purchasing home in holland as short sale house need cosmetic work and is very out dated what do you think it

Asked by Terrikellam@comcast.net, Philadelphia County, PA Sat Apr 25, 2009

is for my son

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Dennis Stran…, Agent, Huntingdon Valley, PA
Wed May 6, 2009
Hi Terri
Working with short sale homes can be a daunting task unless your agent is educated on the process and what is required to get you an excellent deal on this home.
I am a Certifed Distressed Property Expert, I am part of a very exclusive group that has training and experience handling short sales.
There is plenty that you need to know when buying a distressed home.
If you are looking for professional assistance purchasing this home then feel free to contact me.

Dennis Strange, CDPE
Certified Distressed Property Expert
RE/MAX Premier
Web Reference:  http://www.DennisStrange.com
0 votes
Jeff K, Home Buyer, Bristol, PA
Sat Apr 25, 2009
I agree that short sales can be a real nightmare. You never know with them how they will go. Every bank is different.

If you and your son are HANDY - and plan to DIY (or learn how to), then keep thinking about that place. With a home like that it is very important that it has "good bones" (no major structural issues). The place I just bought will need "some work" upstairs and "a LOT of work" in the downstairs floors. But ... it will be well worth it in the long run - and my timeframe is 7-10 years, not any type of quick flip.
0 votes
., , Yardley, PA
Sat Apr 25, 2009
I think that is great. Get a budget for what needs updating,kitchen,baths,.You naturall had a home inspection and brought in a contractor to be clear on what needs to be done. What are comps in the areaworth? good luck with it. If it doesn't pan out gie me a call. My office is in Holland and I know whats going on.
Jen Buschel
Adantage Real Estate Associaites
130 Buck Rd
Holland Pa.18966
0 votes
Hi Jen - still around to show us something in Holland? we're interested...
Flag Tue Sep 18, 2012
Melissa Polce, Agent, Cornelius, NC
Sat Apr 25, 2009
Keeping somewhat in mind on what the agent from NJ says...short sales are not that hard to get through, although time consuming...my immediate thoughts are, did you get an approval from the bank already? You had mentioned appraisal, which means to me you have spent money out of pocket...I never have my buyers spend a dime before that short sale is approved from the bank...also, get a couple GC's out there and let them do some bids on the work(for free)...this house sounds like alot of work...may be more than you want, 3rd...are you looking into doing a 203k(renovation)loan on top of the short sale or can you at first have your son live in there with just cosmetic fixes? Once banks do their own due diligence on a property they will issue an approval(if all ducks are in a row to their liking), that approval to contract with you is usually good for 30 days in which you have time to inspect the home(you are taking the home as-is),get your financing, appraise the home and get to closing on the deal. Short sales to me are in my opinion one of the best opportunities around for people trying to buy right now, but you have to have time on your side...if you need to be in something next week...this type of sale is not right for you.

Good luck and feel free to email me any other questions you all may have!
0 votes
Chris & Step…, Agent, Philadelphia, PA
Sat Apr 25, 2009

My personal opinion... that is great! If, of course, assuming that the price is right and your son is ready for the work ahead.

I have some experience with homes like that. My first home for example, in Langhorne just off of 413, had wall paper (3-4 layers of it) in every room, ceiling, and even the closets. That very same home I put in a completely new kitchen, refinished the hardwood and added 2 decks! I landscaped and turned a little cinder-block box into a beautiful cottage. It was the best learning experience in Real Estate I have ever had! The home was sold a few years later at a phenomenal profit. It was a launching pad for me to move into a new construction home further into Bucks County, to Doylestown.

I mention my story because what I did years ago is exactly what so many other people do. I see opportunity right now for many people. Opportunity for the seller of the property to move on with their life free of the burden of a property that is too much for them and opportunity for someone to step in and make that very same home a healthy and positive addition to the community.

But the true answer to your question, what do we think?, is really best answered by you and your son. What does he think?

The property values are down now and if buying a home is a goal, then now is a good time. I have to add one more thing. Holland is where my mother lives right now. It is beautiful there. I love it. My favorite deli (Famous) is there and I just found the best clothing store, where else but in Holland! who would have guessed?

I am very bias. :)
0 votes
William Leigh…, , New Jersey
Sat Apr 25, 2009
Terri Kellam:

Several things come to mind:

Short Sales are hard work to get organized.

Outdated can mean major renewal costs. Do you have an estimate for this work and a budget to match?

Do you or your son have the time and patience to manage a reconstruction project or three?

Why do you need to buy a house for your son?

Will he like the one you have in mind?

Will he be able to keep it up?

Would putting an equivalent sum in another investment allow him to have a base with which to move forward on his own and perhaps find a more suitable home a bit further down the road?

Will the house become a white elephant, tying him down when he needs more flexibility?

Lots of luck with this one!
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