Pretty, New House, But Worthless?!?
This one's a doozy. Beautiful $200k house (would be worth 3x that much in any urban suburb, but it’s in a rural town of 12,000), nice subdivision, sitting empty, finished 8 years ago but never lived in. County has its tax value at $11,000. Huh? I find an open window, crawl in, and all is revealed. Built too close to a wetland, when water table rose—happens once a decade or so—the basement flooded big time. Mold. Wood and foundation seem solid but stained. Foreclosed several years ago, just sitting on the bank's books, owner/builder blew off to Florida after suing everyone in sight and losing.
Upstairs is beautiful, split level, brand new. Vaulted ceilings, big windows viewing the guilty but scenic wetland, huge rooms, etc. City inspector says he doesn't want to condemn it, says it's possible (not likely) the basement could be backfilled, or reduced to a crawl space. Out of town bank sounds ready to deal. Is this a waste of time, or is it possible to turn it into something? Would a contractor even give an estimate such a serious rehab job? It’s too big to try to move elsewhere. And isn’t mold forever anyway? Thanks if you have any experience with such a property, and any creative ideas. Hopeless?
Sure its a deal, the question is how to work it. Was only the basement flooded? in that case not too bad, strip everything out (drywall, carpet, wood, etc.) Wash the remainder with bleach either sell it as unfinished basement (with disclosure of water problem and recomendation to leave it that way or re-finish it and take your chances.
In Chicago there is a BIG brick church (covers most of a half-block seats 1500 or so) which they lifted and moved across the street maybe 60 years ago. Betcha the house is not too big to move.
I agree it is highly unlikely of it being to big to move if you really want to, and if you have a lot to move it onto and you want to pay the tab to do so. I have seen rather sizeable multi units moved. Might be the best method of solving the problem. Good luck!
Asking price is $11,000....sounds like a great rental. Fill the basement, lock it up, or have a lengthy liability release on it.
I agree, there have been bigger challenges than this one to movers, they should have no problem moving this one. Check it out.
If there is mold - then take a sample and have it tested. You can rent out something with a danger of that nature. That is a lawsuit waiting to happen
Get results on the mold test and see if it has spread from the basement...if so - then walk away.
If not - then clean out the basement. tear out the mold - if you can't tear it out - then you can spray Krylon paint on top and that will freeze the spread of the mold.
Or - buy it and sell it As-is.
Hi SKHunter
Where is Lake Waukomis, MO?
I grew up in MO and go back every couple of years and have never heard of it. Have family in the KC area, just curious,
Thanks,
Update: Spoke with the owner/bank's atty today, he let slip that a local Realtor was gonna buy it, but changed his mind. So I asked the Realtor--who I know kind of--he gave important info. Builder wasn't very good, apparently there are some structural issues, poorly designed roof frame, etc. He was hoping to raise it a few feet get it above the water table--cheaper than a move--but he told me they didn't like his lowball offer.
Gonna have a contractor give it the once over; the atty said "80 grand and you have a quarter mill. house." Yes, but the disclosures alone...! I know the bank is in for only $80k, but would surely take less. If the numbers work, I mIght just consider selling 'as is' on a note and carrying it to term...any more insights gladly appreciated.