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$330,000 for a ...

Old 06-27-2010, 09:11 PM
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Default $330,000 for a ...

fixer upper house!

My son's offer on a house was accepted by the selling bank (Bank owned vacant house) so being the curious father, I went with my son to meet the Realtor and look at the house. Everything on the inside needs attention and in some cases replacing. Either the previous owners lived like pigs or were very upset at being evicted! Judging by the overall looks of inside and outside, I think this was their pen.

My son has done his homework and told me that this was the best looking bank owned house he has seen in over a year!

Yikes!
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Old 06-27-2010, 10:25 PM
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Default If You want a bargain you have to be in a compromising position .

Originally Posted by the good life View Post
fixer upper house!

My son's offer on a house was accepted by the selling bank (Bank owned vacant house) so being the curious father, I went with my son to meet the Realtor and look at the house. Everything on the inside needs attention and in some cases replacing. Either the previous owners lived like pigs or were very upset at being evicted! Judging by the overall looks of inside and outside, I think this was their pen.

My son has done his homework and told me that this was the best looking bank owned house he has seen in over a year!

Yikes!
What do you think your going to get. I almost bought a house from a bank last year. The previous owners even took the little weil mclain boiler. They got me to raise my offer twice. Had to prove cash capability because it was not mortgageable in the condition it was in. After playing me for 6 months against a nother??? buyer. its still sitting there vacant costing the bank expenses. Banks are trying to hide or cover their own stupidity with bail out money or govt toxic asset money.
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Old 06-28-2010, 01:29 AM
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So is your son buying this for his own home or does he plan of flipping it once it's fixed up? How much of the work can your son do himself? What's the appraised value of the house before it was trashed?
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Old 06-28-2010, 04:00 AM
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Default I hope it was and still is a 600,000. in good condition in this market.

Originally Posted by Garett View Post
So is your son buying this for his own home or does he plan of flipping it once it's fixed up? How much of the work can your son do himself? What's the appraised value of the house before it was trashed?
If not he is going in loosing. Especially after the economy really tanks next year after the tax cuts expire.
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Old 06-28-2010, 04:04 AM
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I bet a lot of us would like to see photos of the house along with location. Nice to compare what prices are around the country.
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Old 06-28-2010, 04:41 AM
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Was in the same situation on a 3 bedroom condo in St Augustine Beach early last year. Was going to buy for my daughter to live in and rent out while at college and then as a beach place for ourselves.

Looked at the records and found that it had previously sold for $255K and the previous owner had mortgages to the tune of 224,000 on the place. It was just reduced by the bank to $114,000.

The insides were trashed. No structural damage but he had taken all of the appliances, have grabbed whatever paint was lying around and slathered it all together on the walls, baseboards, and ceiling (bring yellows and reds). He had loosened all of the wooden floors - left all the wood there just lying around.

We looked at it and basically said it was a repaint job, buying new appliances and having someone come and relay the floor.

But someone else beat us to the deal.
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Old 06-28-2010, 04:42 AM
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Originally Posted by bamaboy473 View Post
I bet a lot of us would like to see photos of the house along with location. Nice to compare what prices are around the country.

You won't even buy a building lot with that money here.
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Old 06-28-2010, 04:44 AM
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I see it the same way, Menzies; maybe $7-10,000 invested. New floors instead of relaying the old ones, though, because the old wood has nails and gouges in it. Good time to lay tile down.

Half that for a DIY projects.
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Old 06-28-2010, 04:45 AM
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Originally Posted by Mist-Rest View Post
You won't even buy a building lot with that money here.

$330K for a lot? Where are you...Central Park, Upper East Side?
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Old 06-28-2010, 05:41 AM
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Originally Posted by Mist-Rest View Post
You won't even buy a building lot with that money here.

Dang, you beat me to it! People will buy a house for $500K or more here and tear it down.


Originally Posted by bamaboy473 View Post
$330K for a lot? Where are you...Central Park, Upper East Side?
Suburban Boston
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Old 06-28-2010, 05:44 AM
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Down here on the beach at Ponte Vedra, houses are being bought for between 1.5 and 2.5 million and being ripped down for the building lot.
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Old 06-28-2010, 05:48 AM
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The guy across the street bought two homes @ $1.3MM/each in order to get 200' on the water. Homes got bulldozed and he's putting up a 23,000SF house; probably about $20MM or so.

....but that isn't "normal" for around here.
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Old 06-28-2010, 06:31 AM
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Is the house in East Bay? or Boston proper? I guess if your son is good and has the sweat equity it a deal.
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Old 06-28-2010, 06:33 AM
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Where is this? Just wondering since a 3 bedroom house with fire damage and a meth lab would cost more than 330k around here...

I need to move.
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Old 06-28-2010, 06:59 AM
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Originally Posted by bamaboy473 View Post
$330K for a lot? Where are you...Central Park, Upper East Side?

450/500 for a building lot in Carlisle. Yes, you can buy some of the older homes for that as a fixer upper but it's still an old house with old problems.
They will laugh at you for 500K in NYC. I have a job going on right now. $2500/sqft. It's over 3K feet.
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Old 06-28-2010, 08:16 AM
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DAMN, another reason I am glad I live in SC (yes we have F'ed up politics). You can buy a really nice house here for that kind of money.
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Old 06-28-2010, 09:49 AM
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Default We live in Southern California...

It's a small three bedroom, 1 3/4 bath track home I'd say was built in the 70's or even 60's. It is very modest and a starter house. Property around here can vary wildly in just a few blocks due to the hilly terrain.

He plans to live here for quite awhile as he now has some seniority in his job. My GF and I will be helping him clean up and paint as we enjoy this kind of activity. We won't do it all for him as he will be learning how to maintain a house.

I'll try and attach a video I took yesterday. Check out the boat in the driveway across the street!

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Old 06-28-2010, 03:32 PM
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Southern CA...that doesn't sound like waterfront property from the looks of the front of the house.

Question to Mist Rest; is property in your area that isn't waterfront selling for that much per lot? Our property down here goes from $1MM/lot to maybe $100K/lot, depending on waterfront or not.
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Old 06-28-2010, 03:45 PM
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So Cal can be expensive having lived in Newport Beach and Pasadena for about 12 years in total. But 330,000 for that, from the pic, does seem odd. There must be something else going on that we don't know about. So Cal's big, from inland empire rat holes to waterfront mansions in Carona Del Mar (or anywhere else on the water). Look at comps! Some people would kill to pay $330 for a dump and be able to rebuild but it all depends. Good luck. Wait to buy until November, summer sale time will be over and sellers (even banks) will be more desperate.

Oh yeah, I paid $350,000 for a 640 sq' rental property in Monrovia CA 7-8 years or so ago. Small, obviously, but worth it at the time.

Good luck,
J
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Old 06-28-2010, 06:19 PM
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Originally Posted by Esuomm1 View Post
Look at comps! Some people would kill to pay $330 for a dump and be able to rebuild but it all depends. Good luck. Wait to buy until November, summer sale time will be over and sellers (even banks) will be more desperate.

Oh yeah, I paid $350,000 for a 640 sq' rental property in Monrovia CA 7-8 years or so ago. Small, obviously, but worth it at the time.

Good luck,
J
He's been following the short sales and bank owned homes for over a year now. The prices are starting to climb. Just a few months ago, another bank owned house in that neighborhood sold for $285,000. Other bank owned homes there are going about $50,000 higher.

It is possible to buy houses under $300,000 but you'll be way east of here in less than desirable areas.

He tried short sales, but flippers are always outbidding everyone else.

This and the next generations are really going to have it tough in the housing market. The only good thing is that my son can afford it on one income.
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