Need help buying a foreclosure in NYC and understanding how much renovation work might cost. Deal or no Deal!

Asked by Mariam`, Springfield Gardens, Queens, NY Fri Mar 13, 2009

Hi . We been looking 4 a house in Queens, NY for 3mon n now saw 1 dis w/end that might be d ONE, except needs tlc. Were looking for a house in move-in condition, but found we get better deal with a less pristine home. Some things we observed are an interior wall torn apart (maybe due 2 mold or not), d ceiling above d kitchen's shattered (maybe a pipe burst from bathrm above or not), some part of d hardwood flrs in living room taken off, 2 windows need replacement. We have no remodeling experience, so this is just our observation.
We r seriously wondering if this r minor fixes compared 2 what we'll find once we buy d hse. We cant afford 2 spend much on renovation. Any1 have an idea what these types of renovations cost in NY? What else shud we be looking out 4 given our limited expernce. Plus, we asked d agent 2 let us bring our contractor 2 take a look. Or should we just pay an inspector to look at it this early in d process? What is d p-r-o-c-e-s-s?
Any1 with similar experience pls?

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4
Mike Linkena…, Agent, Jacksonville, FL
Fri May 29, 2009
Talk to a local short sale and foreclosure home specialist who has experience with these things!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri May 29, 2009
Before getting any contractor involved, do an engineer's inspection first and find out firsthand exactly what you have in store and then make your decision. A good engineer will be able to tell you the rough amount needed for repairs. Keep in mind that not all foreclosures are great deals. Do you have an agent and if so what is being recommended-if you don't have one you should consider using one now.

Anna
917-576-5376
abrocco@laffey.com
0 votes
Therese L Ko…, Agent, Bayside NY 11361, NY
Fri May 29, 2009
Hi Mariam, Foreclosures are for people that can do most of the work themselves or have someone they know and can trust. You may be getting yourselves in deeper than you think. If it needs that much work- just think what damage might have been done to the plumbing (unseen),heating(unseen), sewer lines, electrical line...etc.etc.. When people are foreclosed on- many do as much damage they can before being evicted. Find yourselve a house you can comfortably move into and do work as you need it once you are in there. My opinion. Terry K 718--614-3167 cell
0 votes
Shai Megiddo, Agent, Astoria, NY
Fri Mar 13, 2009
Hi Mariam,
You can have an inspector look at the property early in the process. Make sure you use a good inspector. Some of them will just scare you off the first deal and give you a 10% discount on the next inspection.....:).
You can also try and work out a deal with the bank appraisal to do a little bit bigger of a job for you inspecting and estimating the repairs. This could only be done after the loan application has been submitted and therefore is the less recommended option. For people with little to no experience better to bring an inspector right away prior to signing contract applying for a loan etc.
Hope this helps
Shai.
0 votes
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