The elderly neighbor, whom I have mowed for for years and helped take care of the last 6 months, sold his house and moved to a nursing home about a month ago. It is for the best as he was wheelchair bound and needs medical attention. Additionally, he is pretty social and being stuck in his house since last December (except for outside medical appointments), he was lonely. His house was bought by a a We Buy Junk Houses type place (do not want to name the actual company, but you know, his house was definitely ugly).
Over the past few weeks I have watched them work on it. Okay, that sounds creepy, I have glanced over occasionally to see the process. Plus, I kept hearing car doors and other noises over there, so was being a good neighbor and making sure it was people that actually belonged over there.
And them working on it actually meant they hired a junk removal service to shovel out the mess from the house and shed. Both were overflowing with stuff. The last day they were there was this past Wednesday. That night a For Sale sign went up. Thursday and Friday there were a steady stream of people looking at it. I assume most, if not all, were house flippers, because there was no actual work done on the house and it is in very sad shape. Interestingly, most of the people I saw looking at it were women (perhaps estimators, or maybe flippers themselves?). However, I didn't see nearly all of them (I was working after all), so maybe it was just a timing thing on my part.
Quick, go look at what $100k gets you in a low to mid income town, in an older, low to mid level income neighborhood. The trailer on my north side is literally low income housing and I assume the apartment building that abuts the trailer's and my land is also. Anyway, the bedroom with the AC is super special with plants growing into the house. And that picture of the basement - yes, that is standing water, regardless of the sump pump running a bunch (I can hear it from my side yard as the outlet is at the front of that house). If it were me, I'd tear the place down and start over, but I'm guessing that won't happen.
If they sell it for the price listed, which I expect them to get more since it was already pending as of yesterday, it will go for at least $55k more than what was paid to the elderly guy. That is only 2 days on the market.
It will be interesting to see what happens over there.
Getting that yard tamed is going to take some doing, let alone the house.
As awful as the house looks, and as sad as it is that your neighbor was paid no more than he was, that house would have been an improvement over most of the houses that my relatives lived in when they were living. My Grma Dick bought a little house (in the 1960s or 1970s) with flooded basement (I'll try to find a photo to send you), and Grma Hall's "basement" (we called it a "cellar") flooded when it rained. We kids would go down there to play in the water. Really, the only thing kept in the cellar was a plank raised off of the floor, on which large bowls (I think you have red and blue enameled bowls that she used) or crocks of milk sat, letting the cream rise. They never had the comfort of a window air conditioner and their heating stove wasn't nearly as nice as the one in the photo. Our standards have changed considerably over my life span.
You did really well helping out your neighbor while he was there.
Posted by: Cop Car | July 02, 2023 at 08:10 AM
I can't find the photos that I had in mind.
Posted by: Cop Car | July 02, 2023 at 08:14 AM
I was actually surprised that my neighbor got as much as he did. I figured 30k. He had to give all of what he got to the nursing home anyway (you don't get to keep any money and they get all his SS and pension from the paper mill), so it really didn't matter.
I'm not even sure either of the window AC's work. I know they haven't been turned on since the summer before I put in the minisplit (2020). I could hear that AC in the living room from my yard years before, and I hadn't heard it. So I had asked him if he wanted my window and portable units before I sold them. He said he was fine with just a fan and insisted the AC worked he just didn't need it.
I'm sure a bank wouldn't touch a house that has a wet basement now - mold is a big thing with them.
Posted by: bogie | July 06, 2023 at 04:06 AM
You know a bunch more than do I. I'm assuming that the beneficiaries of his getting more money for his home would have been the NH & federal taxpayers. Not being an expert on the subject and not knowing exactly what NH requirements are, I'm guessing that he had to spend down to qualify for Medicaid (a welfare program vs Medicare, an entitlement program) assistance in paying for his nursing home care. I'm further guessing that the money from the sale went to the nursing home to pay for his care. (If they get all of his SS & pension, that implies to me that the total is less than the cost of the nursing home monthly charge.) Once that money was exhausted, Medicaid would kick in to pay what he cannot pay.
I think he is allowed assets up to $2000 - not much! In addition, he should get a personal use "allowance" each month. Here in Kansas, that amounted to only $30, 20 years ago. I have no idea what any state allows, now.
Getting into requirements levied by financial institutions in order to supply a mortgage is beyond my knowledge, but I'm sure you are knowledgeable and your statement would make sense. That's why so many of us have sump pumps ; )
I'm glad your neighbor had you to care!
Posted by: Cop Car | July 06, 2023 at 07:23 AM
The former neighbor gets $75/month for his allowance. He only got to take a bag of belongings (clothes) and he isn't allowed a cell phone either. From what he said, his shared room has only a nightstand, bed and small dresser (or maybe a closet and no dresser - I didn't pay that much attention).
He had no assets besides the house, so he didn't have to spend down. In fact, they had to figure out how a large credit card balance would be paid off (around 15k). I'm not privy on how that worked out.
The house listing specifically stated, "Attention Investors and handy contractors." and "as is, as seen". That means they weren't doing any work prior to sale to make it bank-worthy. I suppose an individual buying for themselves could get a construction loan. But I have no idea if that would really be a possibility, or what hoops one would have to go thru.
Posted by: bogie | July 07, 2023 at 05:36 AM
The vast majority of nursing homes are bare bones and understaffed. I hope he does well. Thanks for the info on monthly allowance.
Posted by: Cop Car | July 07, 2023 at 07:28 AM