"Akio Ohtori - RIP Oppo" (akioohtori)
08/04/2018 at 13:07 • Filed to: shop quest, TQ HQ
1
11|
"Akio Ohtori - RIP Oppo" (akioohtori)
08/04/2018 at 13:07 • Filed to: shop quest, TQ HQ | 1
| 11 |
No matter the property, it is always worse than it appears in pictures. After searching for a shop for almost two years now, I’m not sure how I haven’t learned that yet. Today I went to visit the shop I was very excited about. It did not go well.
!!! UNKNOWN CONTENT TYPE !!!
On first blush was encouraged. When I rolled up there was another couple taking a look. Also a dog! However, it went downhill when my realtor arrived.
“Did you get the inspection report I sent?” She asked with a concered look.
I had not. Turns out the reason the last sale fell through is the house is, essentially, a tear down.
Here are some highlights from the inspection:
Major Defect, Evaluate - Several indications show that movement has occurred on this home. ( Cracks in stone, cinder blocks not installed properly, no cement footings, soft spots on flooring, leaning floors and door jams. ) This is a structural concern, and may be an indication that settlement is ongoing.
Repair/Maintain - Water damage and bare wood was found around the entire structure. Evaluate and make repairs as necessary, replacing all damaged wood and paint to seal out water.
Repair/Replace, Evaluate - Tile in the bathroom shower has major damage. A qualified contractor should evaluate and repair/replace as necessary.
Safety, Repair/Replace, Evaluate - Evidence of “heavy” rodent infestation was found in one or more areas. The Center for Disease Control (CDC) defines this as more than 20 feces per square foot.
Termite inspection also came up positive. So... you know... Cool.
Walking around the house all of the doorways were at odd angles, the floors had perceptible dips and swells, and one bedroom had a significant “pit” where the floor had sagged several inches.
Needless to say the previous buyers backed out as the bank which owns the property refused to lower the price or pay for repairs.
Not that it matters, but the shop was nice and even had a bathroom, though no indication that the bathroom was functional.
The 2nd structure was actually a barn, pictured above, and was also in reasonably good shape. Also there was a pump jack which is... a thing.
I won’t lie... I’m a little crushed. Apparently when approached about the repairs, the bank responded in the traditional fashion:
Apologies to whoever I stole this from
My realtor is going to let the selling agent I’d pay $40k, but otherwise am uninterested.
The quest continues.
Urambo Tauro
> Akio Ohtori - RIP Oppo
08/04/2018 at 13:40 |
|
Man, such a nice big
shop, too...
LOREM IPSUM
> Akio Ohtori - RIP Oppo
08/04/2018 at 13:59 |
|
Little elbow grease and you can live in the shop or barn, and put the livestock in the house. Probably the most reasonable option.
Nom De Plume
> Akio Ohtori - RIP Oppo
08/04/2018 at 14:15 |
|
So do you measure feces at point of greatest concentration or average all known results?
Based on results thus far. I have to ask if you have considered buying land to build a shop on and park a mobile home on the other end of the property with it’s own drive.
|
Akio Ohtori - RIP Oppo
> Nom De Plume
08/04/2018 at 14:21 |
|
Also considering yes, but the economics are considerably different. Have active searches for land that would work.
|
Akio Ohtori - RIP Oppo
> LOREM IPSUM
08/04/2018 at 14:22 |
|
Seems reasonable.
|
Akio Ohtori - RIP Oppo
> Urambo Tauro
08/04/2018 at 15:19 |
|
IKR!
Banks are weird. We’ll talk with the agent and let him know my intent. Back in the day I made an offer on a bank owned house and they “ accepted” it six months later... so you never know.
Kiltedpadre
> Akio Ohtori - RIP Oppo
08/04/2018 at 15:50 |
|
Well, looking on the bright side I now know how much feces it takes to qualify as heavy infestation. That’s what I’ll take away from this.
|
Akio Ohtori - RIP Oppo
> Kiltedpadre
08/04/2018 at 16:30 |
|
Important life facts.
ranwhenparked
> Akio Ohtori - RIP Oppo
08/04/2018 at 19:57 |
|
I know the feeling.
I walked away from a seemingly nice house earlier this year - spacious two car detached garage with attic and room for a workshop area, 3 bed/1 bath 1940s Cape Cod with a nice fireplace and screened porch on a good sized lot.
In pictures, it looked great - hardwood floors, original ceramic tile bathroom (full mud job, probably), kitchen was from the ‘80s and a bit dated, but good shape, basement showed old fashioned full dimensional lumber, and it allegedly had a new furnace.
But, on closer inspection, the 25 year roof was probably in year 23 or 24, most of the window sashes were rotted out, along with some of the frames, the bathtub was covered in rust streaks, all the hardwood floors were worn out, the chimney needed repointing, the exterior brick stairs needed to be torn out and rebuilt, extensive cracks in the ceilings of every room, the basement obviously flooded frequently, and the worst of it was, the garage was a total tear down. The sills had been eaten by powder post beetles all the way around the perimeter, and a section of the foundation had cracked and heaved outward away from the building. The realtor doubted even the roof frame could be supported temporarily and saved with a new structure built underneath, since the rafters were too small and spaced too far apart for code.
It was a short sale for $122,000, and neither the bank, nor the elderly owner’s family were willing to spend a dime on anything, or come down in price. Mentally, I calculated maybe $40,000- 50,000 in repairs to the house (just fixing it up as it was, no upgrades or improvements), plus the cost of tearing down the garage and hauling away the debris, and building a new one. In a neighborhood where a nice 1 bath house maybe fetches $175k on a good day.
The realtor seemed pretty jaded about the issues and was actually rather reluctant to even show it. He kept pointing out some of the more minor things that could be fixed cheaply that the sellers ignored his advice on addressing.
pip bip - choose Corrour
> Akio Ohtori - RIP Oppo
08/05/2018 at 07:30 |
|
buy a vacant block and start from scratch.
|
Akio Ohtori - RIP Oppo
> pip bip - choose Corrour
08/05/2018 at 11:38 |
|
Also under consideration, but considerably different economics.