Rehab Questions (First Short Sale)

[Leo A.]

Greetings BP Community,

This is my first possible shortsale and any input or advise is greatly appreciated due to items found during inspection. The property will be buy and hold. The initial rehab estimate I created is about $15k but the inspection found more than I expected(another newbie mistake). Currently waiting for formal bids from contractor but additional advise and guidance is greatly appreciated.

- Electrical not to code. There were open splices on the crawlspace, majority of outlets not grounded.

- Remove Wood Burning Stove? and patch on the ceiling (HVAC Re-route)

- Master Bathroom( plumbing - shower stall not properly installed and leak going down to crawl space, cabinet not secured to the wall, GFCI not grounded, faucet aerator leaking)

- Kitchen (damaged vinyl, exhaust not working, very dated kitchen but I think I can salvaged the cabinets and just replace the tile countertops)

- Ceiling fans are not operable and missing HVAC registers.

- Garage (moisture stains, wall damaged, laundry hose bib leaking), partially converted to a room. I did some research and all permit filed/completed.

- Complete yard makeover

I do feel my initial rehab budget is way low based on the items above and reaching out to BP members for advise.

Thanks.

[James Birdsall]

Leo, I think most of these issues are self explanatory, replace the shower, fix the exhaust fan in the kitchen and replace vinyl, etc. The non-grounded outlets are more of a problem. Do you know if there is a ground wire available in the wiring? If there is no ground wire that will be expensive and may require rewiring the whole house. If a ground wire is available then the fix is simple.