Monday, October 11, 2010

Quick House Sale: Only $285K

I'm reading: Quick House Sale: Only $285KTweet this!

A quick house sale? Are you kidding me? It's taking us forever to find a new home in a very narrowly defined geographic area. *sigh*

Around these parts, back in 2005, on a good day $285 thousand dollars would have bought a 2 bedroom, 1bath ranch house on a 35 x 100 lot. So you can imagine how excited I was (DH is always skeptical) when I heard about a 4 bedroom + office, 2.5 bath house with a full basement and 2 car garage for only $285!

Of course, there were drawbacks. For instance, it was a a cash-only foreclosure sale. Who has that kind of cash sitting around?

Oh, and it's cash sale because there's no kitchen and no bathrooms. Well, the rooms are there, but they look like this:


Apparently, banks will not provide mortgages to houses without functioning kitchens and bathrooms, so a person has to find the cash and then finance the renovations, which we roughly estimated at about $200K because in addition to the missing toilets, there was a note about the need to have the basement drywall ripped out.

Because it looks like this:

I'm no mold expert, I'll just assume this is the bad kind of black mold everyone is so worried about. It appears that the house must have taken in close to two feet of water during the heavy summer rains.

Also, it seems that there is at least one leak in the roof.

And many of the baseboard heating elements are broken.

And the house has been vacant for at least 6 months.

But the floors look beautiful!

6 comments:

MollyinMinn said...

Wow. Just wow. All I can say is that your house hunting escapades are providing great blog fodder, even if the reality is brutal.

Good luck, hope you find a good one soon.

Truthful Mommy said...

Well, its nice that the floors are rocking because when you pass out and eventually die from the black mold, the police report photos of you on the floor will be SUH-WEET! Keep looking. That house is NOT for you:) Happy Monday!

Catherine said...

Don't I know it!! We've been in limbo trying for a Short Sale for the past 6+ months. Its insane these days.

Tracey - Just Another Mommy Blog said...

Keep looking girly. Do you have a realtor working for you? Patrick sells if you need someone to work with.

Anyway, yikes! Stay away from mold. Unless you know what you're doing with renovations, it's not something that you can just "fix."

Kim Moldofsky said...

Note to all. We are not pursuing the moldy house!!

@Molly, yeah the blog fodder is the best part, so far.

@truthfulmommy best comment of the week, LOL!

@catherine I thought you were going to find out for sure the other day. Our agent is guiding us away from short sales for that very reason. There's only one that's come across our path though--more on that soon.

Tracey- Thanks. We've got a realtor and a few back ups should it not work out. But our guy can't help us find inventory that's not there.

Jen said...

Uh, yeah, saw that one recently. And then slowly backed away from my computer. LOL!