27,000 handyman special new houses all around appraised at 75,000 - Posted by Tonya Brown
Posted by Tonya Brown on June 19, 1999 at 13:10:07:
Today I just saw a two bedroom 1 bath house for 27,000 on handy man special in cleveland ohio. Other houses in neghborhood have been renovated and appraise at 75,000.
The structure is sound and the roof is in good condition. The guy just wants to get rid of it because he already has quite a bit of property.
What I would like to do is buy it with no money down offer 27,000 cash at close. What i would then do is obtin a motgage fdor 37,500 and give him 27,000 at close use the left over to fix up the property and get an outside an appraiser appraises the out side then go and get the house refinanced at 60,000 take 37,500 out and pay off the first mortgage then use the rest to fix the inside. Suggestion and advice is welcome.