All Forum Posts by: Julie Taylor

@J Scott -  I know this an older post and I'm a bit late to the party, but I'm wondering if you would expound upon your methods of "by-passing" the pipes and how much of the plumbing did you actually have to bypass. I've typically been in the "slab-wary" camp, if not the "avoid" camp because I was looking to avoid damaged plumbing that would be harder to repair. I'd like to expand my game, so I'm hoping to get some education and clarity so that I can overcome this hang up around slabs.  Any additional info would be very much welcomed.  Thanks in advance!

I'm working with a family trying to salvage some value from their parents' house, but there are multiple judgements from credit cards and personal loans against the estate. House is in NC, and needs significant repairs, but if the judgements were reduced enough, there might be some equity that could be extracted from the house. I'm looking for suggestions on the best ways to navigate the situation, and any help would be much appreciated.

@Duncan Henricks -Thank you for your "book", as it was quite helpful. I believe the "up until the 1940's" example might be what I've actually been asking about.  In particular, one of my discussions involved a house up on Mt. Washington.  I'm not sure if that helps you narrow down what I'm actually asking about or not.  Nonetheless, your info provides greater insight into the types of foundations that I might encounter in my journeys.  I appreciate you taking the time to respond so thoroughly!

@Account Closed - :)  Nice point.  I'm really just trying to understand what people are referring to, and this discussion has been very helpful. Thanks!

Ian,

Thank you for your response. The photos in your post are very helpful. I suspect you may be right about the sandstone. I'll go back to some of the folks from my prior conversation and see if this is what they're referencing.  All the best in your endeavors. 

Jules

Rob,

Thank you for your response.  I anticipate that you are correct in the thought of a colloquialism specific to the PIT region.  I haven't really heard the concern expressed elsewhere, and can't find anyone that clearly describes a unique foundation type that I haven't seen elsewhere.  I envision a pier stacked up on a dirt floor and no concrete support system to prevent shifting of that pier as the dirt gets wet, freezes, shifts, etc.  I'll continue my search and will invite all the PA folks to weigh in. Perhaps they'll have some insight specific to the region.  All the best in your endeavors.

Jules

I've heard a few people, in particular from the Pittsburgh area, mention that they will never again by a house with a "dirt foundation, often citing that it is not possible to perform repairs.  To date, no one has been able to explain exactly what they mean by the phrase "dirt foundation".  I am familiar with homes that are built with piers setting atop poured concrete footers, homes built on full basements (both block and poured wall), and also homes built on concrete slabs that are poured onto the ground. Can anyone tell me what is meant by a "dirt foundation"?  Is it that the house still has piers or posts, but they were never set atop poured concrete footers for support?  Or is it something else altogether?  Any assistance, and maybe even photos, will be greatly appreciated!  Thank you in advance.

Scott,

Thanks so much for your response. This information is very helpful.

Let me fill you in on the latest, as I met the broker today and had the property inspected. I won't have the formal report until tomorrow, but he shared a good bit of info with me tonight.

There is termite damage on the property, apparently a good bit, and the inspector indicated an engineer would need to assist with how best to repair. There are some other issues that I was expecting, including needing a new HVAC system. Because of the design of the church, there is also a potential for some unknown concerns that may creep up later or that will be discovered if we were to begin an interior remodel.

I have not ordered an appraisal. The last known appraisal is from Sept. '09, and came in around $140k.

The broker indicated that she had given a BPO of between $56k and $74k, "as-is where-is", but of course, that means nothing if they don't choose to value her opinion.

I'm wondering if a really low ball offer might still draw some interest, if I play the termite damage hand. (Of course, I don't know if I'm willing to even make an offer until I see the formal report.) When I say low, I'm talking $30-40k.

Other thoughts?

Thanks again for all of your help. Your responses are an example of what makes BP great!

Jules

Scott,

Thanks for your response. Let me elaborate a little more and see if you have additional thoughts.

I have been in contact with the broker who is listed on the auction site as being the point of contact. I asked her if the seller was open to deals prior to auction, as I would like to avoid the $10k buyers premium that will apply (which seems ridiculously high on a property of this value.) She has provided me with the letter of intent from the seller and believes that they would pull the property from the auction if an acceptable offer was submitted.

I'm doing due dilligence to try to get the best deal. The broker has referenced some other interested parties, though I would expect her to indicate that there was interest so her clients would get the most money. I don't know how much interest their might actually be. We are prepared to pay cash for the property, close very quickly and would love to do so at a discount, so as to be good stewards of the church's building fund.

Based on that info, any other thought?

Thanks again for your help!

Good afternoon BP Community! Thanks in advance to all of you who provide very helpful, extremely friendly advice. I love learning from you all!

I am looking at making an offer on a church property that is scheduled to go up for an REDC auction. I am curious if anyone can offer insight to what sort of percentage the bank might entertain in order to pull the property from the auction list. I understand that the property has been mortgaged for upwards of $250k in the past, although it has appraised in the last year for $140k and been assessed by the county for around $180k.

The intent is to use it as a church, not sell it or hold for future development.

Some details:

About 1500 sq ft, Frame Construction/Vinyl Siding
About 35 years old
About 1.5 acres
In a residential area, so it's grandfathered as a church or hold for future residential development only.
Not a fancy area, but not really bad either. Homes between $80k and $160 in the general area...and a few dumps.
Was scheduled for auction once before. Can't determine if it went and just didn't get bid to reserve or never went.

There's a pretty short timeframe for making pre-auction offers, but I'll be viewing soon and making a decision of what to put in LOI.

Your advice is greatly appreciated!