What is wrong with this house?

SoOCOwner_IHB

New member
Do any of you IHB realtors have any insight on what might be wrong with this property? Maybe there is something in the Realtor's notes that would indicate that it has major problems.



<a href="http://www.redfin.com/CA/Santa-Ana/12521-Barrett-Ln-92705/home/3419520">Barrett House</a>



It it in a very nice area, but has been on and off the market several times, so I know it must have some issues. It looks nice on the outside. THe price is right, but not if it is a gut job. Any information would be appreciated.
 
[quote author="SoOCOwner" date=1258679321]Do any of you IHB realtors have any insight on what might be wrong with this property? Maybe there is something in the Realtor's notes that would indicate that it has major problems.



<a href="http://www.redfin.com/CA/Santa-Ana/12521-Barrett-Ln-92705/home/3419520">Barrett House</a>



It it in a very nice area, but has been on and off the market several times, so I know it must have some issues. It looks nice on the outside. THe price is right, but not if it is a gut job. Any information would be appreciated.</blockquote>


<em>Priv Rmks: This ia an APPROVED short sale at $480,000 with lien release received Nov. 9th. Buyer has backed out. Taking offers- will present highest and best. Need contractor with cash to make offer. May not qualify for financing due to structural issues. Sales price, terms, conditions and commission amount subject to short sale lender approval. If commission is reduced, it will be split 50/50. Lender has approved $8,500 in closing costs or termite work or repairs. It is occupied, go direct, knock first, supra on gate to courtyard. </em>



As you wrote - great neighborhood, but big structural issues. Will take another $100K (easily) to bring this up to snuff.

-SG
 
[quote author="Astute Observer" date=1258700564]Is it due to expansive soil common to the area, or it is termite damage, or it is something else?</blockquote>


Based on it's outside only pictures, I am going to guess that it was a flip that went horribly wrong. If it requires a contractor, then it's probably so gutted inside as to be uninhabitable which cancels out any possible mortgage loan, forcing a buyer to have access to C&D financing like a contractor or developer.



Provided it doesn't require a slab replacement or new sticks from the floor up, someone with cash and good contacts could turn this into a really nice place for less than comps. If it require more than $70k in rehab, it's asking price is still too high.
 
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