Welcome to our daily real estate radio show in text format. Today, when showing a couple of our past clients real estate listings, we came across one located across from Central Park in Saugus.
Upon arrival, we observed there were two cars in the driveway, occupied 2X each.
It was a Real estate agent, I deduced this by her using the Supra Key Fob to gain access. She was also using the iPhone interface in conjunction with the Supra Fob.
After she had been inside for, what seemed like too long, I approached the residence. I yelled, “Do you mind if we come inside and view at the same time?” She approached the front door, where I was standing, and said they are coming out. She locked the door and placed the key inside of the supra keybox.
We shared some kind words and I used my Supra Fob and iPhone to access the supra box, we entered the property.
First – there was a musty smell, as if mold was present. My Client commented first, then I noticed the smell. My other client said “smokers”, indicating the home was occupied by people who smoked in the residence. I concurred with her, I smelled cigarette remnant also.
The home was missing flooring and dry rot was all over the porches and attached wood behind, in front of and on the sides of the residence.
There was also asbestos in the acoustic ceiling, and potentially in the tile flooring as well. Abatement, the correct, way will carry at least a 20K price tag, just for the asbestos alone.
That does not include the front porch and rear porch. That will carry about the same cost in demolition and removal.
Who knows about termite, I’m sure it’s present. I don’t know how deep into the walls it goes, but that could be very expensive as well.
However, the seller has attempted to price the home accordingly and within the market value for the current condition.
The financing will be limited. FHA and VA will not work, due to their standards related to the minimum functionality of the home. The current shape is way too bad.
When we walked into the garage – we observed dampness and black mold. The smell was overwhelming. A long leak gone wrong. “The type of mold?”, they asked, “I don’t know”, I stated. “There are thousands of types of mold – it could be a small issue or the murder – death – kill type mold.” The last thing I was going to do is take a larger whiff or taste it 🙂
Mold remediation and abatement – depending on how large the issue is, that may carry a 10k to 15k price tag, from what was visible to my naked eyes.
The home is in a good location within Saugus. Close to schools, parks, entertainment and other local flair…
IMHO – The home is still about 20k overpriced with all the work that needs to be done, that is for an owner occupant buyer.
The home is 30k overpriced for a cash/investor buyer who is looking to rent and hold.
The home is 45k overpriced for a Cash buyer, who’s looking to remediate and flip.
That is how I see this one. Contact me and I’ll work my magic for you. Make sure we meet at some point before you get too deep into your real estate search. We will work together to come up with a solid gameplan and make your real estate dreams come true!