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What is going on with this place?

 
Posts: 144
Location: Myrtle Creek, Oregon
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Looking at acreage to buy with an existing home near or on the water and found this one.

https://www.realtor.com/realestateandhomes-detail/Chemeketa-Rd_Coos-Bay_OR_97420_M27376-77245

The price seems grossly overpriced.

While looking at the pics you can almost put together how it is built and they have obviously not included everything there is to see.

The roof siding and deck seem to be in need of replacement. They have a tarp on part of the shake roof so that tells me it does indeed leak but no pics of the interior damage. Some of the older shake roofs also don't have plywood sheathing..more money more labor to replace.

They say they have almost 20K in timber, which I would not log off! And including this in the cost of the property is incorrect as it would cost almost half of that to pay to have it logged off  plus taxes and since it sits on a stream the State may want an evaluation to see if it interrupts any fish spawning..more money.

I would not log off these trees I want to live among the trees!

The accessed value is always lower then the true value but this one is less than $20K and that's a huge jump to $445K

What are your thoughts on this place?

 
master gardener
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My feeling is to ignore the price pending further research.  I live in an area were the asking price has no relationship with the selling price. For example. I looked at some property that was listed for 79,000.  It sold for 29,000.   I had a chance to ask the owner why he listed the price so high.  He said, “ well you never know, someone might pay it.”






 
gardener
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Property prices in Oregon are insane. My properties market values have jumped up nearly $200,000.00 for each in the last eight months. This increase reflected for a house and lot within the city limits and house and property we own in a more rural setting. There are bidding wars on properties that are available. What is driving the rise is anyone's guess.
 
master steward
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That is just the asking price as you can make an offer.

I would say the exterior looks like it has been neglected for a long while.

With $20,000 worth of timber, if I were looking at this I would want to find out if that timber is being taxed or is it an exemption.

Find out about the taxes from the taxing authority and find out about what exemptions are on the property that you will have to meet without the taxes going up such as agriculture taxes.  
 
Susan Boyce
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Location: Myrtle Creek, Oregon
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Yes I realize it's something they hope they will get. I have been looking at house's for awhile now and getting my place ready to sell.  I've looked at several places that had to dramatically cut back their asking price cause people are starting to do their homework and see what else is out there. My house has gone up about $50K since late fall. I just don't want to put that kind of money down when it's going to be costly to do the repairs and replacement. I haven't seen it since it's over 2 hrs away but would like to. I believe it's in a flood plain as well  
 
Susan Boyce
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A house across the road from me was put up for sale last month, two weeks later they dropped down $50K for the asking price.
I don't like shopping in a competitive market and overvalued homes may be stuck paying higher taxes.
 
Susan Boyce
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This is something a friend had also brought up and needs to be looked into.
 
Susan Boyce
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It's just all greed I guess, housing shouldn't be so costly.
 
author & gardener
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Susan, it's an interesting place and has a lot of appeal.

Susan Boyce wrote:I believe it's in a flood plain


That's a concern. Do you love the property enough to risk flooding? If you're planning on a mortgage, will anyone be willing to lend for or insure the property? Those  would be things to research.

The accessed value is always lower then the true value but this one is less than $20K and that's a huge jump to $445K


This raises another question. How much will a lender be willing to lend above the assessed value? In my state, they will only underwrite for the assessed value, anything else has to come out of the buyer's pocket. If that's the case in Oregon, it may be a bargaining chip for you.
 
pollinator
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That house is not on a flood plain.
Flood plains are very wide sometimes 5-10kms.
But, it may be located where it could be flooded.
edit Having found the flood comments on the listing, I would not buy it.
The photo showing the area of flooding even over the road behind the house is enough to turn me away.
That valley must be long  and narrow to have flood levels that high within it.

Floods always leave marks and debris, so look out for those.
Locals will be able to tell, but if theres not building damage hen I suggest its above flood level.
 
Susan Boyce
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Yes I like it because it fits all my criteria….. well,  septic,  water,  private,  treed,  out of town,  near the ocean and has existing home.
Where I live now there is a river  (not on my property) and when some homes were flooded years back several people built walls where the water can be diverted away from the property if the water ever got that high again. I could do this as well..just add it to the long list of fix it's.
The house is being sold as-is cash only so no lender would be involved.
 
