How would you go about buying an unfinished and distressed SFH?

[Paul Kubin]

How might go about discussing with an owner who is renovating a house the possibility of sale before it is ready for the market?

Example:

The house across the street from me belonged to an old lady who shared it with her drug addicted son. As you might expect, the house got trashed over the years. The house deteriorated for years. Finally she died and he was forced out. The other adult children of the owner are now renovating the house prior to sale. It was gutted and re-roofed and they are now putting in sheet rock.

Seems there might be an opportunity if someone were to approach them and ask if they were open to selling before they’re finished, obviously at a reduced price. Not something in my stage I’m likely to do, but I’m wondering how someone would go about this.

1) What would you ask me people who are preparing the house for sale? For example, would you say something like:“I’m interested in buying your house, would you ever entertain an offer before it is ready for market?”

2) If they said “Maybe,” what would be your next move?

3) How would you value the house in an unfinished state?

Thank you everybody for your thoughts. So far the forum has been extremely helpful!