Is This An Exceptable Cost To Cure.

[JoeGermade]

Scott when you so proffesional rehaber do you mean someone that will come in and put drywall over the rotted 2x4s? Thats who is interested in this house but i think if it sells with a conventional loan this needs all of those repairs to ever pass a basic home inspection.

 

[Scott Kibler]

From the REO Addendum:

Provide a list of repairs recommended to bring the property into marketable condition.

My point is that making the property habitable and marketable are not necessarily the same thing. Maybe it is in that property's market. Maybe not.

I sure hope your fee is high enough to justify a quick turn time for a complex assignment.

Next day turn time for a trashed REO. Right.

 

[CANative]

You shouldn't let clients push you around. With a property like this, all bets (as well as turn times and fees) are off. This is not the type of assignment to rush through for a number of reasons.

It sounds like the improvements are fully depreciated.

 

[Claude From NY]

It looks like you have a knock down or at best a complete gut renovation. The $150,000 sounds like land value. I'm thinking your cost to cure estimates are on the low side for a 2,900 sq. ft. gut renovation, especially when looking at the #s for your kitchens and baths.

Let me guess Roosevelt, right?

 

[JoeGermade]

:rofl: Very good Claude, how did you guess? Those kitchen and baths are at a minimum. Im sure you have seen some off the stuff people have used as kitchens in these areas.

 

[DTB]

Don't know the prices in your market but you seem way too low in total.

I wouldn't work up such an extensive cost to cure list unless I was buying for myself. Too much work, too much liability, too little $$$.

The kitchens and baths are way too low. The cabinets and flooring will eat up most of that $$$ alone.

I would run from this assignment personally.

 

[Claude From NY]

Joe: It was a give away when you mentioned in your addendum that you had to use comps from nearby Hempstead village. Crack pipes on the premises was my first clue however.