Their asking prices are not what the value is. You should research sold comps in the area to figure out what the real value is. You also need to know how much the repairs will cost and how much your financing will cost. If you don’t have the cash to buy it outright, you’ll need to work on lining up some financing or a partner.
I know it gets exciting when they reduce the price by thousands of dollars, but it may have been overpriced by thousands to start with.
Make SURE there is no health department "orders’ ont he property to rid it of lead paint. That’s what happened ona property I recently bought. And they dont let YOU rectify the problem, you must use a lead abatement contractor. Guess what I just became?
What is your concern about lead paint? Much of the US housing stock has lead paint. People can safely live in homes with lead paint. Are there any city or state rules that you are concerned about? Much of my life has been spent living in homes with lead paint or owing rentals with lead paint.
As Ski pointed out there is another post about HUD and resale restrictions. It is not a blanket 1 year ban.