moving a home - Posted by Doug

Real Estate Investing
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Posted by Ronald * Starr on April 23, 2001 at 12:44:59:

DOUG------

“The community has a short memory.”

Probably within 6 mos, almost certainly within 2yrs, few people will remember this yard collapse.

You could take over the property and put in a renter. You might even find some new people in town who haven’t heard the news. I guarantee you that in two years, if you go to resell, you will have no problems. Assuming no similar incident occurs nearby to reinforce the memory of the former incident, the property itself has had nothing happen and it looks normal again – eg lawn, scrubs, trees, etc which look established – and the real estate market is not in a decline.

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moving a home - Posted by Doug

Posted by Doug on April 22, 2001 at 23:14:36:

Does anyone have any experience with moving a home? The home in question (3 br, 2ba, 1 level, 1356 sq. ft.)is situated on a 1/2 acre lot. This past year a sinkhole 50 feet deep opened up in the backyard (the entire community was built on large limestone deposits and we have had excessive rain, which led to several sinkholes in this particular area.) The owners paid 10,000 dollars to have the hole filled in. But no one wants to risk buying the house, and banks have turned down mortgage apps for the property.

The house originally appraised for 110,000. The owner’s mortgage is a VA assumable. The owners are moving out of state, and are willing to give up ALL of their equity to avoid foreclosure. They just want someone to take up payments. The amount still owed is 70,000.

I checked with a local company and was given an ‘over-the-phone’ rough estimate of 4000-8000 to move the house. Of course there is the additional cost of laying a foundation. Other services are available at the lot.

Since there is a difference of about 30,000 between original appraisal and asking price, I thought it might at least bear consideration. The house would have no trouble renting out in most local areas for 650. Monthly mortgage, principal, and insurance is 535.

I was thinking I could possibly wrap the mortgage. One thing I don’t know is the legality of wrapping the mortgage. For example, to get the VA loan the house had to be owner occupied…does this apply when you wrap the mortgage as well?

Financing is another issue…even though I possibly could wrap the mortgage, and can get 100% financing on a lot (195/month is best I’ve found so far), I still have to be able to pay for moving the house.

It’s a lot to do, I have no illusions…
PS These are also friends of ours, so I’m trying to come up with something that is win-win…this situation is very challenging, so any ideas are welcome!

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Re: moving a home - Posted by Ronald * Starr

Posted by Ronald * Starr on April 23, 2001 at 23:37:20:

DOUG —

Hey your buddy goofed up. He could have built a new basement on the cheap. The excavation was already done for free!

We’ve all got to learn to make better use of the OPPORTUNITIES that are handed us on a platter.

Good Investing & Good LaughingRon Starr

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Re: moving a home - Posted by Doug

Posted by Doug on April 23, 2001 at 10:27:05:

You guys have given me a lot to think about! Thanks to both of you. My current understanding, and I will confirm this later today, is that the engineer pronounced the property ‘safe’. The owner’s insurance didn’t pay a dime since the house itself wasn’t harmed, just the back yard.

I’m weighing leaving the house where it is vs. moving it. If I move it I have a definite expense of over 10,000 for the move and preparing a new lot, whereas if I keep the house where it is I have only a possible expense if something happens. But I’m just wondering how well the house would resell or rent out, since they can’t sell it now, even with the assumable VA loan and 30,000 less than original appraisal. The situation has been broadcast several times on local Birmingham (AL) news (it was a VERY deep hole), so people in the community are universally aware of what was wrong with the property.
I’ll keep this thread posted. Thanks again!
-Doug

5

Re: moving a home - Posted by Ronald Starr

Posted by Ronald Starr on April 23, 2001 at 02:45:48:

DOUG –

When the owners had the sinkhole filled, did they have a geologist or geological engineer study the problem? Was there any report afterward? What reason is there to think that the property is subject to another drop later? Has the city or county required that the house be moved?

I’m thinking leave the house there.

The rent amount does not sound real high.

I would think buying from the friends and reselling might be the way to go. If the price is discounted some, there will probably be somebody who will want to buy it.

Is there any homeowner’s insurance that could be collected to make the purchase price even lower?

Many questions, few answers. I agree with Mike, study his earlier postings by going to the archive.

Good Investing*Ron Starr

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Re: moving a home - Posted by Mike Schmidt

Posted by Mike Schmidt on April 23, 2001 at 24:10:36:

I made a long post here a few weeks ago about moving homes. I have done two of these and first thing I will tell you is getting all the figures together on what the total cost involved will be, will take you several weeks. An over the phone estamate sight unseen would scare me.

The mover will need to know where the new lot is, what the route of the move will be, what obsticles are in the way etc. Here is a list of the top of my head of things that will cost you in a move.

New lot
permits
foundation
excavating
landscape
driveway
sidewalks
police traffic control
ALL utilities that need to move, raise or lower a line
new lot clearing
possible school tax (here its $3500 everytime a new residance goes up)
sewer/water hook-up

I am sure I missed a few, lot of nickle and dime stuff will also come up. Its not a simple thing to do, but it was extremely fun!! Just make sure you cover all the bases. In most cases a move is not worth it unless you get the home for next to nothing or by moving to a area that will demand a much higher value.

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