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#429829 - 10/31/13 03:27 PM looking to purchase a short sale
jkusnierz Offline
Junior Member

Registered: 10/31/13
Posts: 4
Loc: Massachusetts
Hello to all,

Newbie here and looking for some outside advice. The question i have is were are looking at buy a short sale house. the house is way over priced, it was built in 2006 and the house is somewhat complete. It does have a lot of code violations. septic electrical etc. plus no gutters missing trim unfinished stairs (not stained etc.) due to no gutters basement as little water damage, the step down to the french doors which have no locking door knob to basement has collapsing walls, need some siding work, no more air compressor for central air, door trim molding are hit or miss meaning some doors have trim and some don't. most of the doors don't have door knob, the stone around the fire place is not really/properly attached, missing recessed lighting throughout the house, cracked drywall (just at the joint) only in 2 places and it needs to be finished being painted in almost every room plus all trim just has primer and no paint. i will include the link to the house so you can view it

http://www.realtor.com/realestateandhomes-detail/376-Rondeau-St_Palmer_MA_01069_M34739-52175?row=10

talked with my realtor and a few of his co-workers and they are saying to shoot around the 230k mark. any and all advice will help. and feel free to ask for any info back needed to help you out!

thanks

josh

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#429831 - 10/31/13 04:11 PM Re: looking to purchase a short sale [Re: jkusnierz]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7605
Loc: Vermont's North-East Kingdom
Your description makes it sounds so rough that it causes me to doubt that you'll be able to easily obtain a new mortgage for it . . . . so I hope you plan on paying CASH.

If construction on it was begun in 2006, was it ever put in sufficiently complete enough condition to have been habitable at some point ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#429883 - 11/01/13 06:50 PM Re: looking to purchase a short sale [Re: jkusnierz]
jkusnierz Offline
Junior Member

Registered: 10/31/13
Posts: 4
Loc: Massachusetts
yes it has been lived in since 2007 everything in the house is around 80% complete. like i stated about i just never seen anything like it. walls half painted and then stopped like they ran out of paint you can see the last roll mark in middle of the wall and the rest is primer. outlet covers not on etc. i know a lot about code violations and i have no idea how anyone would be given an OP.

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#429896 - 11/02/13 07:21 AM Re: looking to purchase a short sale [Re: jkusnierz]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2211
Loc: Outer Banks
before you put in an offer you need to make sure you can get a loan. Most lenders won't make a loan on an unfinished house.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#430148 - 11/10/13 09:00 PM Re: looking to purchase a short sale [Re: Bigtoe]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2302
Loc: US
Originally Posted By: Bigtoe
before you put in an offer you need to make sure you can get a loan. Most lenders won't make a loan on an unfinished house.


Exactly. If you are not paying cash you need to run this by your lender first. Do you have cash for the repairs? A credit Union might be a better choice since they can get more creative on financing. I can't see a normal bank giving a loan on a home that requires so much work.

Lets say you get it for $230,000. How much do you have to put into it realistically? How much will it be worth after? Has your agent provided you comparables showing an as-is price and repaired price? You need to find out if it's worth your time.

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