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Message
Purchasing previously flooded home
Posted on 10/18/16 at 8:14 am
Posted on 10/18/16 at 8:14 am
I'm curious for those who have sold or have purchased a flooded home what percentage of original value did you receive or offer.
8
Posted on 10/18/16 at 8:20 am to Geaux1
"Original value" isn't exactly... exact.
Posted on 10/18/16 at 8:23 am to ell_13
Ok let's say what my home "originally" appraised for.
Posted on 10/18/16 at 8:24 am to Geaux1
I just looked at a house yesterday that flooded (it is 100% gutted and ready for repairs)....10 months ago it appraised for 325K....it is listed at 180K today. Not sure what I'd offer if I do it.
My main concern isn't the work I'd have to put into it because I think I'd recoup the repairs in equity (maybe?), but it is the fact that every time it rains my a-hole would be tighter than Dick's hat band waiting for it to flood again.....that's no way to live
My main concern isn't the work I'd have to put into it because I think I'd recoup the repairs in equity (maybe?), but it is the fact that every time it rains my a-hole would be tighter than Dick's hat band waiting for it to flood again.....that's no way to live
This post was edited on 10/18/16 at 8:25 am
Posted on 10/18/16 at 8:31 am to Geaux1
the market is still all over the place.
no clear direction, and frankly not nearly as much action as people would have anticipated.
no clear direction, and frankly not nearly as much action as people would have anticipated.
Posted on 10/18/16 at 8:34 am to LSU316
What are your thoughts on buying a home that had never flooded before?
40+ years and never a concern?
I'm scared of homes that have flooded more than once, but I am not concerned about homes that have never had any issue before the great storm.
They call it a 500 year storm, but even if it only comes once every 50 years, still a long long way from now. And I don't know many people that make it 50 years in the same house.
What is the general consensus on buying flooded homes?
I have a few homes that flooded that have been fixed and are back for sale. getting a ton of showings, but people seem a bit skeptical of the flood.
Whats the OT say?
40+ years and never a concern?
I'm scared of homes that have flooded more than once, but I am not concerned about homes that have never had any issue before the great storm.
They call it a 500 year storm, but even if it only comes once every 50 years, still a long long way from now. And I don't know many people that make it 50 years in the same house.
What is the general consensus on buying flooded homes?
I have a few homes that flooded that have been fixed and are back for sale. getting a ton of showings, but people seem a bit skeptical of the flood.
Whats the OT say?
Posted on 10/18/16 at 8:40 am to Geaux1
quote:
I'm curious for those who have sold or have purchased a flooded home what percentage of original value did you receive or offer.
This is just a bit too vague for a good answer.
How much water did the home take? Is it in a flood zone? Was it updated or outdated? What was the condition pre-flood? How is the neighborhood? etc. etc.
What realtors are saying (I am not a realtor, I am an investor -- but I deal with them daily) is to take the original value, cut it by 10%, and then subtract the proposed rehab cost.
So, if you had a $200k house, that needs $60 in repairs. They would state to list it at $120 --- but I disagree -- and I can assure you that if the house was $200k pre-flood, I would offer maybe $75-$80 in cash..... If I liked everything about the house.
I always get the best deals though, if you won't agree to my price, there are literally thousands of homes for me to buy right now --- thousands!
I don't have to buy your house, but you have to sell it. (My golden rule.)
Posted on 10/18/16 at 8:40 am to Balloon Huffer
I also thought there would be a lot more action than there is. There are a couple of things driving the pattern, the biggest being that many of the larger job centers weren't affected. There are opportunities out there, but many people are rebuilding and moving back.
Posted on 10/18/16 at 8:42 am to Balloon Huffer
What is the downvote for on this post?
Simply asking a couple of questions.....
I swear, I have a stalker that follows me to every forum....
I'm sorry sweetie, I'm married. frick off!
Simply asking a couple of questions.....
I swear, I have a stalker that follows me to every forum....
I'm sorry sweetie, I'm married. frick off!
Posted on 10/18/16 at 8:42 am to Balloon Huffer
quote:
They call it a 500 year storm, but even if it only comes once every 50 years, still a long long way from now. And I don't know many people that make it 50 years in the same house.
a 500 hundred year flood event is what they call a 1 in 500 chance to flood each year. IE, every year you have a 0.2% chance to flood
you have less of a chance in getting into a car wreck than flooding, less then a chance of getting cancer then flooding.....
