what would you pay for a 6 bed/ 3 bath house that needs this kind of work?
i found a house in indiana that is 6 brms / 3 bath but the last family trashed it. they spread garbage all over the house including “dirty diaper smear” on the walls. they took out all the appliances and even took the kitchen sink and cabinets.
the outside of the house is beautiful and it is in a small town of about 300 people. it doesnt look to have any structural damage but it could possibly have some plumbing issues due to being a forclosure. the walls and ceilings look ok but i was wondering,,,,,,, what would you be willing to pay for such a house? i am trying to come up with a fair price to offer the bank.
CENTRAL INDIANA AREA
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IF THIS HOUSE WAS AS BEAUTIFUL INSIDE AS IT IS OUTSIDE IT WOULD LIKELY GO FOR $125,000-$190,000 BUT THEY ARE PRESENTLY ASKING FOR BIDS SINCE IT DIDNT SELL FOR THE $100K THEY WAS ASKING.
Update based on your update: If no one bid on it for 100k, then obviously you offer less than that. I would offer 80k and see what they say…justify the reasons why by using pictures and repair estimates as detailed below. Be sure that the house will qualify for your loan (fha or whatever you decide) before you submit your offer
1. GET AN APPRASIAL in fact if you can afford it, get two.
2. Dont care how big the house is, LOCATION is the order of the day. Is this someplace that you could see yourself living?
3. Do you have kids? what are the schools like? Would they be happy in a place like this?
4. The shyt on the walls is NOT a big deal. AT ALL someone can come and clean that up for less than $300.00. YOu will need cabinents and whatever else to make it able to be lived in, so whatever the apprasial is, make your offer $20k less than that.
Send the bank pictures of the inside of the house (most of the time, they have no idea what it looks like anyway because the mortgage company is 5 or 6 states away)! When they see the pictures they might be more willing to take a bit less than they had planned and just go after the defaulters for the rest of it
The bank does not care much either way as the house was insured but the obviously dont want to give it away either.
so to recap
Take pictures of the inside of the house
Get estimates for repair
TO go home depot and price cabinents and bath fixtures
(if you can write down the price list of the stuff that the house needs even better)
so for example…take a picture of the kitchen in its present condition…..since it is missing cabinents, go to home depot and get the price of the cabinents on an estimate with labor and put it next to that picture
same with the bathroom
etc
Use the APPRAISAL (sp) and offer $30k less (or however much you think that the repairs and materials will cost and subtract 10k from that figure for your annoyance factor) and submit!
The only thing that they can say is no
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