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Updated over 1 year ago on . Most recent reply

User Stats

51
Posts
22
Votes
Chris Momongan
  • Rental Property Investor
  • North Augusta, SC
22
Votes |
51
Posts

Under contract on condemned house

Chris Momongan
  • Rental Property Investor
  • North Augusta, SC
Posted

I found a deal in a good area of Augusta, GA going for 40k.  Toured the home and definitely uninhabitable but the rehab numbers wouldn't be that bad.  Found financing that would cover rehab and purchase for 15% down payment.  The appraisal came back at 208k and that would make it a home run deal.  The catch is that we discovered that the seller has had an order of condemnation in 2021 and has ignored it.  It does have an order of demolition and I cant get title insurance.  No title insurance, then lender wont lend.  


I've tried my best to get my lawyer involved, but he said that the best case is to let planning and zoning know my plans to immediately rehab the property.  The issue is I cant buy it until they remove order.  I don't want to lose this deal because it is rare to find these numbers in the B+/A neighborhood of Augusta.  Does anyone have experience dealing with municipality in removing demo orders and getting to closing table with title insurance.  Anything creative I can do with the seller?  The seller seems like she inherited this mess and is incompetent in doing what needs to be done.  Any advice would be helpful.  Thanks!

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