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Updated about 8 years ago on . Most recent reply

User Stats

10
Posts
5
Votes
Rusty Hitt
  • Palatine, IL
5
Votes |
10
Posts

What should I offer on an as-is fire damaged condo?

Rusty Hitt
  • Palatine, IL
Posted

Two days ago, the condo next to me caught fire in the middle of the night. The owners weren't home, but we were lucky enough to catch it before it went from a smolder to a flame. The majority of the damage is smoke with one small corner where the couch started to burn. I am in a lucky position of having almost completely gutted the mirror image condo I am in currently. We live in a desirable neighborhood just outside of Chicago. The full value in complete renovated state is about 110-120k. I bought my unit in foreclosure at 50k in June. I'm trying to figure a price range I should consider to offer on the unit in it's current state. I know the 70% rule, but what additional subtraction should I take for the stigma of a fire.

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