Renovation question...

[SECplayer]

I am currently contemplating submitting an offer on a house.

Fortunately, I actually knew (kind of) the former owner. Long story short, the home was foreclosed and has been bank owned now for about 6 months. So I reached out to her and asked if there was anything I might want to know about the home. The only thing concerning that she mentioned was that "two of the floor joists are damaged and are being supported by posts."

First question, does anyone know how serious an issue this is and how easily it can be rectified? From just a quick google search, it seems as if it's an "easier" fix if the house has adequate crawl space as opposed to having to jack the house up to repair it. This house does have a crawl space that's probably about 5 foot tall.

Second question, is there anyway to tell if the house is properly insulated? Is that something that would pop up during the home inspection if it turns out the home does not have adequate insulation?

And while I'm here I might as well ask a third question. Since it was a foreclosure (sale was probably 4 months ago), a finance company is the current owner and has the home listed with a realtor. In those 4 months, they have lowered the asking price approximately 25%. I was thinking about submitting an offer of roughly 82% of its current asking price. Too high? What amount would be so low that they would probably be insulted and not even bother countering?

 

[mnmike]

Foreclosed houses are all over, I'd look for one that won't collapse at any moment!

 

[buddyboy]

if someone didn't have the money to make their loan payment, you can be fairly sure they didn't have the money to make repairs, let alone the cash to perform routine maintenance.

anything that may have needed a repair (electrical, furnace, plumbing...) was probably 'fixed' by some jackass or even by the homeowner

how do floor joists get damaged? earthquake? fire? car crash?

get a good home inspector and good luck

 

[ALSportsJunkie]

Replacing floor joists isn't that big of deal, but you need to know what happened to cause them to break. Was it from termites, house settling, improper installation the first time, etc. We have to replace these all the time and it is not usually a big deal - provided of course they aren't supporting a major load - 2x8's or 2x10's are easily done.

As far as insulation - they only way to tell is cut holes in the wall and look for yourself. You can crawl around the attic and crawlspace and check there, but you still won't be able to see down the walls due to the top 2x4 plates. They probably won't let you cut holes in the walls...sometimes you can take a plug cover off and see if there is anything around it...you can even trim the drywall back some and stick your finger in to see if you feel insulation, but I wouldn't really trust that.

As far as your offer - you can offer whatever you want...they will probably decline it or issue a counter offer, but that is why you have an agent. If you are reasonable you can probably come to an agreement. I would have an inspection done for sure, but this will have to be on your dime. If the inspector finds problems you can use these as leverage to get the home for a cheaper price.

 

[SECplayer]

if someone didn't have the money to make their loan payment, you can be fairly sure they didn't have the money to make repairs, let alone the cash to perform routine maintenance.

anything that may have needed a repair (electrical, furnace, plumbing...) was probably 'fixed' by some jackass or even by the homeowner
get a good home inspector and good luck

Well, these were good people. Basically they had a lawsuit go against them and things went downhill quickly. A lien was placed on the home and it was foreclosed relatively quickly. The interior looks pretty nice (hardwood floors, nice fixtures, updated kitchen but no appliances) so I don't believe they were neglectful owners at least not as much so as one might expect from the average foreclosed home.

 

[ProPokerPlayer]

If u can ask the former owner how much they owed on it that would tell u how much the bank has in it on paper. You then have to look at your costs to get up to current market value and see if a number lands in the middle somewhere. If as is normal these days they owed more than it was worth then on paper the bank may be losing money at the price they are asking now but that doesnt mean they wont take less. Make a big deal of the floor and appliances and whatever else u can come up with. The bank wants to sell it as is, they dont want to put a dime in it in order to sell it...if you maybe lead them to believe that your guy thinks these floor problems are even bigger than they really are they may let it go for right next to nothing...

 

[TheRightSide]

I am currently contemplating submitting an offer on a house.

Fortunately, I actually knew (kind of) the former owner. Long story short, the home was foreclosed and has been bank owned now for about 6 months. So I reached out to her and asked if there was anything I might want to know about the home. The only thing concerning that she mentioned was that "two of the floor joists are damaged and are being supported by posts."

First question, does anyone know how serious an issue this is and how easily it can be rectified? From just a quick google search, it seems as if it's an "easier" fix if the house has adequate crawl space as opposed to having to jack the house up to repair it. This house does have a crawl space that's probably about 5 foot tall.

Second question, is there anyway to tell if the house is properly insulated? Is that something that would pop up during the home inspection if it turns out the home does not have adequate insulation?

And while I'm here I might as well ask a third question. Since it was a foreclosure (sale was probably 4 months ago), a finance company is the current owner and has the home listed with a realtor. In those 4 months, they have lowered the asking price approximately 25%. I was thinking about submitting an offer of roughly 82% of its current asking price. Too high? What amount would be so low that they would probably be insulted and not even bother countering?

#1 to replace a floor joice is not that big of deal. Its gets tricky only when you nrrd to move plumbing, electrical, and duct work. Like said above why did the crack. Check the load from the upper floors and see if its to much load stress on them.

#2 you do not have to cut holes in the walls to check the insulation. there are companies that will audit the house on how efficient it is. Home inspector will only be able to get into the attick. Check to see if any permits have been pulled on the house and ask the previous owners if they did any rehab work on it.

 

[Knightrofins]

If you like the home, put a bid in

Then hire a GOOD inspector and other specialists if you want (mold/roof/etc). This will be on YOUR DIME.

You have 10 days from the inspection to back out. If you arent happy after the 10 days, then back out. All you lose is a grand or 2 in hiring specialists to examine the house.

 

[Bruins4Life]

That was 8.5 years ago lol.

 

[brendanjack]

Hopefully you got a good friend or relative that’s a builder or lead carpenter that can go through home and point out all shit that the everyday person not aware Of

 

[brendanjack]

Oh shit lol

 

[Knightrofins]

That was 8.5 years ago lol.

weird. This showed up on page 1 today (I think)

sorry 4 the bump

 

[Michelangelo]

It's Ok. It's an interesting thread.

Better than beating covid to death.

 

[RonS1]

I don't have a big interest in a big house either, but I live in LA and in the heat of a summer you can't get on well without a good swimming pool.