Realtor people. This listing seem underpriced?

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).

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Originally Posted by spqrzilla

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).

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Their repair escrow is simply to make the minimum FHA inspection/appraisal requirement. I agree it's a nightmare. The last HUD I brokered was actually for one of our ar-15.co members here. He can testify how bad of a process it was. [dig]

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Originally Posted by spqrzilla

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).

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And I got a place with 11k escrow that took less than 5 to fix it. Do your due diligence.

because you did it yourself, correct?

Based on the 3 rules of Real Estate (Location, location, location) I'm going to guess that place isn't out of line price wise.

Looks like they got most traces of the meth lab out of there... :D

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Originally Posted by HBARleatherneck

because you did it yourself, correct?

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No I actually did it myself for much less and threw in some upgrades like new sewer service and flooring totaling 5k. The escrow had 1k for a new furnace which was a $55 spark ignition part.

http://www.zillow.com/homedetails/11...82590291_zpid/

looks like at the height of the housing boom in 2007 the home sold for $153K at auction... and was forclosed again in 2012

My HUD home had an escrow of $1500 for a supposed furnace that didnt function, water lines that didnt hold air pressure, and no sump pump. My inspector said the people who develop those escrows don't look that hard into fixing the problem. Turns out there was a switch on the furnace that wasn't flipped, and it worked fine. The water lines didn't hold pressure because one of the exterior faucets was open. I bought a cheap half horsepower sump pump from harbor freight for $30, sent in the paperwork showing the stuff was "fixed" and claimed my escrow check. Do your dilligence, as has been mentioned previously.

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Originally Posted by Bailey Guns

1380 sq ft condo for $124K in Henderson? Doesn't seem underpriced to me at all. You can probably find single family homes for that price fairly easily.

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+2.
There are bunch of town homes near north side of Thornton similarly priced for ~square footage.