Skip to main content

Buyout of distressed property

So I own a property with my hopefully soon to me moving out ex.

We refinanced the house last fall after adding a solar panel array to the house and moved the HELOC debt into the new first mortgage. At the moment she is comparing our run down house with an identical house in the same neighborhood that has been updated with new double hung windows, new laminate flooring throughout the upstairs and lower level, new deck, new kitchen countertops... You get the drift.

On the other hand our house has the original 1985 single pane wood frame windows that are literally rotting from moisture damage, original carpet noticable wear and stains, cracked tile in the kitchen from damn subflooring, drywall that has been cut out from the basement, walls with crayon marks that have badly painted over without proper prep, spalling garage slab and front stoop and original asphalt driveway that is crumbling.

She has taken it upon herself to try to repair and freshen up the house while I have been away for business. This is the reason why there has been less than an amateur job done painting the walls. She had a new bargen AC installed and other minor repairs done.

First off my understanding is the appraisal for the refinance would of included the value of the solar panel array. Therefore there should not be any additional value added to the property due to the solar panels. Is this correct? My lawyer does not even know where to start on this subject as the issue is novel to him.

Second and more important is how much do the above issues detract from the value of the house? I'm interested in reaching a fair price to offer, but not anywhere near what she thinks it is worth based on this other property. My lender says that the property should be valued far less than this other house, but how does one figure these numbers out? Would it simply be a straightforward subtraction of the cost of new comparable windows, laminate flooring, drywall repair, finishing and painting? If I do have an appraisal done to the property, how closely are these things taken into account?

Thanks for any help!

submitted by /u/nikorasu9
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/pe1oad/buyout_of_distressed_property/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...