The brother of my partner has a name for what most of us would call a “tear down”, he calls it a crash down shack. Recently, a colleague of mine referred a new client to me to handle what he said would be a residential transaction in the Greenwood neighborhood.
After seeing the house, it is a complete “crash down shack.” There are multiple pest organisms eating away at the wood framing (wood boring beetles and moisture ants, along with former termite damage) and there are items inside the house busting through the flooring. Fixtures for sinks are missing and the gutters have a veritable garden growing in them with no downspouts visible. The smell of moisture/water damage is obvious when you walk in the front door.
In doing research, I learned that there are no banks that will provide a land loan on this parcel since the structure still exists. With the house in such bad condition, it won’t qualify for conventional financing. Now, we are stuck with either a cash or a rehab offer. Not that many of those exist right now. Rehab loans for WA State, as I have heard from Eric Aasness of Countrywide, only allow up to $50,000 in funds for updating/upgrading a property, and it is unknown if this will be enough to make this house habitable again. The concept of tearing the house down will likely cost the client about $20,000 for tear down and haul-away.
Are any of these the right things to do? Maybe not.
My suggestion was that the client look at the idea of rehabbing the property on her own, then putting it in the rental market for a while till our market starts turning around so that she can recoup her expenditures. She owns it outright and could do the work for less than others because she doesn’t have the carrying costs of a mortgage associated with the cost of rehab.
Why do I think this is the right path to take? I’d been looking into whether or not she could split the lot (zoning is SF5000) and heard from a builder’s agent that it was unlikely because of the size of the lot, which is under 6000 sqft. The lot, while in a somewhat desirable north Seattle neighborhood, sits too close to Aurora to fit most people’s idea of a great custom home or spec site.
If the owner were to put $50,000 into fixing it up and then rented it out for $900 per month, she’d be making a return on her investment of $50,000 (borrowed) as well as the increased value of the property when it sells later on.
What would you do?Women’s Intimacy
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