All Forum Posts by: Mithun Bondugula

Hi,

I am looking to buy a home that had water damage and needs around 50K wort of work fix up. This will be my primary house. The property is in Redmond, Washington.

I was told by my realtor that I will have to get FHA 203(k) loan. I called few local banks here - Washington Federal is one bank that is willing to fund a broken house but their closing costs are as high as 1% of loan amount.

Are there any other banks that offer these loans? Thanks for your help.

Thanks,

Mithun

Thank you all for responses. Reason for flooding - someone left the upstairs bathroom tap open. Seller have filed a case with insurance company and are willing to get it to a AS-IS state. If I move forward, I will make sure that I get a chance to have my own inspection done. 

One more question: Does my insurance premium increase? is the insurance dependent on the property or on the insurer? Thansk.

Hi,

I have learnt that the house I am about close has got flooded. The owner does not live there any more so they did not realize for two days. They have engaged a water damage restoration company - seems to be good company that has been providing regular updates. They have also filed an insurance claim. They are hoping that insurance will pay to get the house to original state.

I have few questions:

1) Will there be any longterm damage? or does the restoration pretty much bring it to normal state?
2) Does the value of the house go down? that is, when I sell it future, I assume I have to declare this incident, so will the appraisal be lower because of the incident?
3) The initial agreement, appraisal, loan and even closing disclosure from Bank are out. Do I have any room for ask for compensation?

Thanks,
Mithun

I have bought a very old house in Redmond. WA. This house has 70s kitchen and batch finishes. I am looking to get the place renovated - remodel kitchen, 2 bathrooms, recess lighting, open layout, popcorn ceiling removal. 

I have spoken a design-build company (LUX Design Builds). I also got a contact of a handyman turned General contractor - this person has worked with couple of my friends for over 10 yrs. 

I was told that the GCs are cheaper than design and build companies. What other differences should I consider? When would one go with design-build company as against a GC? 

Thank you in advance for you guidance.

I have bought a very old house in Redmond. WA. This house has 70s kitchen and batch finishes. The house is in a large lot so has some scope for sqft addition. I have been trying to get estimates for the work. The estimates are coming out very high. Some have quoted as much as 375 per sqft for addition.

I have recently been to my friend's house in Olympia,WA which is like 1 and half hour south of here. He bought a 4K sqft house for 400K - which is like 100 per sqft including the land cost. The material/fittings he has in house looks better than he one I am planning to use.

How can cost of construction be so different within such a short distance? What am I missing? If its just the cost of labor in Seattle and surrounding areas, then can I look for contractors from Olympia area to come construct here? Thanks. 

Hi,

Me and my friends are planning to buy SFH and rent it out. What are our options when it comes to raising capital? Would a bank be willing to loan to a group of people?

Thanks,
Mithun

Hi,

I live in WA state. I plan to buy this house and break it up into two lots - one with the house and one without. I am a newbie so need guidance/feedback on this (BOLD) approach.

1) I am of the opinion that two lots (one with building) will value more than one with large open space. I do not have data to support yet but would work on gathering it.

2) Is what I am trying to do legally/technically possible? Would county let me do it?

3) Who all do I need to work with? lawyers, architects?  Is there one profile that can help from the start to end including county permits etc.?

4) Assuming that I have eligibility, will I get a loan to construct house on the second lot?

Thank you for your guidance and pointers in advance.