Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-05-2007, 08:10 AM
 
2 posts, read 4,260 times
Reputation: 10

Advertisements

I recently stumbled upon a foreclosed home that is approx. 4568 sq. ft. It is a five bedroom, 3/1 bath, 3-car garage on a cul-de-sac. The backyard is small compared to what I would like. In my current home, I pay no mud tax. I would be paying mud taxes at the forclosed home. The home is need of repair. The widow sills have been removed. There is damaged sheet rock in the garage. Looks as if someone ran into the wall in the garage. There is some water spots on the ceiling in a few of the rooms. There was a crack in the wall in one of the bedrooms. When we looked outside, the crack seems to not have spread down the side of the house. This still could be possible foundation problems. The carpet, doors, appliances and cabinets either need to be touched up or replaced. The prior owners did not take pride in this beautiful house. With that being said, the bank wants $259,900 for the house. The house is appraised at approx. 284,000. The house itself is appraised at 248,000 and the land is appraised at approx. 35,000. Is this a house worth going after?
Reply With Quote Quick reply to this message

 
Old 07-05-2007, 08:26 AM
 
Location: A little suburb of Houston
3,702 posts, read 18,218,011 times
Reputation: 2092
Given your description, did it occur to you that the previous owners may have given it up due to poor constuction issues? Plumbing and possible foundation issues are serious problems that require lots of money. The other issues are cosmetic, but are still pretty pricey. If you are seriously interested in the house, I would have it thoroughly inspected with a general inspector and a structural engineer to get some idea of what you are getting into. If there are problems with the foundation repairs could easily exceed the difference between the price and the appraised value.
Reply With Quote Quick reply to this message
 
Old 07-07-2007, 06:24 PM
 
2 posts, read 4,260 times
Reputation: 10
Being that the home is only seven years old, it is hard for me to believe that the previous owners would not have contacted the builder to have any structural problems resolved. There is a 30 year warranty on any structural problems. The builder is a very reputable builder. In my heart i still believe the previous owners did not take pride in the home. The paint on the cabinets is chipped, which lead me to believe they may have had children.
Reply With Quote Quick reply to this message
 
Old 07-07-2007, 06:47 PM
 
Location: A little suburb of Houston
3,702 posts, read 18,218,011 times
Reputation: 2092
Never-the-less. I would still recommend having it thoroughly inspected. I have several friends with houses less than 3 years old who are having nightmares with their builders (in one case it is only 2 mos old custom built). One is thinking of giving it up to the bank. I just wanted you to think of all the possibilities.
Reply With Quote Quick reply to this message
 
Old 07-07-2007, 09:47 PM
 
4 posts, read 16,336 times
Reputation: 11
Default Good Deal?

It is wisdom to have thorough inspections done, and by more than one company. It is better to spend a little money on the front end, and know exactly what you will deal with after the sale, than to make a move that could financially ruin you. What may apear lack of pride could be symptoms of major problems.
Better safe than sorry!!?!
Reply With Quote Quick reply to this message
 
Old 07-07-2007, 09:55 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,566,366 times
Reputation: 10851
Quote:
Originally Posted by Poltracker View Post
I would still recommend having it thoroughly inspected.
When you buy a house you buy its problems too - people who get in over their heads put off upkeep on their houses only to lose them anyway.

But do check into it. Make sure it is inspected for mold, especially if you are in a humid area (like the coast).
Reply With Quote Quick reply to this message
 
Old 07-07-2007, 11:26 PM
 
Location: Katy, Texas
6 posts, read 19,577 times
Reputation: 10
Quote:
Originally Posted by mopar View Post
I recently stumbled upon a foreclosed home that is approx. 4568 sq. ft. It is a five bedroom, 3/1 bath, 3-car garage on a cul-de-sac. The backyard is small compared to what I would like. In my current home, I pay no mud tax. I would be paying mud taxes at the forclosed home. The home is need of repair. The widow sills have been removed. There is damaged sheet rock in the garage. Looks as if someone ran into the wall in the garage. There is some water spots on the ceiling in a few of the rooms. There was a crack in the wall in one of the bedrooms. When we looked outside, the crack seems to not have spread down the side of the house. This still could be possible foundation problems. The carpet, doors, appliances and cabinets either need to be touched up or replaced. The prior owners did not take pride in this beautiful house. With that being said, the bank wants $259,900 for the house. The house is appraised at approx. 284,000. The house itself is appraised at 248,000 and the land is appraised at approx. 35,000. Is this a house worth going after?
Depends on the location of the home, flood situations, what kind of repairs needed.
Reply With Quote Quick reply to this message
 
Old 07-09-2007, 06:26 AM
 
37,315 posts, read 59,888,047 times
Reputation: 25341
MOPAR--you obviously don't know anything about the laws governing home construction in TX--you have have any kind of warranty/guarantee that a builder can print up--but if he/company does not stand behind it (and most of them don't frankly) it is just a piece of paper...the state has a "board" that is supposed to supervise home builders but it is largely controlled by large builders and does lip-service to guarding home buyers/owners rights...

most people who buy homes (new ones anyway) have as part of the purchase agreement that they waive the right to go to court and sue if there are problems w/home and builder does not address to customer's satisfaction...they go to arbitration--which is really the bull---- board...no real leverage to MAKE a builder make costly repairs if there are foundation/plumbing problems or any other....
buying a home in TX means that you are just taking a chance on 200-300--400+ gamble...that what you buy will hold up and not self-destruct...

I live in TX, own a home in TX (which has been pretty repair free for the most part so far knock on wood) but I know that there is not the protection for homebuyers here that other states might have and the govt agencies like the cities' inspectors don't do anything close to what an engineer would inspect for....little to no oversight on what it takes to ensure quality build...

IMO--RUN do not walk away from the idea of buying this house--it probably should be condemned...
TX is not a consumer friendly state--
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top