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Old 03-14-2015, 09:55 PM
 
17 posts, read 11,135 times
Reputation: 18

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To be as concise and informative as possible, since I am genuinely seeking, and very much in need of sound, knowledgeable advice:

- 30032 zip, near the Wal-Mart adjacent to Avondale Estates. So close to a high-income neighborhood, but worlds away.

- Mortage paid. Property taxes may be owed; unknown so far.

- I am not the owner, immediate family member is.

- Extensive work will be involved in removing owner's possessions from the house. Enough said on that point?

The house is a tear-down only, so we're talking value of the land, here. I know we shouldn't tear it down first; that won't happen.

My question simply is: what would you do, for those of you with knowledge of the market? Knowing it's going to be a financial loss no matter what, how can you get the most bang for your buck, so to speak? As simply as possible?

Thanks in advance, community.
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Old 03-15-2015, 09:52 AM
 
Location: In your feelings
2,199 posts, read 1,492,348 times
Reputation: 2168
I'd sell it for market price of the land in hopes that someone will develop a home that a family can move into. There are no "bad" neighborhoods, just bad property owners.
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Old 03-15-2015, 12:12 PM
 
Location: Atlanta and St Simons Island, GA
20,966 posts, read 32,955,214 times
Reputation: 12629
If it's a SFH in close proximity to that Walmart the situation may not be as dire as you think. Apartment housing is another matter, however. And yes, even 30032 has teardown activity.
So, I agree with magnetar's advice.
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Old 03-15-2015, 02:16 PM
 
17 posts, read 11,135 times
Reputation: 18
Thanks. It is a SFH. And it is a bad neighborhood, however one chooses to define that. Bad schools, multiple break-ins, violent crime; to me that has nothing to do with property owners.
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Old 03-15-2015, 02:25 PM
 
122 posts, read 128,849 times
Reputation: 122
I have a hard time believing someone would want to do a tear down in the neighborhood as you described. Is the house really that bad? Any way to fix it up good enough for someone interested in owning an investment property for sec8 tenants? I'm not familiar with that area at all, but most homes in low income/high crime neighborhoods are owned by other people (out of state a lot of times) and rented out... Very low owner occupancy.
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Old 03-15-2015, 02:43 PM
 
17 posts, read 11,135 times
Reputation: 18
It is really that bad. Major structural damage. There have been new homes built on streets less than a mile away, but none on the street in question. I can't imagine how the cost of essentially rebuilding the roof and floors could be worth it. I don't see any good options, really. Unfortunately.
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Old 03-16-2015, 05:43 PM
 
Location: n/a
1,189 posts, read 735,713 times
Reputation: 1334
Isn't there some neanderthal that buys "ugly" houses?

Probably not worth going that route, but if you really want it off your hands then at least see what he offers.
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Old 03-16-2015, 05:56 PM
 
Location: Atlanta, GA
1,154 posts, read 1,675,268 times
Reputation: 724
Quote:
Originally Posted by Fubarbundy View Post
Isn't there some neanderthal that buys "ugly" houses?

Probably not worth going that route, but if you really want it off your hands then at least see what he offers.
We Buy Houses | Cash For Homes | HomeVestors

We hear that a lot here at HomeVestors of America®. Also known as We Buy Ugly Houses®, HomeVestors is the number one home buyer in America and has been since 1996.

These guys?
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