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I don't see anything on Rutland. If it is the one on Richland, it looks like it was taken in foreclosure as a reverse mortgage. This sometimes happens when the occupant passes away and the reverse mortgage amount is higher then the home value and therefor the family has no reason to buy it out or try to sell it.
If this is the case, the owner ended up with a really good deal as the amount owed was over 600,000.
I’m not a contractor. But from the pics,Needs:
-New roof
-Kitchen
-Bath (livable for now I guess)
-Floors (sanded)
-I’m sure fireplace needs repair
-Sheet Rock, painting
-Appliances
Oil burner?
Again, as it gets cold those pipes will freeze. Too much of a headache with the rest of the “unknowns “
I don't see anything on Rutland. If it is the one on Richland, it looks like it was taken in foreclosure as a reverse mortgage. This sometimes happens when the occupant passes away and the reverse mortgage amount is higher then the home value and therefor the family has no reason to buy it out or try to sell it.
If this is the case, the owner ended up with a really good deal as the amount owed was over 600,000.
$600K!!!!!
That can't have been just on a single reverse mortgage and nothing else, there must be secondary or even tertiary liens. There is no way that house could EVER have been appraised at anywhere near that amount for a reverse mortgage even as a line of credit. At least not by a legit responsible lender. Unless they were being charged a stratospheric interest rate during the reverse mortgage term, but still... $600K.... that's nuts.
That house wasn't worth that even pre-Recession Bust. I've known that Babylon/West Islip/Brightwaters area since the early 1970s and believe me that house never had a market value that high even if the lender was offering something insane like 90% loan-to-value.
That can't have been just on a single reverse mortgage and nothing else, there must be secondary or even tertiary liens. There is no way that house could EVER have been appraised at anywhere near that amount for a reverse mortgage even as a line of credit. At least not by a legit responsible lender. Unless they were being charged a stratospheric interest rate during the reverse mortgage term, but still... $600K.... that's nuts.
That house wasn't worth that even pre-Recession Bust. I've known that Babylon/West Islip/Brightwaters area since the early 1970s and believe me that house never had a market value that high even if the lender was offering something insane like 90% loan-to-value.
Double ugh.
With a reverse mortgage a lot depends upon how long the owner lives, as the borrower makes no payments and interest continues to accrue. Like life insurance, the lenders use actuarial tables. Sometimes people beat the odds.
I’m not a contractor. But from the pics,Needs:
-New roof
-Kitchen
-Bath (livable for now I guess)
-Floors (sanded)
-I’m sure fireplace needs repair
-Sheet Rock, painting
-Appliances
Oil burner?
I see multiple areas of water damage on those hardwood floors. Possibly from dog pee, possibly from the leaks in the roof and/or skylights.
Still has original radiators but I see the stove is gas. It, and the range hood above, look to be fairly new. I also see a new(er) chimney added in the middle of the house. Original chimney is obviously for the original oil heat -- which may still be oil, who knows. Honestly I have never seen a 1950s house that was converted to gas heat that didn't also change the delivery method to either baseboard or forced air. But obviously money was an issue there.
Every window needs replacing except the ones in the obvious later addition where the fireplace is. (Notice that's the only room that has baseboard.) Nobody but a desperate tenant would want to live in a house with those single glazed original 1950s double hung windows. I know, because I grew up in a 1950 house with windows just like those, lol.
The fireplace chimney is probably partially blocked, by who knows what since there's no critter guard on it, because it hasn't been drafting properly for a long time (as evidenced by the soot on the bricks.)
My guess is that the addition dates from the 1970s. Dropped ceiling, wood paneling and all. A good chance that those windows are aluminum too, in which case ALL the windows in the house need replacing. Oh and attic reinsulated, it probably still has just a thin layer of 70 year old rock wool between the studs. Triple ugh.
ETA: An additional thought: It's possible that the house may stink, literally. Either from pets or from the former owner(s) being a heavy smoker. I've encountered that in houses that weren't even in as poor shape as this one looks to be.
ETA #2: I'd be interested to have KBInspections chime in here with whatever other issues/observations he sees, LOL
Last edited by BBCjunkie; 01-13-2019 at 02:00 PM..
I’m not a contractor. But from the pics,Needs:
-New roof
-Kitchen
-Bath (livable for now I guess)
-Floors (sanded)
-I’m sure fireplace needs repair
-Sheet Rock, painting
-Appliances
Oil burner?
Again, as it gets cold those pipes will freeze. Too much of a headache with the rest of the “unknowns “
ETA: The listing does not mention how much the Village of Brightwaters taxes are. Those come due in June, I believe. I don't think they are much in Brightwaters compared to some other Incorporated Villages but I know they exist because a friend of ours once lived in Brightwaters and it was a separate additional tax bill from the normal December one that everyone gets.
Thanks so much everyone. Me and my wife really want to move into that neighborhood. And we would be willing to dump $100k into a house to fix it up but I try to tell my wife if this was a good deal I imagine a contractor/flipper would have already tried buy this house.
Last edited by Mstrlucky74; 01-13-2019 at 04:02 PM..
Thanks so much everyone. Me and my wife really want to move into that neighborhood. And we would be willing to dump $100k into a house to fix it up but I imagine a contractor will probably buy this house.
I understand the feeling of being in love with a specific area but have to ask: Have you considered anything of similar size in nearby West Islip? For example here's a house at 56 Gladstone which is listed for $399K but from the photos is far more move-in livable than the one on Richland. Even if you got the Richland one for 300K you'd probably end up putting in close to the same amount in the end:
Gladstone is actually a more desirable area than the Richland house because it's closer to Montauk Hwy than to Sunrise. (The downside is that the back of that street faces toward Robert Moses Causeway Bridge which again some may consider an upside because of the permanent greenbelt between.)
Taxes on the Gladstone house are almost 2K less than Richland, there is no Brightwaters Village tax, and you are in the West Islip school district (if kids are in your future) rather than Bay Shore. Even if you don't have kids, the resale value of a house in the W.I. school district is typically higher than in the Bay Shore one. House is 10 years younger than the Richland one also.
The Richland house is on 1/4 acre, the Gladstone one is a little bigger at just shy of 1/3 acre plus it's got the greenbelt in back so no rear neighbors. And it's not a foreclosure.
But again, if you are determined on that part of Brightwaters I get that you might not want to look outside of that for something comparable/better even if close by.
Last edited by BBCjunkie; 01-13-2019 at 04:11 PM..
Thanks so much everyone. Me and my wife really want to move into that neighborhood. And we would be willing to dump $100k into a house to fix it up but I imagine a contractor will probably buy this house.
Well, 100k can easily turn into 125k++++++
I’m not even counting the aggravation & possible two years to close.
That brings you to the mid 400’s range. I would see what you can get for the mid 400’s. If there isn’t a rush, time is on your Side.
Good luck! Keep us posted!
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