ANSI &....

[Zoe]

Just sent the next door neighbor the lawyer's contact info.

I told her yesterday when she told me property had been vacant for 2 years............ I said if the owner was not paying mortgage, they were not paying an insurance company so mortgage company had to force write property insurance policy on the property.

I informed her to talk with the lawyer and ask if they can cover her claim on tree damage..

 

[Zoe]

Don't look to me Honey. LOL

 

[Zoe]

This is like a $300K to $500k neighborhood. They got money. She said she is a

Psychiatrist​

that works for VA hospital. She was going to buy lunch. I don't think I had any lunch that day. LOL

 

[Dublin ohio]

This is like a $300K to $500k neighborhood. They got money. She said she is a

Psychiatrist​

that works for VA hospital. She was going to buy lunch. I don't think I had any lunch that day. LOL

Don't worry. I'm sure she is interested in your mind.

 

[Zoe]

Don't worry. I'm sure she is interested in your mind.

That's okay. LOL

It is an eye sore to the street. I think all the neighbors are like please do something with it. LOL

An investor could tear it down. It happens sometimes in east memphis and midtown and downtown. It's H&B use could wind up being demolish and rebuild. I don't think where this one is will be that case. Some lots in east memphis are worth like a million or 2 million for the lot as if vacant. They just tear the old house down.

I don't have it figured out yet. It could easily cost $60,000 to $100,000 in order to bring it to norm for the subdivision in condition.

Remember the city has condemned the property also. So that is beyond my area of expertise.

It will still have serious incurable functional obsolescence even brought to subdivision and city standards.

Many people ask me about improvements like finished attic or something similar. I say you can do it, but I would not based on where you are. You will have issues where you will not get dollar return for what you spend.

I advise to sell it like it is and go to a different area and buy what you want.

 

[shrubberyvaluation]

I have one right now where there is almost 800 sq ft of finished attic where none of it is considered GLA per ANSI. It is finished area and will be given some value. It has very serious functional obsolescence plus being in C6 condition on the whole house. The house has been condemned by the City.

It is liquidation assignment for mortgage company.

Its likely the market might not value it at all if the house is in C6 condition. How would you market it....this house is a total teardown but it has a finished attic!

 

[Zoe]

Its likely the market might not value it at all if the house is in C6 condition. How would you market it....this house is a total teardown but it has a finished attic!

On liquidation you have to go "as is", but on liquidation you have to estimate cost to cure repairs that are necessary to market the property. Obviously the city will have to approve all repairs because they have condemned the property and have a long list of repairs needed.

Real property taxes are probably way past due also. Probably a tax lien on it.

I haven't dug too deep yet. I am guessing right now the lot as if vacant is probably worth around $80,000 to $100,000.

 

[Zoe]

It will be C3 or C4 condition when I get through with my repair list. But I won't give a subject to value opinion. It will be strictly "as is".

Some items will be necessary repairs and some will not be necessary. Some will need immediate repair and some will not. It has been winterized already. No utilities are working.

 

[Zoe]

That makes me think about something. Some guy knocked on the door and came in and took pictures and said he and his wife do inspections on foreclosures for mortgages and I forget how many he said they do in a month. It was way up there in volume. He said they don't pay us much so we have to do many to make any money. I can't remember how many he said they do in a day. He wasn't there 10 minutes. He was not a licensed home inspector.

He could not get in because I had the keys from the lock box and I locked the door behind me.

He had a really easy job. He said they write them up at night when they finish in a day. They work separately.

He had been to the subject before because he was telling me about a tree that had fell through the roof. My point is they may do the same property over and over. I was in a hurry and he was too so I didn't get much information from him and didn't want to slow down.

He said point blank his boss was the mortgage company.

All he did was take pictures very quickly and was gone. I have no idea what he puts in his reports at night other than pictures.

 

[Zoe]

I want to say they do at least 10 a day. I should have asked what they pay them and what he reports other than pictures.

That may be each one of them doing 10 a day. I think it is.

If they pay $50 each and your doing 20 a day, you can do the math. He said him and wife work separately doing them. I want to say they do like 800 a month.