10 April, 2014

Construction Repair

My family and I are looking into purchasing a new home. One of the homes that we have seen with our realtor is in the neighborhood that we want to be in. The home is 5000 square feet, and is 2 story. This home is a foreclosure, and is about a 3rd of the cost of the other homes in this area. The problem with this is that in the 5 years that it has been bank owned (with little or no care) and poor construction has led to some MAJOR problems. First of all this homes construction is EIFS (dryvit) and we have been told that it would have to be removed, and most likely replaced with brick. The roof has also had some holes in it, and there is some water damage on the second floor ceiling in one room, which has actually caused a portion the floor to collapse into the bottom floor in this specific room. Another thing we noticed walking through the second floor of this house is that it is "dipping down" in some ares, it looks as though it is sinking into the bottom floor in a few rooms upstairs. It would also need paint, new flooring, appliances, and fixtures, but I know these are more low cost repairs. So my question is, what would the cost be to do the following: Remove the EIFS siding and replace with brick, new roof, water damage repair including the collapsed floor (in one room), and the "sinking floor" in some rooms upstairs. Here is a picture of the home. @N06/6317160182/ Additional Details -This home is in central Alabama. -I also was told that I could have it converted to real stucco if not brick. -It is a slab foundation. -The home is for sale for $200,000 though I know I could offer much lower (realtor has told us bank might even take around $100,000). Homes on the same street even (in great condition of course) are listed for well over 1 million dollars. This house sits on a golf course lot. Similar lots in the neighborhood without golf course frontage are offered at $225,000 – $275,000. After speaking to others on the web, I found the answer. === house looks nice aqnd the repairs are worth the effort to own a classy looking house === if you will take photos of the necessary repairs/Re-construction and go to the hardware giants [[LOWE'S or the HoDepot]] and visit the """"commercial desk"" ((this is what they do)) and explain your photos —- take a bunch of photos inside and out — and they will help you understand the problems and costs with the home repaworkmen irs === some of those repairs will require workmen that are professional and some of those things you and the family can fix on your own . . Go and deal with the bank AFTER you talk to the COMM. Desk people . . Learning and getting some paperwork [[ for dealing price ammo ]] to take to the bank will get you a better argument for a lower price on the house === the elevation view [ front ot the home ] is good and you need to act right now to buy that house . . . Don't worry because — if the roof and exterior are not water logged and most of the problems are interior then all that can be fixed for less that you think . . Photos and conversation at the commercial desk and then on to the bank . .

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1 Comment

  1. Mindi Robot April 9, 2014 at 12:15 pm #
    It depends on the local labor rate. Ask a local contractor for information. Probably less than it would cost in Seattle. You might find what the cost per square foot is for new construction in that area. Also check with the home owner association for their covenants before you offer. The covenants might impact what you can or can not do to the property.