Buying a flooded home

So, if I take an average middle class house (Mandeville/Covington numbers): $325k for a 2300sq ft home. I must be missing something. I would laugh at an offer of $97,500. You must be looking at a different price range or type of neighborhood.

Based on your estimate of $30/sq ft to repair, that would run $69,000. Why the hell wouldn't someone take an SBA loan for $69,000 and keep it or sell it. They'd come out $158k on the positive versus your offer.

If someone only owes 30%, they can afford to fix it.
If someone owes more than that and can't afford to fix it, it's the bank's.

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but if the sellers had flood insurance they'll just lol at your offer.

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Centurion Place is almost entirely a flood zone so he'd have to find one of the few that weren't or someone who owned their home outright and did not have flood insurance.

You are correct, i have an offer in Woodlands across the street from Centurion, and owner has no mortgage, or flood insurance. The offer i made in Centurion, $105K includes free place to stay for 6 months. They have flood insurance, but i have cash money and rental properties in BR to get current home owner out of hotel. They are old and i think it is a fair deal. House was worth $245K, but it will never be worth that again.

Big man,i own my own business and have donated over $25,000 to my owwn employees. I also happen to own 25 properties in BR and lost several houses as well. So before you get on your high horse, go frick yorself.

Hell i hope i`m wrong about the values and prices go up. I own a house down the street, but I know plenty of examples where values do not come back-Eden Isles in Slidell property values dropped 60% in first month after Katrina but have yet to fully recover.

Centurion Place -Why would a home in a declining subdivison in a declining area, go back to pre-flood values, with the price of flood insurance about to go up 200%.

I'm all for making money, but you're absolutely trying to take advantage of them being in a disadvantageous situation. At least be honest about it.

Rationalize it however you want, but you weren't offering 30 cents on the dollar before their home(s) were destroyed by the flood.

Again, all for you making a buck, but spare us your "but I'm a decent guy" bit.

Bad guy was a poor choice of words. He's not a bad guy. But he is absolutely trying to take advantage of the shitty situation others find themselves in. Again, this is capitalism in America so good for him, but that's absolutely what's going on.

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but it will never be worth that again.

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I doubt that's the case especially in a market with very tight inventory like Baton Rouge metro will see....but I suppose anything can happen.