Posted by DavidV on November 19, 2005 at 08:50:39:
I found some flooded properties fixed up for sale and they don’t appear to be moving well. They are trying to sell at the appreciated prices of the non-flooded homes and its not happening. Just make sure you get a bargain price if you buy one.
Who Buys FLOODED Houses? - Posted by Heidi
Posted by Heidi on November 15, 2005 at 20:40:33:
I get WE BUY HOUSES calls in California, and I got a call from someone with a house in Missippi that was flooded in the huricane.
They just want out from under the note.
The house had 6 feet of water and mold.
Was worth $140K. They owe $95K.
Ofcourse, insurance didn’t cover it. Is this a Short Sale candidate? I have NO IDEA what it would cost to re-drywall this house and do mold remediation.
Re: Who Buys FLOODED Houses? - Posted by DavidV
Posted by DavidV on November 15, 2005 at 22:28:56:
Some banks are taking short sales on the flooded homes that aren’t behind.
Mold remediation is running me around $1.30/ft., which includes final air sample tests.
Paying a contractor will probably cost somewhere around the $40/ft.(includes everything), depending on how nice you put it back. Home Depot, Lowe’s etc. aren’t delivering drywall or shingles, you have to buy it and pick it up same day…first come first serve. A few places will deliver, but give priority to past contractor customers.
David
Gulfport, MS
Re: Who Buys FLOODED Houses? - Posted by Heidi
Posted by Heidi on November 15, 2005 at 22:51:31:
Thanks David - That’s very informative.
Are property values going to be the same after repairs or are they trending up or down. This property is in Ocean Springs.
Re: Who Buys FLOODED Houses? - Posted by DavidV
Posted by DavidV on November 16, 2005 at 15:18:28:
I know of numerous properties being rehabbed but haven’t personnaly heard of one close yet. I’m not sure how the stigma of being flooded will affect the price.
Re: Who Buys FLOODED Houses? - Posted by Heidi
Posted by Heidi on November 16, 2005 at 23:54:53:
I guess, I’m wondering if the fear of FUTURE DAMAGE will affect property values in areas that were affected. Any sign of that happening?