Post and pier in Washington state

4 Replies

Hello,

I'm looking at my first REO deal in eastern WA and it has post and pier. I looking to brrrr this house but I'm wondering how hard it will be to sell when I decided to exit. I have heard it's hard to get lending on these house in WA. I'm talking with a broker today. What's the your experience with this?....

Originally posted by @Amanda Dallman :

Hello,

I'm looking at my first REO deal in eastern WA and it has post and pier. I looking to brrrr this house but I'm wondering how hard it will be to sell when I decided to exit. I have heard it's hard to get lending on these house in WA. I'm talking with a broker today. What's the your experience with this?....

 I did a lot of Fix & Flips in the Seattle area that were post & pier. I had no problems as long as they were solid. Individual posts aren't that particularly hard to replace. Pouring a foundation under them wouldn't add value. Consider the fact of the price point of the buyer. If you try to make an old house "new" you price them out of the market and you can't successfully compete with newer houses. That house is competition for "like style" houses not newer houses. Just keep control of your costs, don't overbuild, plan your exit strategy before you start tearing the house apart.

@Amanda Dallman , if your fear is the exit strategy of lenders' willingness to lend, begin by talking to local lenders about the issue. Start with STCU, BECU, State Bank, Banner Bank, Global CU, etc.  If you have a good lender that will work with the issue, you can hand them to your buyer if their preferred lender falls out while trying to close.

Thanks you both! I just spoke with a broker and she said that it is a common foundation in the area and shouldn't be a problem. @David Clinton lll , I love the proactive idea of having lenders to hand over.

@Amanda Dallman we own numerous post and pier and have had zero issues financing any of them.

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