Covenant REO in the Works

Written by Jim the Realtor

January 11, 2011

WaMu is getting a jump on the new year, they foreclosed on 1/3/2011:

8 Comments

  1. lgs

    That’s a nice floor plan. I say fix it if it’s priced cheap enough. If it gets bid up you’d have to tear it down to justify a high price. But I say live comfortably for the next 10 years and get rich off the next guy who wants to tear it down at the top of the next cycle. You could do everything you need to make that a very livable house for <$150k, IMO. But then again, I am known to be a bit frugal.

  2. Sean

    Not a chance you could properly rehab for $150k. You’ll spend that on the kitchen and bathrooms alone, and the kitchen and adjacent family room space need reconfiguring to bring it into the 21st century, plus the new roof, new flooring, new drywall and replacement of windows/sliders with French doors and decent windows. I think you’d be lucky to keep it under $400k. And then there’s the landscaping . . .

  3. Anonymous

    I was up to $275,000. myself but large houses are deceptive.

  4. Art Eclectic

    I agree with Igs – $150-$200k to bring it into livable for another 10 years, then sell it at the top of the next cycle for a huge profit. The trick would be to be frugal and go mid-range. Let the next sucker drop big bucks on a $100k kitchen.

    Either that or tear down and build your dream palace. If it needs $400k in work, might as well tear down and start over.

  5. shadash

    I say buy it now and live in it the way it is. Over the next 5-10 years let the mortgage bleed you dry while watching more and more listings pop up at lower and lower prices. Then when the time is right sell for a loss or marginally break even on your money.

    * Conveniently brush away the opportunity cost of putting your money in an asset that is only “appreciating” because of inflation.

  6. Jerry

    Shadash, you crack me up!

  7. Jeeman

    That place needs alot of work. It will take alot of money.

  8. Jeeman

    Also, the Master suite wasn’t all that impressive. You’re talking reconfiguring or adding on there.

Klinge Realty Group - Compass

Jim Klinge
Klinge Realty Group

Are you looking for an experienced agent to help you buy or sell a home?

Contact Jim the Realtor!

CA DRE #01527365CA DRE #00873197

Pin It on Pinterest