Posted by GL(ON) on March 15, 2002 at 13:56:33:
I would be very leery of a house burned that bad. The cleanup and repair cost is more than you would think.
20K down is too much. Also it is quite possible that the repairs would cost $100,000 or more.
If you can tie it up with a small deposit, like $100, and a contract with an escape clause, then you can show it to some rehabbers. If they refuse to touch it, unless at a very low price, get their bids and go back and renegotiate. Tell the seller it needs a lot more work than you thought and that you must cancel the deal (using the escape clause) unless they will give you a better deal.