Posted on 10/18/16 at 8:49 am to Balloon Huffer
14" of water. Home gutted. At the very edge of flood map. Flood zone AE. Home didn't flood in 1983
Posted on 10/18/16 at 8:53 am to Balloon Huffer
quote:
What are your thoughts on buying a home that had never flooded before?
All preconceived notions aside I'm not like a super home buyer or anything
....I'm just a guy that sold my old house faster than I anticipated and am now living with my in laws searching for what my wife sees as the "perfect" house. I'd be more comfortable buy a home in a flood zone that never flooded to be honest with you. My realtor is actually setting up an appointment for us to see a house in an AE zone this week sometime. It is listed at 240K...now based on comps and the fact that it is in a flood zone they won't get 240 out of me, but if we like it I'd probably start my offer at 195K for it....and potentially pay as much as 210 or so. All contingent on an elevation cert that puts it above 21 ft (which is the BFE for the area according to the 2011 maps).
quote:
I'm scared of homes that have flooded more than once
This is the case I believe with the house I referenced in my previous post.
quote:
What is the general consensus on buying flooded homes?
I think since the flood is so fresh on people's minds it is going to be tough to get what the house may be worth even after the flood. I'm not sure that the guy that listed his house for 180 will get it even though what I saw of the back yard (which didn't flood), which is like an oasis with bad arse pool and just a generally awesome area, is probably worth that.
Posted on 10/18/16 at 9:16 am to Geaux1
I just couldn't see myself buying a flooded home here. Just because your family took care and did things the correct way, doesn't mean the person you're buying from did. It's most likely that they cut corners, didn't take out everything they should have, and now there's some long term issues with mold/mildew.
Posted on 10/18/16 at 9:25 am to Balloon Huffer
quote:
What realtors are saying (I am not a realtor, I am an investor -- but I deal with them daily) is to take the original value, cut it by 10%, and then subtract the proposed rehab cost
A few articles were saying they anticipated that flooded homes when completely restored will be worth about 20% less than they were prior to flood.
Several people in the Sherwood forest area are selling flooded homes already gutted for a fair price. Many of those people have had their house paid off for many years and just wanted to start new out of state or in a new area in Baton Rouge that didn't flood.
Posted on 10/18/16 at 9:31 am to The Pirate King
quote:
I just couldn't see myself buying a flooded home here. Just because your family took care and did things the correct way, doesn't mean the person you're buying from did. It's most likely that they cut corners, didn't take out everything they should have, and now there's some long term issues with mold/mildew.
The one he looked at was still gutted but I do agree with you. I would have little faith that the person who did the repairs did everything the right way.
Posted on 10/18/16 at 9:54 am to The Pirate King
Luckily everyone in Baton Rouge has known someone affected by the floods of New Orleans or st Tammany, and i don't think the mold issue will be a relevant topic if a home was put back together correctly. Mold will show on the Sheetrock and a house will feel damp plus have an odor if mold is present.
If you have an inspector look things over with a fine tooth comb, I don't see why you wouldn't purchase a home in a low percentage flood area. Now, if it has flooded multiple times and has shotty work done, then you may want to think twice. Just my opinion
If you have an inspector look things over with a fine tooth comb, I don't see why you wouldn't purchase a home in a low percentage flood area. Now, if it has flooded multiple times and has shotty work done, then you may want to think twice. Just my opinion
Posted on 10/18/16 at 10:11 am to TigerNlc
quote:
The one he looked at was still gutted
Even "gutted" houses can still have issues. My uncle got about 3' of water in the house and we took everything out of the house down to the slab, but didn't take out the tile in the bathrooms around the tub and sink area...a miniscule crack allowed water to get in and now the entire thing has to come out.
Water finds every single crack, crevice, or breach and gets in, and considering how germ-filled this water was, it doesn't take long to start mold and bacteria growth.
Like I said, I would almost rather buy the house a little cheaper and do the gutting myself than buy post-gutting and never know what corners they cut and what's been left.
Posted on 10/18/16 at 10:16 am to Geaux1
Flooded homes in a Denham Springs can be purchased for $25 to $35 per square foot - depending upon the area and motivation of seller.
Posted on 10/18/16 at 10:35 am to Will Cover
Thanks Will Cover that's what I'm looking for. Do you have any knowledge about Baton Rouge homes? Specifically Hoo sho too, old Jefferson, Elliot areas?
Posted on 10/18/16 at 10:38 am to Will Cover
I'm assuming all of these numbers are for home that are still gutted with no rebuild/repair?
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