The House on Park Avenue With No Kitchen & No Bathroom

It’s Really Hard to Sell a House with No Kitchen and No Bathroom

Ok, so there was a room that had been the kitchen, but no kitchen stuff, just a pile of trash, a folding lawn chair (the kind with the basket weave webbing) and a microwave on a TV tray table if you remember what that is. There was a room where the bathroom had been, but there was nothing but a few pipes poking out of a wall.

The Story of How We Got this House

As leaders of our local Real Estate Investor Association, one of the newer members had found this property and the seller who wanted it sold.  It had been a beautiful home in its day and was on a street with several other old stately turn of the century homes.  This one had been neglected for years and needed way more than your average renovation.  This investor friend was not sure of what he could do with the home and was a little afraid of it so he brought it to us where we were able to purchase it quickly from the seller and then find a company that specialized in the restoration of homes of this type so they could bring it back to much of its original glory.

All Original Stuff

If you google this house you will see a few painted ladies up and down the street on the map. This house was a more stately federal style home. But man was it aweseome. . . all the rooms had fireplaces with the original wood mantles and marble tiles. The grand staircase at the front and the not so grand servants staircase up the back from the kitchen, all the original wood in almost pristine condition. Even the stair case to the basement was grand. There were pocket doors and big wood crown and base molding. A beautiful home that we didn’t feel we were prepared to take on. So we opted to sell it to someone who would do it justice. That didn’t work out so well, but more on that in a moment.

Back to No Kitchen or Bathroom

We listed this for sale and marketed it to all the people we thought would want to renovate it. We had one person who really wanted it, but he had a conventional loan. These are loans that people who are going to live in a house would get to buy a house. And some of the key rules about this type of home is that it has to be livable with all its parts working. So no kitchen or bath disqualified it from getting a conventional home loan. The non working furnace and the leaky roof didn’t help matters much either. So we had to turn this guy down.

Tip: if you are trying to buy a fixer upper, you need to talk to your bank and ask about a 203k loan or a renovation loan. Banks do make this type of loan, but your average mortgage broker does no.

The Final Buyer

We did finally find someone who had the money to buy the house. He had renovated several others like it. But sadly when we saw it all done, he had painted over ALL that beautiful woodwork, every square inch. And rather than refinishing all the worn hardwoods, he covered it all up with carpet. We we were very sad as we could have butchered the house up in the same fashion, but just didn’t want to.

Do you have an old home to sell that needs a lot of love?  Take a couple of minutes and tell us about the house. We have 20 more years of practice in this business and while we would still not take on a house like this, we have quite a few friends who will do a restoration and do it right!

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