Just got this listing from my agent

Ashcan Bill · 09-06-2010, 10:20 AM

The listing states: "Home is in need of major reconstruction."

Do you have the time and know how to do all of that yourself?

If not, can you afford to put up the money to have it done?

Is the property priced so far below market to make all the work worth while, or is it a potential money pit?

Can you get a loan on it in it's current condition (assuming you plan to finance it)?

If you're confident on the above points, then I'd go take a look and do some serious estimating. Wouldn't hurt to take along a home inspector or good contractor as well. Might cost you a few bucks but it could save you from making a costly mistake.

RGD. · 09-06-2010, 12:41 PM

"Home is in need of major reconstruction." and "Structurally fine." don't normally go hand in hand. Major remodeling and structurally fine I have no problem with. Maybe it's a bad choice of words on the listing agent.

This home appears to be a late 50's early 60's home - built on a crawl space which brings up the red flag in my opinion.

Take Bills advice on the home inspector instead of you driving out to see it. Don't let the agent get one for you - look up and find one yourself. A good inspector will give you a detailed report with pictures and normally relative cost of repairs. And I say relative costs because they are not contractors.

Good luck with it all.

Ron

09-06-2010, 10:20 AM	#1
Ashcan Bill Ol' Dude Join Date: Oct 2008 First Name: Bill Location: Henderson, NV Posts: 1,904 Trading: (6)	Re: Just got this listing from my agent The listing states: "Home is in need of major reconstruction." Do you have the time and know how to do all of that yourself? If not, can you afford to put up the money to have it done? Is the property priced so far below market to make all the work worth while, or is it a potential money pit? Can you get a loan on it in it's current condition (assuming you plan to finance it)? If you're confident on the above points, then I'd go take a look and do some serious estimating. Wouldn't hurt to take along a home inspector or good contractor as well. Might cost you a few bucks but it could save you from making a costly mistake.

09-06-2010, 12:41 PM	#2
RGD. God Like Status Join Date: Oct 2008 First Name: Ron Location: Alexandria, Virginia Posts: 971 Trading: (1)	Re: Just got this listing from my agent "Home is in need of major reconstruction." and "Structurally fine." don't normally go hand in hand. Major remodeling and structurally fine I have no problem with. Maybe it's a bad choice of words on the listing agent. This home appears to be a late 50's early 60's home - built on a crawl space which brings up the red flag in my opinion. Take Bills advice on the home inspector instead of you driving out to see it. Don't let the agent get one for you - look up and find one yourself. A good inspector will give you a detailed report with pictures and normally relative cost of repairs. And I say relative costs because they are not contractors. Good luck with it all. Ron