Hi All,
Anyone with advice on wholesaling a condemmed house with a mortgage on it?
It’s really a tear down and start fresh .
DMC
If it really is a “scraper” where you’ll have to tear it down and remove it, the house should be bought for LESS than the value of the land alone. You should factor in your removal costs to your offer price.
You can also help out your local fire department by offering to let them do training by having a controlled burn of the house. They’ll get their training and the house will be leveled for you. Then you’ll just have to have the debris removed.
THanks for the info. I am actually trying to find comps on the land , but having a tough time.
DMC - depending on the area it will be difficult to find comps for raw land. My suggestion is to figure out how much it will cost to build a new house and then find comps for the new house. Consider the building costs as “repair” costs and then go from there.
Good luck.