yes. it's always difficult to tell how much water damage has occurred. Be thankful it's water damage, seems like you're interested in the property. It seems like no one else is. Rest assured I've seen many properties filled with water that have been restored.

If you have the funds to fix it or if it qualifies for a 203k loan using your info, then it would be something looking into. Also make sure the bank is aware of the water damage, and bit very low to see what happens. say %20 of market value is a good start. If no one is bidding, then you can see if the bank counters, in this way you can possibly purchase, repair, and still have some equity.

If the bank refuses you could increase your bid incrementally to a reasonable amount.

how healthy can all this be?

is it even possible to make this a nice livable home again?
thanks

Hi Cindy!
Bank ownership can take all the negotiation out of a deal. The home is now an inventory item for the bank, and a file on someone's desk. The bank has already lost money on the home (due to the foreclosure/owner not paying all they owe) and the home won't be one of the prime properties so the price is sure to be lower than market price. They have no stake in fixing anything, and will just sell off to the highest bid, whenever that happens. The city (depending on the ordinances) may have issues that the BUYER will now have to fix, in order to live in or rent the property. But the seller of any home can sell "as is", and banks are notorious for that. (remember, buyer beware!...anyone purchasing a home "as is" needs to get their own inspection and see if they really want it after that!)
Good luck to you!

Cindy,

Homes sold with defects such as water in the basement are more common than you think, especially with foreclosures and short sales. Some lenders are less strick than others regarding habitability conditions. As long as the defects are disclosed, there shouldn't be an issue with saleability.

Christina Asad Edwards, Realtor
Christina.Asad@RealLiving.com
Office 937-573-0082
Cell/Text 937-205-4741 http://www.DaytonOhioHouse.com

Cindy,

Any home can be sold with hazards. Sometimes the seller will have make repairs prior to title transfer and sometimes the buyer must purchase the home in "as is" condition. I used to live in Pepper Pike and know that they don't have point of sale inspections, so they won't require the repairs to be done prior to close or have money be put in escrow like other area suburbs. I hope this is helpful. If you have further questions, let me know.

For other information on Pepper Pike and other eastern suburbs, feel free to check out our website below or our blog at http://www.clevelandhomeexperts.com


dan

If you are interested in purchasing the property you ask the bank to make necessary repairs. Banks don't want to spend money on the repair. They are hoping an investor will step in and assume the burden of repairing the property.

It is a health hazard and most likely banks will not give you a mortgage on thsi property. Maybe an FHA 203K loan could be used to purchase this property. I have a couple brokers that specialize in 203K mortgages they would better to ask.

As for the health hazard. Most likely the county has deemed the property unlivable. Until repairs are completed and the county approves that the property is in livable condition. No one will be allowed to stay at the property.

Did that answer your question?