Found an REO w/ foundation problems. Listed for Low 60’s. If it didn’t have any foundation problems (causing cracks in sheet rock, no noticeable damage to outside) it would sell for 95k with 3k worth of work (not including fixing foundation). My question is has anybody looked into such a property. I have looked into foundations being fixed and it runs about 20k?
I cant see offering more than 45k. Is selling a property with a foundation problem that has been corrected a problem? Olshan gives a lifetime warranty on work that is transferrable.
There is a reason why no one bought it. And my advice is DON’T, RUN AWAY. The deal seems great, but everything that sounds too good to be true…IS…don’t bother with something that is a maybe…use you time and money else where on a house that has less equity in it but will help you move on to your next property quicker. Don’t waste lots of time on this one.
Just what I would do. I think it cost around 10-20,000 to fix it …but remember the grass get ruined, etc. will cost more in the long run
Depending on the property, there still may be a deal. I would get a good contractor’s estimate, if possible. That would help me decide if I make an offer. And, if it is listed for $60k, I would have no problem offering $30k if it had some foundation problems. Costs you nothing to make an offer and walk away if the bank is not interested. Costs the bank plenty keeping a bad asset on the books.
By the way, this probably would be a property that I would exit by flipping or assigning to another investor, selling it as-is.