Going for a burnt house!

[Mary lou L.]

The home two doors down from my rental had a fire in the laundry room. It burnt that side of the  home through the roof.

This home is very similar to mine, built at the same time, same finishes, exterior. The appraised value of mine ( just did a refinance within the last month) was 68k. So I figure this home at least to be that.

My contractor says he can get the home back into shape for 25-30. I have at least that much to get started.

The owner just got the deed. The home has been paid off.

I was thinking of starting the offer at 2500. It needs a full cleanout and gut even before we get started on the rest.

I am also going to enlist a local realtor to handle the transaction. The  home is in Texas.

If this goes through I will surely post pics and progress of the rehab.

Please let me know that I am not crazy, and if I am call me out on it!!

[Tavisha Grant]

I'm a public adjuster who specializes in fire damage and water damage.  I've  handled many fire damaged home claims where the insurance company's preferred vendor contractor quoted $25k (or less) to do the repairs.  Once we got in there and did a proper estimate, it was more like $100k.  Typically, they think they can go in there and spray Kilz on everything and it's fine.  It's not fine - especially if there's any structural damage that's been hidden by Kilz.  I had one fire loss I worked on where the insurance contractor "Kilz'ed" the entire attic, hiding charred trusses.  I pushed my pen through one of the trusses.  That's not good.  We eventually settled for $132k.  Make sure to have the property evaluated by someone who understands fire damage (and who doesn't do work directly or indirectly for insurance companies).  It makes a huge difference on how they view the value of the damage.

Tavisha Grant, Public Adjuster, Property Claim Adjusters, Phoenix, AZ