OfflineI put up a post a few weeks back and now can't find it. Daughters were coming from out of state to have a rummage at their dads house, and had to wait a few months for probate.
The daughters were here for a week and I did not put the house under contract, but agreed to do things like mowing and cleaning and showing the house, as it would be for sale by owner, but I would talk to people and show it. As a friend to help them, but the house had a balance of $120k and with atty fees the other things, they needed $130k. The two daughters who came up did see all the work to be done. Painting, carpeting, and fixing up in places. Comps in that are showed around $180, but now the place right across the street which is similar in size, but had one less bathroom and one less bedroom, just sold as an REO after 2yrs for around $150.
Long story short, I couldn't convince the girls to just walk away, as their dad was 4 months behind, as he had passed away, and the daughters weren't told till months later.
I told them to let it go, they have no money to fix it, and they can't afford payments to let it sit.
I went over to the house yesterday and took pictures of all the problems, and "accidentally" had moved what I thought was wrinkled wall paper, and about two feet of sheet rock fell into the room covered with white mold.
The bath on the other side had been leaking. This with other repairs, they decided to let it go. Atty is telling Bank Of America they will let it go, still in the dads name yet.
My real estate agent is speaking with them tonight, and it may go to short sale.
I felt bad for all the bad news I sent them, but feel I had to tell the girls what I all found out.
There is major dampness in the basement and the foundation under the garage was not put in up to code, but went through anyways.
As a short sale, if that is what happens, should I try to bird dog this place for someone. It is a nice home, in a very nice neighborhood. And actually is set up so nice for a wheelchair person. Master bedroom is good size, with whirlpool, wheelchair shower and pull under sink for w/c.
Not sure if I should be done with this one.
Sandi
Probate home going to foreclosure/short sale
Posted on: Wed, 08/10/2011 - 21:34
Probate home going to foreclosure/short sale
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"As a short sale, if that is what happens, should I try to bird dog this place for someone."
Is this a trick question?
My agent said I should try if it goes to short sale. She said try and get it for about $50k, and I did have some estimates before on repairs. But now with the mold on the wall and a damp basement, could go up more in repairs. Had another investor look at it about a month ago, and he said around 30k but he wanted to put in different kitchen cabinets.
But don't know if I should waste my time on this anymore, or try to follow it through. If I didn't mind having neighbors, I would take it for myself.
Taxes are $3200.
Just want some thoughts if I should just walk away now, or follow this through a bit longer.
Sandi
What is the average DOM in the area? What is the ARV that the property will actually SELL at? What is the cost of the rehab/remodel to bring that ARV? Work backwards from there. With real numbers!
Good Luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Are you talking about bird dogging or assigning?
I am waiting for the final answer from the atty that it is going back to the bank.
Have a friend going this morning to do more estimates with the mold problem.
As of right now, comps run around $150-$189 in that neighborhood. First estimate on repairs,keeping the cabinets which are fine, around $20,000.
So will see what the bank is going to do first and then make a decision.
Will let you know.
Michael, last house was on market for over 20months, but they were asking $230k and it was smaller than the handicap place. The house next to this one was on market for about 8 months, if I remember right, and it sold for $183.
Sandi
the bank will probably take any offer so they don't have to deal with a 'moldy' house...
Do you have any buyers on your list?
it may very well be a good deal... keep us posted!
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Just a family who was at one time interested in a lease option. But I do know investors that do rehabs and could ask at the REI meeting.
We went over there this morning to get the electric wheelchairs, and the person I stay with feels everything in the basement/rec room needs to come off all the walls, doesn't look like they sealed the concrete first.
He feels, unless something is behind the walls, that the place could be fixed up for under $25k.
Sandi
The daughters have walked away from the house, and apparently will be doing the cash for keys. Bank said they would call them back on Monday on what to do. My real estate agent told me to find out about a short sale. Recently we have had two more homes in our area sell that were for sale for quite some time. That is good news, seems like all of a sudden people are buying again around here. Deans email re the stock market and investors turning to real estate instead, may be what helps all of us soon! We need to get out there and find some good deals! This home may still be one, I spoke to someone today who asked me about this home and the repair cost. Hope I can bird dog it!