InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Old House Posted by Jenifer on June 14, 2003 at 2:05 PM In Reply to: Re: Old House posted by SeanW on June 14, 2003 at 1:15 PM : An appraiser is not qualified to say if a house is structually sound. You need a building inspector or an engineer's opinion. : Even if you found another bank and another appraiser to skirt this, it's just the kind of thing that can bite you in disclosure when you sell. So C.Y.A. : The deal might still be profitable... A damaged house will scare off casual investors and perhaps you can get it really cheap. Just double check your estimates. Oh, I agree that the appraiser is not qualified, he even recommended to get a structural report done. I CAN get another appraiser to skirt it for mortgage purposes...but would it be worth it? Meaning how much $$ would be too much? House in perfect shape would be worth $180k by this appraiser's opinion (with modernized kitchen, no structural problems, no termite damage visible, floors all nice and shiny, etc.). In this shape, he expects bank to price it at about $115k or their auction price of $121k. He thinks it will need some work just to make it 'livable' by his standards..and certainly more than that to make it sellable down the road. So...how much money is worth putting into it now that you have the numbers there (I think his 180k estimate is a tad high...I figured about $165-170k). Thank you so much for your input Sean (and anyone else)! Follow Ups: Re: Old House SeanW 2:56 PM, 06/14/03 (1) Re: Old House Jenifer/SeanW 11:05 AM, 06/16/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : An appraiser is not qualified to say if a house is structually sound. You need a building inspector or an engineer's opinion. : : Even if you found another bank and another appraiser to skirt this, it's just the kind of thing that can bite you in disclosure when you sell. So C.Y.A. : : The deal might still be profitable... A damaged house will scare off casual investors and perhaps you can get it really cheap. Just double check your estimates. : : Oh, I agree that the appraiser is not qualified, he even recommended to get a structural report done. I CAN get another appraiser to skirt it for mortgage purposes...but would it be worth it? Meaning how much $$ would be too much? : House in perfect shape would be worth $180k by this appraiser's opinion (with modernized kitchen, no structural problems, no termite damage visible, floors all nice and shiny, etc.). In this shape, he expects bank to price it at about $115k or their auction price of $121k. : He thinks it will need some work just to make it 'livable' by his standards..and certainly more than that to make it sellable down the road. : So...how much money is worth putting into it now that you have the numbers there (I think his 180k estimate is a tad high...I figured about $165-170k). : Thank you so much for your input Sean (and anyone else)! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455