Teardowns/Rehabs In NY/CT

Comments(9)

• 
  DennisM30th August, 2005

  Hello Ryan,
  
  I am a Realtor in California. Your situation is not uncommon. Order another appraisal except this time have your agent work with the appraiser by presenting the comps of the like properties. Property is appraised on location first and what a buyer is willing to pay for a property. If a property needs to be repaired, then it repairs estimated costs should be subtracted from Market Value. Or get another lender. Either way, get the agent to show the comps and talk with the new appraiser. It should smooth things over.
  
  Dennis[ Edited by JohnLocke on Date 08/30/2005 ]

• 
  ryandick31st August, 2005

  Update:
  
  The lender agrees that this particular appraiser is off his rocker. They have agreed to disregard the appraisal if I provide a letter from a licensed electrician and contractor stating the systems and structure of the house are in adequate condition and pose no risk to the lender. Basically, they will produce a letter that says the 60 amp fuse system is outdated but in perfect working order, the paint is faded but not peeling, the vinyl and carpet flooring is worn but not at the end of its useful life, and the bathroom fixtures are in good working order.
  
  Whew! I hope this fixes the problem...
  
  Ryan

• 
  FallenAngel15th August, 2005

  I watch all those shows, "Flip this House", "Sell this house", etc. Pretty interesting stuff, and alot of those are done in various areas (Tennessee, Florida, Georgia)

• 
  Ebellis15th August, 2005

  What network are these other two show on? I have seen property ladder, but I have never seen these other two. I live in TN so I would be interested in seeing what was done somewhere besides CA and TX also. --EB

• 
  d_random15th August, 2005

  Ebellis-
  
  Here is the web links to those 2 shows:
  
  http://home.discovery.com/fansites/flipthathouse/flipthathouse.html
  
  http://www.aetv.com/tv/shows/sell_this_house/

• 
  SantaClarita15th August, 2005

  I also watch all three shows when I can (Property Ladder-TLC, Flip That House-Discovery Home Channel, and Flip This House-A&E). I thought that I would post what I have learned from these shows.
  
  Regarding the home on Property Ladder near the freeway (MLS #05-023741) I happen to know the area very well. I drove by the property just after it aired and it had a for sale sign out front.
  
  I spoke with the realtor and it seems that it fell out of escrow two days before closing. The buyers wanted too many concesions and the seller (also the agent) would not budge.
  
  She has since raised the price from $679K to $699K. She is confident that it will sell and claims to be able to afford to hold it. It has now been on the market over 4 months (this area, Echo Park, averages about 30-60 DOM).
  
  Another property on Flip That House in Highland Park ( I also know this area well) I chanced upon when I was searching on www.ziprealty.com. It is a California Craftsman built in 1910. I drove by the house (MLS# 05-025647) and looked all around and into the windows. An absolutely beautiful remodel that was staged perfectly.
  
  On the show the realtor suggested to list between $600-$650K, they decided to list it at $620K (they paid $335 and spent $75 or $80K to rehab). It is currently listed at $569K and it has been on the market since May 23, three months now.
  
  I am actually searching around this area for a rehab myself (Echo Park, Highland Park, Lincoln Park, Montecito Heights, Monterey Park) and it is prime for these types of properties. These areas are very hot right now, many pockets are transitioning and are somewhat risky. The DOM are a little high for LA and many of these homes are about 100 years old. I have a couple of potential deals that I will making offers on this week, but I am prepared to hold if necessary. I witnessed many, many rehabs and met with some other investors. It is important to be in the right areas within these sections of LA.
  
  Moral of the story? These shows can be very helpful and educational, but they are first and foremost television shows. I know that some of the properties do sell quickly (the property on Flip That House this past weekend in Sherman Oaks has sold) but you just never know.
  
  Take care,
  [addsig]

• 
  flip10115th August, 2005

  You can view clips from "flip that house" here
  http://home.discovery.com/fansites/flipthathouse/videogallery/videogallery.html

• 
  InActive_Account16th August, 2005

  It just amazes me to see how some people go in on a project, extend way past their initial time frame, go way over budget, and still turn out a profit...
  
  If that was here in NJ they would probbly go bankrupt on the project....

• 
  InActive_Account4th September, 2005

  I never heard of property ladder.