Susan Boyce
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Just going by what I read on one of the listings..it said 10 out of 10 for a flood plain. If I do end up seeing it in person I'll throughly check it out, bring tools to check for how much dry rot...have insects come in to finish the job…how old is the well pump... how deep..when was the septic last pumped and inspected...  were permits used to build etc the tax thing is what worries me or could it benefit me in some way…I don't know
 
gardener & hugelmaster
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Are you saying the appraised value is $20k? If so, the asking price sets off all sorts of alarms.

I think I see some mold issues in one of the ceiling pictures. It's a beautiful river & a nice peaceful looking piece of land. I would check the 100 year flood plain map & also visit the site before buying. Visit during heavy rains if possible. I noticed it is on stilts. There's probably a good reason for that. Check to see if it is insurable. A thorough home inspection would be in order too. The property alone seems worth $20K though.

It's not lumber until it's actually cut & sawn & properly dried. Which isn't easy or cheap.

Good luck. That's some beautiful scenery!
 
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Listings for the property on various realty websites contain a sprinkling of coded caution flags. Not necessarily deal-breakers but things to take into account:

"cash only" --  usually means a lender wouldn't like the inspection report.
"as-is" -- ditto.
"with a little elbow grease..." -- usually means major repairs needed.
"manufactured home" -- the lovely woodwork may be cosmetic only.
"flood zone" -- potential insurance nightmare.

On the flipside, the acreage looks wonderful.
 
Posts: 141
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Flood zone   ahhhhhhh swim as fast as you can away away.  Water and wood do not mix, but makes a great resource for mold to hang out in and rot your home from the inside out.
 
Susan Boyce
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Not appraised at 20K that's the tax assessment, they obviously hired a biased appraiser to stay it's worth $445K
 
Susan Boyce
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Yes I would run but want to tour it first and I can build a wall to divert the water from coming into the house.
Mold is dangerous and if it's infected with spores the only thing to do is tear down and rebuild.
 
Susan Boyce
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Totally agree and this could get me into it much cheaper….I would never live in mold for any price so I need a place to stay in while I do repairs..if it's worth it!
 
John C Daley
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If you look at the flood map, this house may actually be inundated.
flood map with house located
 
Susan Boyce
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I think I need to call the water master in that County on Tuesday and find out the history. I can also ask about building a wall on dry land on the property to divert water if it might ever flood or flood again if it has been flooded..
 
Mike Barkley
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Another good question to find the answer to is ... if that house is ever destroyed (I'd guess WHEN is more accurate) if it will be legal to rebuild there. Frequently it is not in flood prone areas. I've experienced too many floods first hand. Big ones. Up close & personal. Enough to say a wall is probably not going to stop Mother Nature when she unleashes her fury.

 
Susan Boyce
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Good idea!
 
Robert Ray
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In Oregon assessed value can only increase by 3% every year unless there is an improvement that brings the assessor out. My current assessed value is far lower than market value. I want to increase my shop size which will require a reassessment once the work is completed. That improvement will allow the County/State to increase my assessed value far more than the yearly 3% cap that is in place by statute. So in Oregon assessed value is almost always far below market value.
 
Susan Boyce
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Interesting..they must have done nothing for many years on this place..
I'll have to look at my increases and see if it went up more when I painted or reroofed the house..landscaping too I guess. The assessor's office always want to find a way to collect more taxes from us.
 
John C Daley
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From where I sit, all your property taxes look low.
I see rundown streets etc and people dont seem to want better conditions. Higher taxes may enable that to happen.
 
Susan Boyce
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I don't mind paying higher taxes if I get something in return but the place I own now hasn't received much for what we pay. My road is unpaved and they want everyone who lives on it to pay a collective $40K to get it paved and after that our taxes will raise. So of course we just live with the ruts and dust year after year.
 
John C Daley
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Its the same here, landholders pay to have the road sealed the first time and after that it is maintained by the authority.
I can say, there is a cost on vehicles with unpaved roads.
Suspension for a start.
 
Susan Boyce
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I was able to obtain the well report. It was dug as a new well in 2014 but only gets 1gpm. So yet another thing that doesn't reflect the asking price. Still haven't heard back about the flooding for this property.
 
John C Daley
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If you put that 1 GPM flow into a stoarge tank, surely that would be sufficient for a household.
\Or do you normally run straight from the well to the kitchen tap with the one pump?
 
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