Trying to please everyone and managing to please no one.....
I received a call from our real estate agent earlier this afternoon. We are in the process of trying to pick up a 3 unit building that is a forclosure. My family , i.e. my sister in law, and my cousin love it. If we can pick it up they would occupy 2 of the three units. ...
Unfortunately the building is in need of a lot of repairs... Since it is a forclosure the previous owners ripped out everything that didn't move and then some... Plumbing fixtures, cabinets, molding and trim around the windows , doorframes etc... , hardware fixtures, lighting fixtures, electrical outlets etc... are all gone. In addition to those things, the building structurally needs to have work done on the foundation in the basement, it needs a new roof, and the electrical needs to be updated from fuses to circuit breakers, and on and on..... Windows need to be replaced, and each apartment would need to have appliances, kitchen cabinets etc.
With winter rapidly approaching, time to fix the roof , windows, and basement to prevent further damage is dwindling away. The bank, that is located in California, apparently doesn't understand this and seems to think that they should get their full asking price ( what a property in good condition would go for) . We have submitted three different offers each being rejected. The property has been on the market for 4 months, with no other bidders, and only one other showing. You would think that the bank would be interested in getting it off their books, but apparently that is not the case. Our latest offer was again rejected. We've instructed our realtor to make a final best offer and if rejected again, we're walking away...
I know that my sister in law law and cousin won't be happy , but then again , they are not the ones that are putting their money up for the transaction...... I can't see overpaying for something that needs another $60,000 -70,000 in repairs and renovations....
The building was on the market for over a year before it went into forclosure, the owners were asking too much, and they never got any offers, the bank then foreclosed on the owners, and the building was striped by the owners . The fascinating thing is that while the building is now in far worse condition, the bank actually is asking $10,000 more then the owners were asking before the forclosure.
Maybe the bank made a really bad loan decision and they feel that they can't admit to it by adjusting the price to a fair market value, reflecting the condition of the property etc.... Time will tell........
Unfortunately the building is in need of a lot of repairs... Since it is a forclosure the previous owners ripped out everything that didn't move and then some... Plumbing fixtures, cabinets, molding and trim around the windows , doorframes etc... , hardware fixtures, lighting fixtures, electrical outlets etc... are all gone. In addition to those things, the building structurally needs to have work done on the foundation in the basement, it needs a new roof, and the electrical needs to be updated from fuses to circuit breakers, and on and on..... Windows need to be replaced, and each apartment would need to have appliances, kitchen cabinets etc.
With winter rapidly approaching, time to fix the roof , windows, and basement to prevent further damage is dwindling away. The bank, that is located in California, apparently doesn't understand this and seems to think that they should get their full asking price ( what a property in good condition would go for) . We have submitted three different offers each being rejected. The property has been on the market for 4 months, with no other bidders, and only one other showing. You would think that the bank would be interested in getting it off their books, but apparently that is not the case. Our latest offer was again rejected. We've instructed our realtor to make a final best offer and if rejected again, we're walking away...
I know that my sister in law law and cousin won't be happy , but then again , they are not the ones that are putting their money up for the transaction...... I can't see overpaying for something that needs another $60,000 -70,000 in repairs and renovations....
The building was on the market for over a year before it went into forclosure, the owners were asking too much, and they never got any offers, the bank then foreclosed on the owners, and the building was striped by the owners . The fascinating thing is that while the building is now in far worse condition, the bank actually is asking $10,000 more then the owners were asking before the forclosure.
Maybe the bank made a really bad loan decision and they feel that they can't admit to it by adjusting the price to a fair market value, reflecting the condition of the property etc.... Time will tell........
posted by Baltic Waves at 2:20 PM
0 Comments:
Post a Comment
<< Home