Only 2 houses sold out of Subdivision...Exit Strategy?

[vsmoove]

Originally Posted by Atlantasfinest

I doubt a realtor would even be optimistic in taking this on. The neighborhood isn't that desirable even though it's highly convenient to the city and Marta and it's only really marketable to only Section 8 tenants or students/roommates (AUC Down the street). If the other townhomes weren't boarded up on the lower levels (Garage/Doors/Windows on 1st Floor) Then It would be a easy to rent out!

Well, before she ruins her credit for 5-7 years, she should probably try to talk with some realtors and see if they can help.

[KevK]

Originally Posted by Atlantasfinest

My friend bought into a small subdivision of townhomes priced from 185K (12) in November of 2006 that had 8 under contract at the time but as of today only one additional unit completed and closed. The rest of the buildings are completed on the outside but they are boarded up and lots are overgrown and the developer has no intentions of moving forward at this point and there hasn't been any construction in over a year. The unit is very nice Tri-Level, 3bedrooms, 3.5 baths, 1 car-garage, hardwood floors, huge jetted tub in the master, granite countertops throughout, berber carpet and good views of downtown Atlanta, Hardcoat Stucco/Hardiplank, Fireplace, balcony and french doors.

The developer was shafted by his builder & subs and the bank has discontinued their funds for them to build. There have been many break-ins and vagrants all around the property as well since it almost looks abandoned. My friend really wants out of this bad deal and is wondering what her options are? She can’t really sell it because of the other buildings around it or even rent it out section 8 because of the boarded up buildings around it. Could she possibly work out something with the mortgage company? Any suggestions woul dbe greatly appreciated.

Is she willing to take a credit hit? If so, hand the keys over to the bank and say "it is yours now"!

[Atlantasfinest]

My friend has continued to rent her house out for the past 3 years but right now she can't find tenants to move in and to add insult to injury last week someone broke into the home and stole the copper and the aluminum from the house.

She is filing a insurance claim now to fix everything up. Can anyone recommend the type of person/business who installs new copper and aluminum for homes? She is trying to get an estimate of costs to provide to her insurance provider as soon as possible and wants someone to come by ASAP to do an estimate of the damage done. Thanks.

[BobKovacs]

Copper and aluminum what? Are you saying that they ripped open the walls and stole the wiring and plumbing piping? That seems a bit extreme for a finished house, but I guess I wouldn't put anything past a thief any more.

[Atlantasfinest]

Yes they sure did Bob...Can anyone recommend the type of person/business who installs new copper and aluminum for homes? And any recomendations for someone in the Metro Atlanta Area would be great! Thanks.

[Atlantasfinest]

Guess what she needs is a Good General Contractor...does anyone have a Good GC they can recommend here in the Atlanta Metro Area? Thanks.

[BobKovacs]

I don't have any particular recommendations, but yes, she'll either need a good GC, or a good plumber, electrician, drywaller and painter. She will want to make sure that whoever she deals with is used to working on insurance claims, since the insurance companies don't pay the same way (or at the same rates) as when working direct for a homeowner.

[Atlantasfinest]

Thanks Bob...what is the difference? They usually charge higher rates for dealing with the insurance company or what?

[BobKovacs]

Actually, quite the opposite- the unit rates the insurance companies pay are typically lower, but companies that do insurance work regularly know how to play the game. For example, if painting a wall costs $1/sf, the insurance company may pay $0.60/sf for painting the wall. The insurance contractors know they'll also pay $3 each to remove and replace a switchplate cover, $20 for protecting the contents of the room, $0.10/sf for cleaning the wall prior to paint, etc. In the end, they get their $1/sf, but they have to know how to write up the quote properly to get everything the insurance company will pay for. It's a stupid game, but it's the game you have to play to do insurance work.