Posted on December 28th, 2015 by Susan Vanech
Introducing our not so pretty (yet) project in Westport, CT!
The second I saw this home in foreclosure, I immediately knew the potential for a steal – 1500sqft, 2 bedroom and 2 bathrooms on a beautiful street. The location and neighboring homes on the street screamed for the improvement.
The on site foreclosure auction was certainly an event. A handful of bidders arrived at the property along with the neighborhood to watch the drama unfold! Crazy or lucky for us, we won the house. The scary part is that with the purchase, we assumed the liens http://www.nolo.com/legal-encyclopedia/types-property-liens.html some of which we had to pay and some were absorbed by the bank.
We have options with this property. Options are good!
– quick fix to make it pretty with a 6 week or less turnaround, but under $100k profit
– sell as land to a builder and potentially make $100K even faster
– knock it down and build a significantly larger new construction
– renovate and expand the house with an addition
Next step is to play out each of the scenarios, meet with our architect and work out which of the above is best for us….stay tuned!