13761 Sun Forest HUD home in need of full renovation listed for $185,000, went pending in just three days

It is anybody’s guess how a home gets to be in the condition of a home like this one. There is no apparent reason that a homeowner removed floor covering and sheetrock throughout the home.

It does not matter how the home ended up in the condition it is in, or what caused the owner to lose the home in foreclosure. The home is owned by HUD, and is being sold with HUD requirement than any buyer must occupy the home. That means the buyer must pay cash or get a 203K rehabilitation loan. I think the condition of this home would allow for a rehabilitation loan, but it is more likely that buyer is a cash buyer that happens to have enough money to purchase the home, but probably not enough money to buy a better home. Inheritances, insurance settlements, other kinds of one-time financial windfalls that create a lump sum of cash for person looking to buy, but not enough money to buy a home like this if it were all fixed up- This home would certainly be a high $200,000 or low $300,000 if it were move in ready, so there is quite a bit of sweat equity for a buyer who can tape and texture, paint and put in floor coverings. What a buyer who is not a contractor or investor does not know, is are there any hidden problems or expenses that will associated with the rehabilitation of this home? This one is going to be a risky purchase, but it went pending after just a few days on the market, so somebody is willing to take that risk.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004

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