Our property owner is foreclosing on our house (not our faullt). They are trying to get us into a different?

Question

property which needs to be fixed up (really badlly, the inside sucked) they are supposed to take what is valued as a $60,000 house and turned it into something that is approximately 150,000. In my opinion you'd have to tear it down and start over in order for that to happen. What does rehabbing intail? New counter tops, carpet? Help!

Answer 1

Talk to a lawyer. Don't fool around.

New plumbing and electrical (expensive)
roof, structure, windows, heating, and who knows what else?

Get it inspected

Answer 2

collectively as credit may be easy to restoration, it additionally would forestall you from leasing an apartment. maximum apartment complexes/administration verify credit before renting, so a foreclosure would harm you there. additionally, merely considering the fact which you get foreclosed would not recommend the economic enterprise can no longer come once you for the stability on the loan. A economic enterprise perceiving which you merely choose out of the agreed upon money (enormously in case you have had no replace in activity status) would play hardball, circulate to court docket, get a judgment against you and in case you probably did no longer pay that, get a salary garnishment. think of long and stressful approximately coming into into foreclosure - you will lose any wish of regaining the stability due if housing fees initiate going up as they are going to in all likelihood do in 12 - 18 months. you will additionally place your self interior the region that any credit for right here few years which you do get would be at a extreme interest fee as you will no longer be seen a great possibility.

Answer 3

Rehabbing can mean many changes. Remove anything that is obviously bad such as carpeting, cracked wood, broken windows etc. If you want to increase the value, you add better materials and bring the interior up to date. Kitchens and bathrooms are the best ROI's (return on investment) They are in the 90% range. Doing the work yourself instead of paying a contractor saves money.

Answer 4

Ever heard the term "flipping". My husband owns his own construction/remodeling company and he "rehabs" many homes. Most involve flooring, updated bathrooms/kitches (2 most important rooms when selling a home), new paint and/or drywall, new applianaces, some need new roofs, porchs redone, landscaping, lighting. Sometimes they even build a new room, enclosed porch/patio, or inlarge rooms and knock down or put up walls.We once got in over our heads (thats what I told my husband w that money trap) and had to gut the house down to the bones and redo EVERYTHING including insulation, plumbing, electric... Last year we purchased a home for 30,000 and sold it for 95,000 so its possible!

Answer 5

rehab means tearing everything out of house and installing it new.