What to do with a Burned House

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Looking for best way to dump property quick.

Listing Contact

Property Address

  • 904 Grant Ave.
  • Monessen, PA 15062

Statistics

  • 6500 purchase price
  • 15000 rehab costs

Description

In need of advice. I purchased my first investment, this past April. It was a foreclosure in the town of Monessen, Pa. Just outside of Pittsburgh. Unfortunately, the closing was fumbled a bit by the seller and I ending up not getting insurance on the property the week before someone set a fire in the kitchen. The deal was originally a good one for me. I have a small construction company that does HUD rehabs in the counties around where I live. This investment would have given me at least a quick 10,000 dollars, after fixing and selling at a nice discount for a fast sell. Now, with a kitchen fire, the estimated cost to fix is about 15,000. This wouldn’t deter me, if it weren’t for me living 7-8 hours away. I also would have a problem leaving my business on hold while away for a month to six weeks to fix it.

Currently, I’m waiting for the town to possible demolish the house, in approximately four months time. Afterwhich, I’ll just have a vacant lot and a lien for the cost of demo. Something around 4,500 I think.

All that said, my question to all of you, is, does anyone have a suggestion as to how I could recoup some or all of the cost I’m in for and dump the property.

Also, I do have before and after photos, in case they’re needed.

Thanks for any help.

Comments

Patrick-thumb

ryan writes: (October 26, 2007)

Have you contacted an attorney? It seems that some party other than you may also be liable for the lapse in insurance?

1aco007-thumb

AuctionCargo writes: (October 27, 2007)

I talked to an attorney, but, after he checked into it wasn’t a strong case and probably wasn’t enough money involved. So, I’m left looking for a solution to get rid of this property.

Acn_pic-thumb

NextLevel25 writes: (November 01, 2007)

I looks like you can still make money on the deal? Why not go for it?

1aco007-thumb

AuctionCargo writes: (November 02, 2007)

It’s not a matter of if there’s money in the deal. It’s no longer fits with scheduling my own work schedule at with my company. It would involve too much of my time and consequencly to much additional money to get someone to fill in for me. Overall, the deal isn’t as good to me as it was in the beginning. As such, this deal is a don’t-wanna for me. So for me, dumping it at cost or small lost, is better.

User_thumb

woodhouse08 writes: (January 20, 2008)

hey Try to resell it ! 15 grand sounds like alot to fix it, im sure if you sell it and maybe breaK EVEN somebody might wanna do something with it,, hows the area? I bought one in beaver county for 15 grand , the areas Ok i might even move out of NY the airs better in PA!~good Luck!

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