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Posted by Billie on July 05, 2003 at 00:17:27:
Total price of house: was $58,000.
Total owed on house (which is what you will have to pay): $56,168.26
"Actual market value of the house": approx. $20,812 (or less)
Repair estimates to fix the house: "$95,094.71 which includes a 30% Contractor's Fee".
(2 other repair estimates stated: "They would not even touch the house." "Everything in the house is breaking city/state code violations. Everything would need to be brought up to code" and, "The house would never be worth what it would take to fix it...you got ripped off, and there is no WAY this house would ever pass a FHA inspection, or any other type of inspection."
House was involved in a "Fraudulent Property Flipping" scheme. House is actually own worth approximately $20,812. (This is also what the Grayson County Appraisal District now states)
The house has many problems. (Which had been "knowingly" undisclosed to us, before closing.
House was built in 1920; has high ceilings; entry way w/built-in bookshelves around window; dining room, with built-in china cabinet; 2 bedrooms, 1 bath w/claw-foot bathtub; laundry room (which was made by enclosing part of the back porch, so the laundry has lead-based paint; outside of house has lead-based paint. ("Bio-hazard Department", of Dallas, TX. told our repair-estimate company that: "You have to totally remove all of the outside boarding of the house, and replace with new boards. The old way of scraping off the lead-based paint, and removing from premises, then repainting with non-lead paint is no longer proper procedure...due to many major health issues involved."
House has major foundation problems; Windows will not open; Yard drainage problems. (Water runs under house every time it rains.); The hot water heater is dangerous and can "kill you", is what TXU Gas Co. has told us. They also stated: "The ventilation is supposed to be piped out of the roof, not out of the old chimney." (He then stuck his hand in a space around the venting, and started pulling out whole bricks, and pieces of bricks...that were blocking the ventilation. The bricks had fallen (over a period of time) from the old chimney top. Hot water heater is located in a closet in the kitchen. The chimney is also uncapped, so rain and snow also fall down the chimney.
The house has wall-to-wall carpet...even in the kitchen and bathroom. The carpet is hiding many major deficiencies.
There is water leakage coming through the dining room ceiling, down to the floor, due to faulty venting of the central heating/ac unit.
Different companies told us, "Even the ductwork/venting was not installed property, and is against city/state codes." (This had been installed by a previous owner.)
This house is backed by FHA.
A "HUD approved" lender; "HUD approved"appraiser; and "HUD approved" inspector, and the sellers, - a franchise of HOMEVESTORS - all made it possible for you to have a chance to buy this house.
For inquiries, you can write me at: billiemichele@cableone.net
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