Let me know what happens....

What I want to find out is why will the bank sell it if it condemn to be tear down ? whoever bought it what will happen will the city payfor what it worth or is it a lost.

Your question is nearly impossible to answer without more details. You need to do your due diligence. I agree with the other post above...contact the town offices. I'm not sure why you would want to buy a condemned building unless the land itself is valuable. My guess, and thats all it is, is that if you own property that has been let go to the point its condemned and the town tears it down - you will be getting the bills. Remember that not every deal is a good deal!

I appreciate your answer, I will do some due dilligence and let you guys know what happen. but what bothers me is why the bank even try to sell it if it not going to be any good to whomever bought it. also I'm going to get more info on the property to post right now.

Multi Family - 4 Family - 4 Units Up/Down

Hall St List Price: $12,500
North Adams, MA 01247-2546
Berkshire County
Total Units: 4 Total Floors: 2
Total Rent: $0 Total Rooms: 26
Total Bedrooms: 13 Total Full/Half Baths: 5/4
Total Fireplaces: 0 Grade School:
Middle School: High School:
Directions: Last house on Left on Hall street from Canal St.
Other Property Info

Remarks

Property is being sold AS IS . Due to be torn down by city.

Disclosure Declaration: Yes
Disclosures: Property Has been Condemned by city and is due for tear down
Exclusions:
Lead Paint: Unknown
UFFI: Warranty Available:
Year Built: 1900 Source: Public Record
Year Built Description: Actual
Year Round:
Tax Information

Pin #: M:079 B:0000 L:23
Assessed: $130,100
Tax: $1523 Tax Year: 2009
Book: 1287 Page: 1059
Cert: 00003913
Zoning Code: R
Map: Block: Lot:

any idea or comment is very welcome.

If its condemned thats good for a rehabber. The city will sell it because they know they can get some money for it from an investor who wants to go in and rehab the house. Unless you have cash to buy the house and rehab it keep your money. What you need to do is to get in touch with the city to get inside the house so you can see how much work needs to be done. Next see what houses around it look like and if the house is rehabbed what it would be worth. Once you know this, you can now find some cash buyers who want to rehab houses. If this house is listed on the MLS get in touch with the agent to go see the house. I am actually going to see a condemned house on Monday with a realtor. He sent me a list of all the condemned houses in my area. I have cash buyers that want rehab projects. Next you need to see if the bank will accept like 4k since they are gonna tear it down and make nothing from the house. Maybe even 2k. They want to get rid of it so they may take 2k. If this house is worth 70k fixed up in cherry condition. You can sell the house to an investor for 6,7,8K. Condemned buildings is perfect for the rehabber especially if the house is in a descent location and they can make some cash from the deal. I am going to look at these condemnded buildings in my area. See which ones I want put an offer on. Then flip to my cash buyers that want rehabs. So find out how much the home would be worth when fixed up. Figure a 25-30k rehab. If you don't have cash rehab buyers, you need to get some and offer 2k for this house before they tear it down. Condemded houses are for the investor. So go get it and make some money. Don't pay what they ask, offer lower!!!! They don't like houses like that next to houses that look good. The neighbors would love the investor that fixes this house and the city can receive taxes from a new house and the value of the block is not brought down if the house is fixed up, and fitting in now. So this rehab affects alot of people in a positive way.

Rehabbers want this building. If the location is ok. Seriously look into it. Its an apt building you get it so cheap a rehabber fixes it and has a building for nothing and can make huge cash flow from it and you can seriously get a nice check if you can get a buyer that wants this building. You can sell for 25k if you want because you would get the building so low. Check the building out, if you have buyers tell them you have a apt buiding you may be able to get at a great price if all works out. Tell them it will need rehab 30-40 in rehab. They would have so much equity once the house is fixed up, great cash flow, not to mention once the building is fixed up the value will go up. Ask if they would be intereted in a rehab that would require 40k in work. Tell them if youe get the house you will sell it for 30k. See what they say. If you get the house you in the money.

thank you, I will certainly look into getting more info on this property. I will let you know how it all work out. again thanks for your input

thank you, I will certainly look into getting more info on this property. I will let you know how it all work out. again thanks for your input

Must remember investors think in a different stae of mind when buying property. So the ugly house business can make you cash if you get them at the right price. Thats what investors do, look for ugly houses to fix, or sell your place to one that wants to fix it, look for pretty houses to get the deed, lease option, etc.So do let us know what happens. Condemned buildings are great for rehabbers. Theri was a house that cuaght fire last year. The whole roof was burned off, house destroyed. I drove by it the other day and the house was rehabbed, new roof new everything. And the house has been sold to an owner. When it burned, I was looking at this building. Someone scooped it up.

Thats really thinking outside the box! When I heard the word condemned I could only imagine that it had to be torn down and new construction put up. That would present a great deal of costs! But if condemned buildings could in fact be rehabbed for a reasonable cost then you are so right Kingjuss! This would be a good time to have a rehabber who can do the walkthrough with you who knows buildings - structure, heating system, etc. I'm guessing if its condemned it was never winterized which could mean all new plumbing and heating. But the truth is the numbers dont lie...so no matter what it looks like, if they numbers work for a profit thats awesome!