Investors oportunity
I have a house that must be sold this week on a short sell. Asking price 95K call me and I will help you to negotiate tthe offer with the Bank . The House is a Pre-foreclosure and is located on Pleasent Valley.
You can find it at craiglist or contact me for more info.
Carolyn
Answer
Carolyn,
Without an address, estimated value, home description, condition description, or any other information on this property, I can’t help you. We all have houses to sell…
I assume that the home is facing an auction, if it has to be sold this week. I hope you already have an short-sale approval letter from the lender if you really hope to sell it this week.
If you have have an approval letter - you should be able to tell people the price that has been negotiated - this would be helpfull. If you don’t have an approval letter, you can’t close, and it’s unlikely that you will be able to get an approval letter in a week, unless you’ve alreadly filed all the short sale paperwork with the lender weeks or months ago.
Phill
Rehab question: Illegal additions
I have a question for the more experienced rehabbers here. I’m currently
analyzing a potential rehab project in which TravisCAD shows the
property square feet as 900, however the original property owner has
added 2 additional rooms to the property over the years, increasing the
true square footage to approx 2000. They seem to be illegal additions as
they are not reflected in the tax roll.
What potential problems could arise for me down the road as a result of
this if I decided to go ahead and do the rehab? Issues during
inspection? Issues when trying to sell? Both? Any insight would be
greatly appreciated. Thanks.
-Mark
ANSWER
Mark,
Illegal additions are very common.
My biggest concern is that the additions were never permitted, and therefore may not meet building and safety codes. For example, the windows may not have been flashed properly, or the joists may not be sufficient to hold the load, or the roof may not have the proper slope, or a supporting wall was removed, or a door was put in without a header above it, or the plumbing was not vented, or there is no or insufficient insulation, etc. I’ve run into all of these.
In some cases, you can catch these or an inspector may catch these. I recommend an inspector that is also an engineer, as an engineer is more likely to find these sorts of problems. Of course some of these are ‘in the walls’ and quite hard to find.
As for liability - you are not technically liable for the addition when reselling a home that a prior owner added an illegal addition to. However, poor construction problems can manifest, causing problems to the home while you own it, and/or creating conditions that your buyer’s inspector finds when you try to sell. You could also incur liability if you discover a defect and/or safety problem with the home, while you own it, that you do not disclose when you sell it.
As for the city/county – I have been told there is no process for doing a post-construction building inspection to determine if something was done right. I suppose you could invite the county/city in to measure the additional space so that they could increase your tax assessment, if that is your goal…
All that being said – most additions I’ve run into were done reasonably well, but just never permitted. For those – enjoy the extra space!
Phill
