Need opinions on cost to potentially finish a half-built house

[BMWTurboDzl]

Your post likely identifies a major issue for the OP. Likely hard to even have contractors come out for quotes.

Huge risk equals potential reward, but the buyer of this home better know what they are getting into. As others have mentioned, if this was a easy deal, the home would have been gone in hours, especially in Florida.

I don't think it's going to be a huge deal. The bank will make sure the subs have been paid for the work already done. The new owner will have a copy the plans which he can use for obtaining bids.

These homes aren't easy to sell because buyers who like to build want to build their own home rather than finish someone else's home. Most people don't want to deal with this sort of thing.

 

[64bawagon]

Being generous I would say that place is at 1/3 done. Still a LOT left to do.
The permitting on it may be tricky also.

 

[mk378]

The new owner will have a copy the plans

What makes you think that there are plans, and that they have been followed? Clearly the first plan in building a house-- "Have the money lined up for the whole project before starting." was not observed.

 

[BMWTurboDzl]

What makes you think that there are plans, and that they have been followed? Clearly the first plan in building a house-- "Have the money lined up for the whole project before starting." was not observed.

We don't know why financing fell through. Perhaps the GC took the money and ran or the owners died or got a divorce during the build. It could be anything.

As for the plans, they exist.

 

[brianl703]

As for the plans, they exist.

Kinda required to get a building permit, in my experience...

 

[nomas]

Before I did anything , I would check for permits and any liens .

 

[stranger706]

OP here.

Thanks for all the replies, it's a lot to consider. Currently it is way overpriced.

It is currently listed at $490k, down from $550k a few months ago.

It's on 5 acres, with a creek in the back. And a completed 30x40 workshop on concrete.

We're getting some local opinions on whether to move forward or not. I'm going to meet one of our family friends out there and do a walkthrough with him. He's built about 3 of these projects in this area recently.

Comparable finished properties in the area are going from $500k - $700k.

 

[chrlsful]

",,,completed 30x40 workshop..."
some would live there, finish the other by themselves, in HIGH style, havea nice equity to sell off or better? rent?

"...meet one of our... do a walkthrough with him. He's built..."
my suggestion but better 1) & 2) he's done same, locally; now if U only have the skill, knowledge, equip U can do the 3rd other prt I mentioned (to finish in STYLE).
As a kid I'd do so with lightly damaged 'rolling Italian art' ('50s/60s lancia/fiat/alfa) from local junk yrd and daily a rig I'd never be able to afford. Sell it when the nxt lill jewel at Goldies caught my eye, sell upgrade rest0mod'n repeat. Wish I kept up w/it longer (college beconded) may B got upto Masarati or Ferrari.

 

[PimTac]

OP here.

Thanks for all the replies, it's a lot to consider. Currently it is way overpriced.

It is currently listed at $490k, down from $550k a few months ago.

It's on 5 acres, with a creek in the back. And a completed 30x40 workshop on concrete.

We're getting some local opinions on whether to move forward or not. I'm going to meet one of our family friends out there and do a walkthrough with him. He's built about 3 of these projects in this area recently.

Comparable finished properties in the area are going from $500k - $700k.

Way too much considering the prices you listed for completed homes.

 

[RhondaHonda]

Who is the seller? Is it the bank? The builder? The people that started the build? Sorry if that was mentioned but I’d be in at $200k max and that’s mainly for the shop and the ground. If you can buy something similar with a shop and land, for $500k, then just do that.

 

[Donald]

At least we'll and septic are in. They can get expensive.

I agree. Get quotes to finish. Ask why building was stopped?