New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 9 years ago,
gut rehab in suburbs of philadelphia in montgomery
Hi,
I just joined this community in a hope that i can get some expert advise.
I bought property at auction dot com :-((((( without seeing the property from inside. It has basement, first floor and second floor. Been vacant from last 4 yrs and water and elect is off. Prop is winterized. So texhnically i peaked it through window and only saw first floor...seems to be ok...
Bank proceeded through sheriff sale (started 2011 and completed in 2014) and it did not sold and bank WF then sold (march 2016) it to me through auction dot com.
I'm freaking out as i have only seen about 1/3 of prop from outside. I'm like prepare for the worst and hope for the best type of guy...
1) I'm paying about 50000 less at auction as I'm taking a risk.
2) i did pay for title and lien search and it seems to be clear
3) assumig that as the property sat for 4 yr. (Water is turned off from 2011)...in heat and etc...I'm assuming that it may have mold issue and I'll have to gut down and start from scratch.
What would be estimate cost for those type of " things"? I'm ok to get breakeven and even loose 20-30k as long as i can make it livable....i dont know yet as i have no access to prop...
This is row house in PA. 2 story plus finished row house with 1500 sq ft total plus fi ished basement 3 bedroom and 2 1/2 bath....
Am i screwed for life?