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Old 02-01-2018, 12:28 PM
6,819 posts, read 4,412,863 times
Reputation: 11941


Originally Posted by LifeIsGood01 View Post
Prior to code should not be a problem. Usually a property is grandfathered in. New code may say that you need to have hard wired smoke detectors but for an existing property you would just need the removable ones. ....
Consider a case where the foundation is CMU (cinder block) without grouting or re-bar. The house is built into a hillside, with a walk-out on the back side. On the front side, decades of moisture and soil-pressure have pushed onto the wall, which is now cracking and bowed-out. This is causing unsustainable stresses all over the foundation. Because the basement was originally finished, none of these defects were observable - for decades. They only became apparent when moisture (and mold) accumulated, and as an abatement measure, the basement was de-finished, stripping out the "dry"wall and wood studs.

As a minimal measure, the front side of the house would have to be excavated, and the subject wall rebuilt. This is a mid-five-figure job. The house, meanwhile, is only worth in the low six-figures (this is the rural Midwest); the land (acreage) is worth more than the house.
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Old 02-01-2018, 03:34 PM
1,542 posts, read 848,256 times
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Old 02-01-2018, 07:15 PM
Location: Tennessee at last!
1,870 posts, read 1,722,681 times
Reputation: 3714
I had to sell my mom's rental properties after she padded away. One had been rented by the same family for something like 39 + years and the other for 23 years. They needed updating and new windows, but major things like plumbing and roofs were good.

The houses were mirror images and next door to each other in a suburb of LA that is pretty hot.

I called one of the 'we buy houses' folks that send a post card on one of the houses.

They offered $190,000 for each house.

I spent $50,000 on BOTH houses, roughly $25,000 each, new windows (houses had the original 1950 windows), inside paint, flooring, kitchen cabinets refinished, new counters, sinks, appliances, yards cleaned up, minor termite on one house. (Baths had recently been updated, so nothing there.) I acted as the general contractor, coordinating everything and getting estimates.

Sold the houses for $375,000 without any concessions one the first day listed the other in less than a week.

I made $160 profit on EACH house for the heirs It did take me 3 months to do everything as I also worked full time and homeschool the two teens...and getting estimates and laying out the work is time consuming!

They pretty much offered 50% of the house value...if it was updated.
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Old 02-01-2018, 08:19 PM
Location: Raleigh NC
7,758 posts, read 6,119,124 times
Reputation: 6883
Originally Posted by Winter Sucks View Post
I guess I could, but closer to the time I'd actually be moving which would be in the fall. I'm just in the very preliminary stages because it would take months to downsize and figure out all the logistics.
it's not like they'll make an offer today, but refuse to make an offer 6 months from now
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Old 02-02-2018, 03:22 AM
Location: Reno, NV
459 posts, read 142,885 times
Reputation: 1561
Originally Posted by just_because View Post
Probably well discussed in other places but I never understood their branding. I get that they want to give the message that they will buy houses regardless of the condition. However, nobody wants to believe that they have an ugly house. Many sellers take negative feedback on their houses personally. Also, I would imagine that much of the business that this company gets is from people inheriting their parents' home.

Mom spent hours working on the garden of her very modest and outdated home (was the family home) and now she's just passed on and her two sons inherit it. The don't live in the area and don't want to become embroiled in potentially contentious and emotional traditional sales process so they make the hard decision to just quickly and easily sell it to one of these companies.

Selling the home must be done but it's very emotional because they grew up in that home and since dad died, her flower garden was her one joy in life and despite being an outdated home, she had pride in it and kept it so tidy. The older son was even born in that house and dad died there. Now they want to sell it to some company that buys "ugly houses"??? Not exactly a positive image for these sellers and doesn't suggest that their difficult transaction will be treated with even a semblance of sensitivity.
WBUH would buy a mansion in Newport Beach if they could do a double closing. It's a finance company with a funny name.

But I understand that someone who needs to sell a family home might not like that name. Well then go to any other realtor. One time I needed to sell a house quickly, so I hired an agent and said be more flexible on the price. Gone in two weeks.

I think WBUH's target market is poor people or old people (especially old poor people) who own old houses which require money to upgrade to full market value.

The double closing is just ridiculous. I didn't know about it until I read this thread.

Buying a house that needs repairs, fix it up, and resell it is something that lots of people do, not just WBUH. All the other fixer-uppers buy houses directly from people via FSBO or any other real estate agent besides WBUH. Fixer-uppers can be people who are both financiers and laborers, or just financiers (and pay someone else to do the labor), and of course plenty in between. WBUH is only a financier and hires people to fix up the houses (they have to, WBUH is not a person, it's a corporate entity).
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Old 02-03-2018, 08:09 PM
12,607 posts, read 14,613,304 times
Reputation: 14101
My neighbors sold theirs to We Buy Ugly Houses quite a few years ago. Well, it was 2004. I know that because it was around the time that Ronald Reagan died. I don't know what they were offered, but they seemed happy with the amount. But they were behind on their mortgage payments and pregnant with twins and wanted to rent while they got back on their feet. They accepted the offer they day they met with WBUH and had the money within days. The house then was either resold or rented out almost immediately without much work at all being done to it, but then it really wasn't in bad shape.
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Old 02-04-2018, 10:15 AM
752 posts, read 536,166 times
Reputation: 1302
We Buy Ugly Houses is not a company.

It's a slogan that many books in real estate investing and flipping recommend putting in classified ads and on signs etc to find bargain homes. They get homes at a bargain, because most of the people who contact them don't shop around to see what somebody else is willing to pay.
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Old 02-04-2018, 10:18 AM
752 posts, read 536,166 times
Reputation: 1302
They might not be interested in the black mold either. The reason they like to use "we buy UGLY houses" is because they are hoping to find houses in good condition, that just need to be updated cosmetically. Those are the best investment.
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Old 02-05-2018, 09:47 AM
130 posts, read 101,329 times
Reputation: 659
I sold my house last week...it needed foundation work, electrical work, plumbing work....etc etc. 1950 house.

I hired an agent and it was sold 12 hours after it was listed. I received 5 offers the first day and another ten offers the second day. We listed for $65,000 and it was sold for $90,000.

I was worn out worrying about how I was going to repair that house.. Selling was easy. No inspection was done by the investors who bought the house. They paid cash.

Tons of people out there wanting to flip houses. I drove by the old house yesterday. They already have it torn down to the studs...Bet they make a nice profit too.
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Old 02-05-2018, 10:54 AM
506 posts, read 223,097 times
Reputation: 1314
That's great! I should be so lucky-LOL!
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