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ok does this sound like a money pit of a house to you ? It did to me...

so my landlord is losing his home on the 23rd of July and we decided to call him and see if he would sell it on a shortsale for $140,000 he said no..well anyways the bank had an inspector out and he said because of all the weirdo stuff he did himself to the basement that was wrong they would have to tear down the whole thing and redo it also the electric is all wrong so it has to be redone in the entire house because of the connections he made. the for the outside there is an underground pipe that would have to be dug up by a backhoe because it's leaking terribly he's wasting 3 yrs worth of water in 1 yrs. time....there is alot to be fixed in this home..and he told us he won't go under $170,000 which we've already been told is waaaay too much specially since it's in foreclose as of july 23rd..

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chica679

Asked by chica679 at 1:29 PM on Jun. 24, 2010 in Money & Work

Level 16 (2,792 Credits)
Answers (9)
  • to me that screams money pit, lol. I used to have an older farm house that had been owned by a "do it yourself" electrician, and it was scary. Like really really scary, lol. He had messed up the ground so it didn't work and had not removed the old cloth wrapped wire. Took me two weeks to get gas turned on as well because they had messed up all the gas lines. I wouldn't offer more than what you did, and even then I would ask for an insurance policy for the major systems. But thats just me. :) Good luck!
    Sheacat

    Answer by Sheacat at 1:33 PM on Jun. 24, 2010

  • Well, when it goes into foreclosure, try and contact the bank (or whomever owns it then), and make your offer to them. Maybe they'll accept it?! I know that banks/loan companies don;t want to be stuck with property--they want the cash. So while your landlord is looking for someone to foot the bill and cover HIS expenses, you might have better luck going through the people who will reluctantly own it next month.

    Your landlord could also be frustrated that his tenants could wind up owning his house, and be resentful of that fact.
    LoriKeet

    Answer by LoriKeet at 1:33 PM on Jun. 24, 2010

  • Does not sound good. It is a buyer's marker so if you can buy right now find something better.
    elizabr

    Answer by elizabr at 1:33 PM on Jun. 24, 2010

  • I wouldn't buy a house that has that much damage to it. You could build a house for that.
    SaraP1989

    Answer by SaraP1989 at 1:35 PM on Jun. 24, 2010

  • I would stay away and wouldn't really even want to be in it. All of the electrical can short out and cause a fire. A lot of fires happen because of home made electrical fixes. There is no telling where else he has made short cuts with the house. Inspectors are good but they can still miss things.
    kc932

    Answer by kc932 at 1:35 PM on Jun. 24, 2010

  • I meant to say "buyer's market" in my answer
    elizabr

    Answer by elizabr at 1:38 PM on Jun. 24, 2010

  • It also depends on the kind of people that you are-so like to tinker, fix, repair, reconstruct, replace etc...It's all in the process for these people. Others prefer to enjoy the completed project, and are willing to pay good money for someone else to do the actual work.
    Sisteract

    Answer by Sisteract at 1:49 PM on Jun. 24, 2010

  • Yeah, if the house is that bad, he has roken the lease, wow.
    IraqiVetWife

    Answer by IraqiVetWife at 3:07 PM on Jun. 24, 2010

  • Is the land worth anything?
    LoveMyDog

    Answer by LoveMyDog at 3:47 PM on Jun. 24, 2010

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