Oh, yeah. It's going to need a TON of work. The lack of pictures, etc. When we were house hunting, there was this amazing house listed at a really low price (but at the top of our budget). I decided to look at it just for the heck of it - um, yeah. It was on the market for $400k and it would need at least $100k but probably $200k worth of work. I actually drove by it yesterday. I would SO love to go knock on the door and ask to see what they did. It was an interesting house.
Post by dragonfly08 on Apr 16, 2014 6:57:32 GMT -5
Having bought a bank-owned home and been through this myself, it's the words "lender owned", "as-is" and "no representations or warranties" that probably explain it. Our house sold for well under comps. But it needed over six figures worth of work to bring it in line with other properties in the area, and that was with DH doing all of the plumbing, electrical, and a lot of the odds and ends himself.
Post by katiescarlett on Apr 16, 2014 7:27:29 GMT -5
We went to see a house that looked awesome but said it needed some repair. The price was $100-200K less than similar ones so I asked the realtor what repairs were needed. When he said the driveway and exterior cosmetic stuff we went to a showing. THE WALLS WERE SQUISHY. The stucco had not been maintained. Combined with other problems the house basically needed to be razed. Also the plot was terrible. That seller was delusional.
We almost bought a 4500 sq ft house -not including the basement or guest house- but the work and expense to fix it up was more than we wanted to take on at that point. Even just cosmetic work on 6k sq ft is a big chunk of change.
I agree that it probably needs $300-$400k worth of work to be liveable. We have a forclosed house a few doors down from us that will not sell. Our neighbor said that the place is in shambles. He also said when the town finally went in after the people abandoned the house, they found raw meat in the sink, which had been sitting there for at least two months of summer.
It makes me so sad that someone will probably tear it down but I am one of those nuts that would put more money into a historic home than it is worth, just to save it for the history. I bet it has some really special architectural details inside.
Post by peachykate on Apr 16, 2014 21:23:44 GMT -5
I wonder what the inside looks like. There is probably animals and mild everywhere, lol. There are some really good looking comps, hopefully someone will scoop it up.
@kizmet, yeah, even the county property information search turns up nothing. It must have been owned by the same family for eons, and then was foreclosed upon.
Confession - there's an event that I want to attend (for work) solely because its at the house of a really $$$$ person here, and the house looks like it's ahmazing.
Though I would never want to live in that house.
I think I'll pitch the idea to my boss. I could totally justify it work wise.
@kizmet, yeah, even the county property information search turns up nothing. It must have been owned by the same family for eons, and then was foreclosed upon.
I would love to see it if you go.
Did you click on my screen shot above from wikipapia? I may or may not have totally Googled the people listed. I found a FB page for N.B. She is listed as divorced! Hmm. I also found M.B. on LinkedIn. (Stalker party of one......) I just like HAVING information. I never do anything with it. :-)
Ok, make that stalker party of 2, because I clicked on your screen shot and went down the same rabbit hole as you. Divorced! And I found the foreclosure records, too.
How sad. For the house! I hope so much that whomever buys the property doesn't bulldoze it. That would be such a shame. Wonder if it's a historical building and might be protected. Probably not or there would be more info on it.
There was a house in Lakewood, OH that I just LOVED. Turn of the century, three story, Georgian with a wrought iron fence. The whole place had seen better days but man if someone with some money bought it and did some work it would be amazing. I love old architecture.
We have a friend who bought a similar sized home in similar condition in west county St. Louis. His house had a story. Original owner owned a stone business. The house was filled with beautiful marble, 1/3 mile long driveway was all cobblestone, etc. The house was built along side a stone quarry that had been filled with water to make a private lake on the property. The owners child got out of the house unsupervised one day and drowned in the lake. The family never got over the loss and after a few years decided they could no longer live in the house with the memories. It wouldnt sell so they abandoned it. The bank foreclosed and it sat vacant for 10 years. Our friend has spent 18 months rehabbing it. He has put over $1M into it and it is amazing. Oour friend is 45, divorced with no kids and adament about nver getting married again. He is quite happy to live in his haunted mansion all by himself. It is on a mainstreet so I'm pretty sure the StL posters will know the house I am talking about.
This was added to the listing today so I'm thinking I won't get to see it before it's gone. There must be lots of action on it and they want it gone FAST. Poo - I REALLY wanted to see it!!!!
"Property is lender owned, being sold as is and U. S. Bank is making no representations or warranties. Highest and Best due Friday at 4 pm."
It makes me so sad that someone will probably tear it down but I am one of those nuts that would put more money into a historic home than it is worth, just to save it for the history. I bet it has some really special architectural details inside.
Yeah, like neat old bookcases and stuff
I'm with dragonflybelle - that place is haunted as hell.