Posted by Kent Cheatham on June 20, 2001 at 17:54:49:
Valerie! Stop! Your using emotion here! Thats what everyone does. Use logic, this is a PERFECT potential buy…PERFECT!
The bank has heard the emotional response to the damage already I’m sure. They’re scared to death they’ll never sell. Since the basement was carpeted and sheetrocked it was added as appraised footage as living space. Since it is now destroyed to the point carpet and sheetrock must be removed you must request it be taken off the living space and re-classified as a basement. Your purchase appraisal just dropped by a third on footage! Also, not only is it now justa basement but you as a buyer must assume the worst…that the walls leak terribbly. So it now is worth less than just a basement, it is a liability…a negative. Subtract the cost of removing all materials and converting to a plain basement plus the cost of water-proofing the basement in your bid…then subtract 10% more of this cost for your trouble.
Low ball the hell out of the bank, whining all the time about how much its going to cost to just reclaim it as a basement.
Then re-sheetrock the basement (the studs and wiring will still be good…as well as the ceiling!!) Carpet it also and you can have it re-appraised wqith 1/3 more living area!!! You’re gonna make a killing!!! You’ll have more than enuff to add dirt to yard to get it draining better but I’d leave the yard alone, the marshy-ness is not as big a detractor as not having pretty grass (unless you plan on living there). This is a Retail flip dream!
I would love this house!