Posted by charles on March 07, 2001 at 19:27:59:
Thanks for the response. Nix the house I was talking about. Her agent told her not to do it. But as I said this town is littered with houses for sale. I found a FSBO in a neighborhood of older houses (read solidly built with real walls and hardwood floors) for $44,500. The house is paid for and every thing is functional. The selling price is based on an appraisal (that’s what I was told). The bathroom (3BR/1BA) needs some tiles replaced and the attached garage is full of junk. The house has no apparent major defects but could use some cosmetics like a new kitchen floor etc. It also has no appliances. Supposedly the appraiser told this older lady (her daughter has gray hair and her husband died 6 months ago) that if the bathroom were redone the appraisal would go up to $55,000. Around these parts attached garages regularly get turned into a den.
(Please bear with my rambling because I don’t know which info is relevant and which is not.)
It seems to me that the house has alot of appreciation potential which could figure into the financing (Maybe an 12 to 24 month balloon mortgage which might allow me to get money to finish the garage, fix up the bathroom and appreciate the house substantially allowing me a better chance to get a bank/finance company loan?)
By the way the house has a big fenced in backyard and the neighborhood park (a nice family friendly place) is in viewing distance from the front porch.
I’m married with 3 boys ages 9, 8, and 3 and we need this house to live in and I don’t want to rent any more. The lady likes us alot because were “good christian folks” who act as responsible parents (we homeschool) so I think she might go along with something unconventional. She’s also aware (having lived in the house for 20 or more years) that there are houses (plural) on her very street that have been up for sale for two or more years and haven’t budged.
Sorry if I said too much.
Where do I start?