When most people hear “HUD foreclosure,” they think of houses. But HUD also has two, three and four flat foreclosures as well. This building at 8411 W. 82nd St, Justice, IL has four two-bedroom apartments and is in fairly good structural condition.
There is an irrgularly shaped private parking lot with an estimated parking capacity of 6 spaces, perhaps more. The exterior is an attractive brick with some accent stone work.
Each apartment has two bedrooms, full bath, Living Room and eat-in Kitchen. There are two separate stairwells, front and rear. The rear stairwell provides acess to the basement, where the hot water boiler is located along with the water heater, electric panel and room for Washers & Dryers.
ISSUES WITH THIS BUILDING: The first floor units have had some sections of ceiling drywall removed, an indication that they had been damaged, most likely due to water. A close examination reveals that were copper water lines running through the ceiling of the first floor. It’s probable that water lines may have been the source of any water damage, because the roof seems sound.
When I shot this video on June 20, 2010, the 2nd floor units showed NO water leaks from above, so it’s not likely a roof problem… But in one of the 2nd floor units, the flooring under carpeting is noticably swelled, an indication of exposure to water. All this leads me to surmise that a water line leaked and did the damage.
UPDATE: After I shot the video, I stopped back around June 23, 2010 to show the building to a potential buyer and found that somebody had came in and stripped out as much of the copper water lines as they could. And since this building has hot water baseboard heat, that’s a pretty big deal. On November 30, 2010, HUD finally reduced the asking price dramatically by $119,000 based on the actual condition of the building at this time. At the asking price of just $165,000, this building now seems to be a VERY attractive deal.
The HUD Property Condition Report available on HUD’s current web site, the HUD inspector states that the water lines have been cut.
You’ll need to have a professional Home Inspection done yourself to determine for yourself the extent of any defects in the building. My suggestion would be to have a qualified plumbing HVAC and/or plumbing contractor lookat this building at the time your view it to give you a realistic extimate of repair costs. HUD is offering a Repair Escrow of $4,180 for needed repairs . For more info on how this Repair Escrow program works, contact me.
The day I shot the video, the basement lights were off and there was several inches of standing water. So, I did not get as close a look as I would normally do and there was no way to shoot usable video without lighting.
Altogether, this looks like a really good building that just needs some attention to the HVAC, water lines, flooring and some drywall work. After that, a general cleanup would make this place ready to show potential tenants. Cha-CHING!
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Purchase bids on HUD foreclosure homes are submitted electronically by an approved HUD broker (that’s me) and accepted daily.
And bids by owner-occupants are given priority by HUD. Qualified buyers can purchase with as little as 3.5% down. I can put you in touch with a good mortgage loan officer who specializes in streamlining the paperwork involved in just such purchases. So call me at 708-824-7254.
If you’d like me to send you the detailed ”Property Condition Report” prepared by HUD, contact me and I’ll email it to you. For more property videos of houses for sale, visitHouseHuddle.com