Extensive Fire Damage?
I am going to make an offer on a property that has a fair ammount of fire damage to it. This property has two seperate units on it, one in back that looks to be a two level Duplex and has extensive fire damage to the upper level and probily the lower as well. The second in front with damge only to the rear roof (The second unit is behind the first).
My question is, how can I determin if a home is too far gone to be rehabable? Because to me the rear unit looks all most in tear down condition, but the front is savable. But if the rear is savable, this makes it a lot better deal, one that I can realise a good rental return on in the future.
Anyways, does any one here have experiance with fire damage homes and can give me some pointers on how to determine wether a home can be saved or not?
Thanks a lot,
James
YOu need a professional in the boat with you on this one. Have a contractor look at it even if you have to pay him. He should be able to tell you if it is repairable or not..
[addsig]
1st and most important, check with the city if there's any fees or fines outstanding on the unit(s)before you buy. When there's a fire in some areas, (cities) they charge the owner w/the clean-up fees that are levied against it
w/on going interest www.fees.In chicago, there called demolition liens. Use it as leverage against your purchase w/the
owner if it exists. Find out what the permits & inspections that are involved to alow you to rebuild, in some city it could be as long as 6months of added
time- you still have to figure in these expenses! Just a important and devilish
www.detail.Mark
Look specifically for a restoration contractor. One should be happy to look at the job and discuss it with you. If it was in my area I would.
Thank you all for the great advice, I had planed to get a contrator to come along with me to help estimate the costs to fix the property, if its fixable at all. But I will have to look a little more extentivly into the legalities of what permits and what not I will have to get if I plan to go ahead with the rehab.
Wish me luck,
James