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  #31  
Old 06-11-2005, 06:13 PM
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Location: Blue Point, NY
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Quote:
Originally Posted by turbodiesel
Found another im going to try and check out tommorow.

Split level, built in 1990. 1840 total sq/ft.. 1400 finished sq/ft. 3bd/2bth. 1.90 acres. Electric/propane heat with large stove (not fireplace). Garage. Forclosure that need some work (paint inside, carpet, appliaces, etc).. Listed at $86,900.. I think it just came back on the market.. previous offer fell through.
As long as the structure is not falling down around your ears, you have a good looking house there for that price.

Remember what I said earlier: Make an immediate offer and make it "subject to the approval of buyer's attorney". You can easily back out if the place is mold infested.

BTW, that house looks to be a "low ranch" and not a split level.
You enter a small landing and go 1/2 a flight up or 1/2 a flight down.
The house appears to have two complete floors.

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  #32  
Old 06-11-2005, 06:19 PM
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Join Date: Jul 2003
Location: Flemington, NJ
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Yes.. The listing says "Bi-Level" Thanks for your help and support!
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  #33  
Old 06-11-2005, 07:02 PM
MedMech
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The house pictured is a HUD code manufactured home, the house itself is worth about 20-40k.

Manufactured homes aren't bad if you buy them right, financing can be a PIA if the home has not been converted to real property, again that varys state to state. Selling them is a PIA because the market is flooded with repo's due to the Greentree financial breakdown.
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  #34  
Old 06-11-2005, 07:05 PM
MedMech
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I like that sliding door above the garage, unless that thing is totally disabled I bet that you will have to build a deck to bring it up to code.
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  #35  
Old 06-11-2005, 07:05 PM
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Location: Flemington, NJ
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Hmmm.. are you sure? Wouldn't they be obligated to tell me it was a HUD home? The price is very attractive with the land.

To me, it didn't look like a MFG home, it has a basement and a concrete foundation..
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  #36  
Old 06-11-2005, 07:06 PM
MedMech
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Quote:
Originally Posted by turbodiesel
Hmmm.. are you sure? Wouldn't they be obligated to tell me it was a HUD home? The price is very attractive with the land.

To me, it didn't look like a MFG home, it has a basement and a concrete foundation..
I mean HUD code not HUD home sorry. HUD code is usually less strict than local building codes.
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  #37  
Old 06-11-2005, 07:07 PM
MedMech
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I love the land though, around here you would pay 125K for that lot.
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  #38  
Old 06-12-2005, 05:53 PM
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Join Date: Jul 2003
Location: Flemington, NJ
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We took a look today.. what a mess. Typical forclosure I guess. Carpets trashed, stained, moldy and animal urine soaked. Door mouldings broken from doors being kicked in. All walls fility dirty (no idea how this happens).. refrigirator and microwave used as a hammer tester. Few windows broken. Roof poorly patched in areas. Basement/garage area moldy. Dining room area musky but no trace of water leaks.. could have been the owners dumping ground. Here are a bunch of pics.

http://207.44.234.41/longpond/

Realtor seems to think I can get it for $70-$75k. I figure if I have to put another $20k into it i'm still doing great. I would be doing everything I am able to as far as work and labor. What are your thoughts??
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  #39  
Old 06-12-2005, 06:17 PM
MedMech
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Quote:
Originally Posted by turbodiesel
We took a look today.. what a mess. Typical forclosure I guess. Carpets trashed, stained, moldy and animal urine soaked. Door mouldings broken from doors being kicked in. All walls fility dirty (no idea how this happens).. refrigirator and microwave used as a hammer tester. Few windows broken. Roof poorly patched in areas. Basement/garage area moldy. Dining room area musky but no trace of water leaks.. could have been the owners dumping ground. Here are a bunch of pics.

http://207.44.234.41/longpond/

Realtor seems to think I can get it for $70-$75k. I figure if I have to put another $20k into it i'm still doing great. I would be doing everything I am able to as far as work and labor. What are your thoughts??
Unless you have a bunch of money to fix it you can walk away. Another problem with foreclosures is they usually have the power turned off for non payment and the pipes freeze. You need to consult with a builder and see what your in for. Even if you can get it for 20K if it needs 60K to get it right there are many more opportunities out there.

If you do make an offer on a repo make it half the listing price, I won't say why but it shakes things up a bit and I would say that the banks bite about 50% of the time. It really pisses off the realtor too which is kinda fun.
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  #40  
Old 06-12-2005, 07:04 PM
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Location: Flemington, NJ
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How much do you think is a "bunch of money"?
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  #41  
Old 06-12-2005, 07:24 PM
MedMech
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The amount of money it takes for you to get the house right without sacrificing performing investments, if 20K isn't a bunch of money then dive in.

If your willing to take the plunge have at it, I'm just warning you of the pitfalls. Keep in mind if something is a REAL good deal you'll be competing with other buyers.
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  #42  
Old 06-13-2005, 01:41 AM
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Location: Blue Point, NY
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Quote:
Originally Posted by turbodiesel
Realtor seems to think I can get it for $70-$75k. I figure if I have to put another $20k into it i'm still doing great. I would be doing everything I am able to as far as work and labor. What are your thoughts??
The pictures tell the story. The house needs a fair amount of work. The appliances and the carpeting are no biggie, however, most of the window and trim work looks like $hit and the siding and roof need attention as well.

That sliding glass door to an 8' drop has to go immediately. No bank will loan money on such a disaster.

As MedMech mentioned, you might need to deal with a few plumbing issues as well, if the house has frozen at any time in the past.

If you are prepared to do all of the work yourself, then you might bring it in under $20K. But, materials are expensive these days and I'd bet that you wind up closer to $30K. You will probably decide that the siding has to be completely replaced and the roof may require the same thing.

See if you can determine the value of the house, with land, if it were in perfect condition. This is most important before proceeding. If the house, fully restored, is worth $120K or more, then you should pursue this house.

As I mentioned previously, submit your offer "subject to the approval of buyer's attorney".

I don't believe that submitting an offer of $40K is going to get you very far. The land is probably worth at least this much.

I realize that you are young enough to bust your ass and get such a house in shape. However, as a person who has done three of them that have looked just like that one, it's not for the faint of heart. If you have a full time job, it will take you between 9 months and one year to get it all completed. It's a major headache if you try to live in the house while you restore it. I was fortunate that the houses that I purchased were rental houses and they were no more than 15 miles from me.

I sense that this house is quite a distance from your home base. This complicates the issue greatly. You may have no option other than moving into the house and restoring it while you are in it. While this is possible, it can really tax your emotional well being.

Good luck with whatever you decide. PM me if you need any specific advice on mortgages or titles.
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  #43  
Old 06-13-2005, 02:37 AM
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That is one ugly house. Great lot, fugly house. I'm not a fan of that prefab on concrete look.

That being said, it's a lot of house for the money. I know it's all relative to your local market but it seems cheap.
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  #44  
Old 06-13-2005, 08:13 AM
MedMech
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One thing to look at is an equivlent manufactured home like the one pictured in good condition can be owned for 30-45K used or $65 new.
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  #45  
Old 06-13-2005, 11:12 AM
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Join Date: Jul 2003
Location: Flemington, NJ
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Thanks guys. My great uncle is in the commercial real estate business.. he knows of a good inspector in the area and he is sending someone out to have a look. Then we will assess what the house is worth, what it will cost to fix, and what it would be worth when done. I have a feeling by the time he gets out there and I get word back, it will be under contract though.

Yes it is far from where I live now.. 80 miles. The plan is to work on the house over the weekends and free days during the week until it is habitable.

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