All Forum Posts by: Eric Robertson

Hello All,

I have a friend in the Madison, WI area who is in the process of moving her parents into elderly care facilities. I know she would like the process to go smoothly/quickly as it is a truly difficult time for her and her folks. I would like to facilitate the process for her in some way either through an agent or by reaching out directly to investors in her area. Wondering what process you would recommend to a loved one if you had no financial stake in the decision, but solely based on a balance between simplicity and potential profit. House is a 1950's, 3 bed 1.5 bath in the Orchard Ridge neighborhood, southwest of downtown. Owner was an engineer so the property was maintained throughout its life. Typical condition for a house this age so she would need to sell to someone willing to update the finishes either way, although i do believe it would pass FHA in its current condition. I am waiting for more details on some of the other specifics, i.e. equity, condition of major components and such. If anyone has any advice i would certainly appreciate it.

Eric

10-4 Matthew

Good call ill stop over today and see if I can get some info. They wont let anyone inside for safety reasons but maybe PM could shed a little light on the scope of work.

Thanks

Hey Drew

A couple other factors to consider:

- Fire was in the unit across the hall so only smoke/water damage in the available unit.

-3rd floor 

Do you have a "ballpark" formula to give yourself a safe estimate on rehab costs? If the association is responsible for exterior of building up to wall cavities of each unit, including mechanicals I would assume that worst case senario would involve all sheetrock, finish work, fixtures, paint and appliances. It was listed "as is" so it sounds like the risk is mine to consider. The listing agent could only state that "more than likely repairs would include all but flooring and paint within each unit". Would you say this is a common senario? 

Many thanks for your time and advice 

Thanks for the input Dawn. This opportunity interested me because the listing claims to be for a completely new condo unit once insurance repairs are complete. Is there any way to protect myself if making an offer? Or should I run away unless the repair scope is defined? In your experience how are insurance claims handled within a condo unit between building and individual units? I stopped over last night and all interior drywall has been stripped from studs and each unit gutted. Property listed for ~9K, I have comps inside the complex for 60K and rentals are available for $850-$950. According to the listing agent he has 7 offers the highest being about "double" the listed price. 

Thanks again for responding

Eric

Would you make an offer on a Freddie Mac condo site unseen? Property cannot be viewed due to fire damage. Listing agent claims insurance repairs have begun (verified), a 6 month schedule is proposed until unit will be safe enough to inspect. agent is unsure of total insurance coverage within unit itself and cannot define total scope of work. Property is listed at 1/6th of recent sales. Should I contact the contractor? Insurance company? Freddie Mac? Low HOA, good rental rates and area. Advice would be appreciated.