The New “What did you do with your Z today” (with off topic replies) XXXVII

Leingod · 08-14-2020, 03:39 PM

Quote:

Originally Posted by FL 4Motion

Hey Lein,

Are you officially dunzo with trying to buy that house now or are you still thinking about it?

I was pondering your situation and I came to the conclusion that IF you still plan to press forward with this house, it might actually be better to take the 15k vs having the homeowner “fix” the foundation just so that you know it gets done properly. I would anticipate an extra 5-10k just in case bc no renovations ever go to plan and foundation repairs are no joke.

On the plus side, when it’s done you’ll have the most kickass dry safe and secure basement/foundation on the block.

PS— if the inspector found an active aka wet spot in the ceiling, I would get a roof inspection done as well if the og inspection didn’t include it, I bet at a minimum they’ll come back with a partial or full roof replacement recommendation. You can use that to drive down the asking price as well. Figure 5-15k for a partial to full roof replacement.

You can fix anything with enough skill and $$. You can’t fix location tho. If the renovated comps in your area are high enough $$, and you’ll be in the house long enough to build back up some equity it COULD make sense

Just don’t fall into the trap of overcorrecting the house and then you’ll never be right side up money wise. Your realtor should be able to run a bunch of the comps for you if they haven’t already, you can also use Zillow to get an idea for yourself. Don’t forget to snoop around on the property tax website to see what houses have recently been selling for in your area.

We are in the process of backing out of the contract. The sellers came back with a concession of 10k in reduction price. I'm telling them to get lost. They bought the house in 2013 for 50k and have sunk zero money into it and are now trying to sell for 95k.

The retail value on the surrounding houses range from 130k to 160k. Nothing crazy.

I got a quote back from 2 masonry contractors. One for 13.5k and another for 15k to fix the foundation. That alone will make me walk away without a second thought.

The wet spot on the ceiling is most likely due to some flashing on the roof where no center caps were put in place. So i'd be looking at 1k to add caps since it's an architectural shingled roof.

The house would need gutters because again, the sellers are lazy arseholes. So factor in $900-$1,200 for a good seamless system.

The pavement and surrounding areas of the garden should have new soil dumped in because the morons decided to dig out a hole near the front wall for some unknown reason.

I'm over it. We are just going to keep looking. The redeeming quality is that I now know what to look for in detail when we look at other places. We checked out another house a few days ago and I was able to tell that the roof was wicked old due to flashing of the shingles, the basement had water issues due to the amount of cop webs and staining, the kitchen still had asbestos flooring from how old it looked, and where the current owner cut corners when trying to knock down a wall to extend the dining area.

I understand 100k-150k doesn't buy a lot in todays age, but I also don't expect to be seeing the asinine issues cropping up as well. 100k to me means the kitchen needs new cabinets and fresh paint. Not cracked foundation and complete remodel of 3 different rooms.

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