Conditions for an offer on a rundown house

[nubiwan]

Putting a bid on a rundown home and wanted to know what other conditions might be appropriate. The water is shut off and so is the power to the home. Planning to take it over within 30 days.

The electrical will be upgraded with the reno, as will most of the house (window,siding,roof, interrior floors, kitchen etc.), so I am thinking the main condition would be my ability to get appropriate building permits. I`d probably keep the electrical off till I replace the panel and wiring.

Anything else I might want to consider specific to the property. I`ve had the building inspected already.

Tks
Tony

 

[NiagaraInvestor]

QUOTE (nubiwan @ Nov 2 2009, 05:42 AM) Putting a bid on a rundown home and wanted to know what other conditions might be appropriate. The water is shut off and so is the power to the home. Planning to take it over within 30 days.

The electrical will be upgraded with the reno, as will most of the house (window,siding,roof, interrior floors, kitchen etc.), so I am thinking the main condition would be my ability to get appropriate building permits. I`d probably keep the electrical off till I replace the panel and wiring.

Anything else I might want to consider specific to the property. I`ve had the building inspected already.

Tks
Tony



Not sure from your post if the gas is off I`d get back on right away and start heating the place.  I`ve found vacant homes without heat mold up pretty quick especially since the place isn`t being aired and dried out by heating and moisture is trapped inside..  Of course there are other variables.  Is the basement unfinished and old allowing moisture in etc etc..

I take it this is a POS?   If so and the previous owner has taken off get the bank to pay up the bills otherwise you might be in for quite a shock when you try and get hooked up again.. 

 

[ChrisDavies]

Subject to financing? I assume you`ll use cash or bridge finance to fix it and then refinance or flip it, but you`ll want to make sure you`re well ready for it, and that you`ve got a solid backup plan if things run longer than expected or primary financing falls through.

 

[WadeFenner]

My idea....

Get it under contract way under value and flip it to a renovator for a quick $20-30,000 and take your mama on a holiday....

Nothing like the feeling you get when you flip paper for 30k

Oh what a feeling...



QUOTE (nubiwan @ Nov 2 2009, 05:42 AM) Putting a bid on a rundown home and wanted to know what other conditions might be appropriate. The water is shut off and so is the power to the home. Planning to take it over within 30 days.

The electrical will be upgraded with the reno, as will most of the house (window,siding,roof, interrior floors, kitchen etc.), so I am thinking the main condition would be my ability to get appropriate building permits. I`d probably keep the electrical off till I replace the panel and wiring.

Anything else I might want to consider specific to the property. I`ve had the building inspected already.

Tks
Tony