Jul 17 2008
All this talk about crabs has got me thinking of shells. Not hardshell crabs, mind you- rowhouse “shells”.
A “shell” is a rowhouse that has the brickwork and roof and structure still in good shape, but the interior could range from completely gutted to very tatty to very decent. You’re gonna get the biggest bang for your housing buck in a shell. A good shell isn’t easy to find.
Mortgage lenders won’t lend on a house that isn’t up to code. So unless you’re buying a shell for cash, you have to find one that’s in (at least somewhat) livable condition. This means that the electric and plumbing and heating are operational. Finding that “sweet spot” of a shell that’s a bargain and up to code yet still below market price is the Holy Grail of Real Estate.
If you want to go shell hunting with me, what I ask is that you sign a standard “Buyer’s Agency” agreement and also that you have a letter from a lender saying you’re credit worthy. I’m on the prowl for the perfect shell… anyone want to tag along?
6 Comments to “Shells, anyone?”
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