Comments on: GDoN Revisited by Hipchickindc

By: UStreet

UStreet — Thu, 02 Jul 2009 18:52:57 +0000

I remember from the original GDON post that there was no AC in the house. That might have brought down the price as well.

By: hipchickindc

hipchickindc — Fri, 26 Jun 2009 22:16:02 +0000

Conventional could still mean rehab loan (although the FHA 203 and 203(k)are such good deals for owner occs). If it is an investor and they used financing, they couldn’t have used the 203(k). Now I’m curious. I’ll ask Chuck Burger, the listing agent.

By: jm

jm — Fri, 26 Jun 2009 16:44:32 +0000

I pass this house a lot. The exterior definitely needs some serious work, but it’s got everything it needs to be a really interesting awesome house and totally worth what they paid. can’t beat the location.

If they put in a year of hard work, this could be 2010 house porn for sure.

By: Phillip

Phillip — Fri, 26 Jun 2009 16:42:15 +0000

I actually toured this home a few months ago. Anonymous’ summary is right. It is a great location and the view from the outside is nice. But the inside was atrocious. It needed more than $150k – more like $250-300k of work. A total gut wasn’t out of the question. Sounds like the buyer got a pretty good deal however.

By: Anonymous

Anonymous — Fri, 26 Jun 2009 16:12:35 +0000

@ Trubs, thanks. The commenter did say there were holes in the ceilings and walls, so maybe the seller repaired them so that the buyer could get financing.

By: 55 Nice

55 Nice — Fri, 26 Jun 2009 16:08:10 +0000

Now this is a good deal, much petter than the crap in MP for 990k whch present a fews days ago on GDoN. Aon.. you are finally wising up. Let’s the prices fall another 10 to 20 percent and the real financially purdent folks will help to correct the current realestate mess. HipChick you know I am correct.

By: Trubs

Trubs — Fri, 26 Jun 2009 16:07:43 +0000

For the bank to give a conventional loan. The house does need to be livable. For my house, this meant running water, a stove in the kitchen, no holes in ceilings or walls and no broken windows. That being said we were allowed to buy the house with pipes that leaked enough to flood the basement, and no shower (it had 1 old clawfoot tube, which was gross). The previous owners did install a stove for the financing to go through.

My point is that the bank only takes a quick look at homes and if they turn the water on upstairs and it works, they do not notice the leak in the basement. So if the house meets certain standards and is structuarlly OK, many banks (or at least the one in my case) will give a conventional loan.

By: Anonymous

Anonymous — Fri, 26 Jun 2009 16:02:19 +0000

Corner lot, parking, not much yard to stress about, beautiful architecture. Sell it for $550,000 which should make up for the $150,000 you’ll have to put into it to do right by it.

By: Anonymous

Anonymous — Fri, 26 Jun 2009 15:17:16 +0000

The last comment from the original GDoN post said this:

“We went into the property and it looks worse than expected. The floors are all uneven (radiator is sinking into the floor), there are holes in the ceilings and walls, and there is evidence of water damage. There is no shower in the property, only tubs. The half bath was an addition to the property and really closes off the first floor. I am no contractor but from the look of the place substantial work is required to get the house up to modern day standards of living.”

So it obviously needed substantial work, but given that they got conventional financing, that must mean that it’s technically “livable” right, or the bank wouldn’t have made the loan?

But even if it was currently technically livable, I wouldn’t call $590k a “steal” for a really rundown house, even a large detached one in that neighborhood. It does sound like a good deal though.

By: anon

anon — Fri, 26 Jun 2009 15:16:25 +0000

Oh, I love fall.