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Property Q&A in Logan Heights : Real Estate Advice

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Activity 2
Mon Nov 5, 2012
Kari Shea answered:
Hi Jason,

Clean up and a fence are two different tasks. You can Google for both. The key to having a fence installed is to find out any rules related to height and materials. Your estimate will depend on those two factors. Then make sure you and the fence installer clearly know where the property line is drawn. Make sure you use a licensed contractor for the fence and know that sometimes neighbors who share the fence lines may pay for part of the new fence as they get the benefit as well. Make sure to get their permission to construct the fence in writing.

Best of luck,

Mark & Kari Shea
Shea Real Estate
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Sat Jun 23, 2012
Cory La Scala answered:
Hi Omar,

You have to do your homework here. $69K on a 3,000 square foot house sounds like a second mortgage. When you buy a second mortgage at an auction, you're responsible for paying the first. And, if you think this is a great deal, so will others. The only people that'll know the real story are the investors that show up to these auctions everyday with $100,000's of cashiers checks, and those people have full-time office people researching these properties. I know because I used to bid with them. I was at an auction once when a woman came to say she bought the wrong property. She thought she was buying a house and lot, and realized she bought the vacant lot next door - because she didn't know what she was doing.

No one is going to buy a 3,000 square foot house for $70K, even if it was gutted. The house will sell for under market value for sure, less the amount of the first loan. If there is no first loan, the biddng will jump up very quickly, and not by the $100's.
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