help with a house thats for sale.

[notorious_mem]

ok heres the deal theres a house that came up for sale in the town i live in.its a 4,000 sq ft house 3 story basically an old victorian mansion thats in prestine condition.wood floors original wood work 3 fire places its an amazing house inside and out.Outside theres a stone and brick patio with a built in fireplace and cabinet and sink for grilling.the patio has a built in fish pond and the patio is surrounded by a brick fence.off the patio is a rec house about 800 sq ft building ac and heat with a full bar and a pool table.the home comes with a one car garage and a horse barn all on 5 acres all this for only $132,500.(its in foreclosure)am i crazy not too go for this.

[getpaid]

Yes, are you bidding on it?

[Johny-too-small]

Yes. Get on that fast. Check the foundation for any water damage, cracks, or erosion. Also, check the pipes. Look at all the pipe connections for little leaks and corrosion.

[LatinoPR]

Hmmmm...i think that that house is hunted by evil spirits...check hystory from past owners.









LPR.

[notorious_mem]

ya im trying to get my house ready for sale,but my wifes still in dental school and moneys tight with a $55,ooo morgage.but i can ger an interest only loan for another year till shes out.

[notorious_mem]

Yes. Get on that fast. Check the foundation for any water damage, cracks, or erosion. Also, check the pipes. Look at all the pipe connections for little leaks and corrosion.

the foundations good but the house is winterized so i cant check the pipes.not sure about what to do there?

[notorious_mem]

Hmmmm...i think that that house is hunted by evil spirits...check hystory from past owners.









LPR.

holy crap evil spirits that hunt now that would be scary.lol jk

[StoneGRMI]

How much is the most comparable home for sale in the area going for?

[aadrenaline]

that size of house by me is worth over 2mil easy. wait 5 acres now if you live on the water with a 4000sq house on 5 acres, with a 800sq a/c and heat rec house..yeah probably more than 2mil.

damn id buy that in a heartbeat, so what if you have to dump 50k into it what would the turn around be by you?

[aadrenaline]

if you dont buy it where is it ill buy it!! or **** it ill get you the mortgage!!!

[notorious_mem]

to be honest ive never been in a house this nice.my house sold with one acre and 1100 sq ft home for 55,ooo.appraised for 65,000

[notorious_mem]

How much is the most comparable home for sale in the area going for?

i cant find a house thats comperable to this one.

[aadrenaline]

to be honest ive never been in a house this nice.my house sold with one acre and 1100 sq ft home for 55,ooo.appraised for 65,000

wow i never realized what houses go for around the country. my mother just sold her smaller house under 2000sq for $325k its just rediculous up here in the north east. but people are moving west so its bound to happen out there as well.

[notorious_mem]

COLONIAL BEAUTY 4375 sq.ft, 4 bdrm, 1.5 ba, formal dining, family room w/ FP & built-in marble table. Breakfast nook, sunroom,outbuildings, 4.7 acres. $132,500

[StoneGRMI]

If it's in foreclosure DOUBLE CHECK the paperwork. It could be AS-IS. In that case you never know, man. I deal with foreclosures everyday and some are turned into good investments and others have major issues that a quick walk through won't catch. It sounds like a good deal but I would pay an inspector to go see the property with you.

Where in the midwest are you?

[notorious_mem]

the master closet is called a changing room, with windows overlooking the yard with 2 walk in closets in it.

[notorious_mem]

If it's in foreclosure DOUBLE CHECK the paperwork. It could be AS-IS. In that case you never know, man. I deal with foreclosures everyday and some are turned into good investments and others have major issues that a quick walk through won't catch. It sounds like a good deal but I would pay an inspector to go see the property with you.

very very true.

[mavsluva]

Wow, over 4000sqft for less than $200K. You would never find a deal like that in Dallas. My house is 2200sqft and it was $248K. I hope that helps to cheer you up about your potential purchase.

[notorious_mem]

well im worried a little bout the payment but i make about 4800 to 5000 month i think i can swing it a year till my wifes outa dental school.

[StoneGRMI]

well im worried a little bout the payment but i make about 4800 to 5000 month i think i can swing it a year till my wifes outa dental school.

Unless you're in major debt or your credit sucks so bad that you get a horrible interest rate on a loan you can more than afford the payment making 5k a month.

[notorious_mem]

no major debt and i have good credit.im gonna try to go for this i think.

[mavsluva]

I would recommend you do whatever you can to avoid PMI. That may result in you having to do an 80/10/10 or even an 80/15/5 loan. Do not be forced to take on Private Mortgage Insurance (PMI). It rapes you.

[notorious_mem]

the kitchen has the oven and stove top built into the walls surronded by brick its awesome looking.the kitchen also has new cabinets.theres a marble table built into the family room bout 6ft by 3 ft with stone legs.

[notorious_mem]

I would recommend you do whatever you can to avoid PMI. That may result in you having to do an 80/10/10 or even an 80/15/5 loan. Do not be forced to take on Private Mortgage Insurance (PMI). It rapes you.

how can i avoid pmi.

[StoneGRMI]

I would recommend you do whatever you can to avoid PMI. That may result in you having to do an 80/10/10 or even an 80/15/5 loan. Do not be forced to take on Private Mortgage Insurance (PMI). It rapes you.

Agreed. You should be able to avoid it pretty easy if you can put %20 down. If you can qualify for a traditional loan you will avoid it but in some cases the lender will get you to pay a higher interest rate. Some people are doing a piggy back loan lately as well to avoid PMI. That's the 10% down, 80% traditional mortgage, 10% second mortgage. Your 10% second mortgage will have a higher interest rate but you will be able to pay off that mortgage a lot quicker while avoiding PMI which will allow the entire purchase price to be tax deductible.

[StoneGRMI]

Also, go to the city/township/village hall that the house is in and get all the information you can on the home. It's all public and all legal. Ask for the tax info, assessed values, SEV, building codes and most importantly the paperwork should contain the last mortgage on that home. Figure out how much is left on the mortgage and make your offer 5% higher than that (i.e. 100k left, offer 105k). When you're dealing with banks they typically just want to get their loan paid off plus the %5 that will cover their paperwork and possible REO agent.

[notorious_mem]

cool

[notorious_mem]

gunna go lift will b back

[StoneGRMI]

cool

Overwhelmingly information?

If you can't tell, I'm a Realtor and specialize in foreclosure. I work with a lot of banks so I know the way they work and think now.

[spywizard]

they are all over the place now.. got city water and sewer??/ then i'd go for it... but you can offer less depends on the competition of the property..

good luck

[Snrf]

that is a crazy deal, goddamn i wish i was a criminal still i'd buy it for cash

[PROTEINSHAKE]

wow i never realized what houses go for around the country. my mother just sold her smaller house under 2000sq for $325k its just rediculous up here in the north east. but people are moving west so its bound to happen out there as well.

you gada travel a bit & check out real estate in other states man...compared to what we are used to -HA......everything is soooo cheap.. taxes too.

[donniebrasco]

well put it this way, im about to buy a small 1 bedroom flat in london for £439,000, thats around $820,000

[Doc.Sust]

what are the houses going for in the neighborhood? what state?

even setting that aside, for how much space, at that price,you would ahve to be CRAZY to not find a way to do this deal! even if you by it, sit on it for 6 months and put it up for sale in 6 months you will make a huge profit! go for it, find away to make it owrk, it is the deal of a lifetime

[Doc.Sust]

well im worried a little bout the payment but i make about 4800 to 5000 month i think i can swing it a year till my wifes outa dental school.

with that knd of income your mortgage wiont be that high at all if you put down a good down payment, go for it! this is a once in a lifetime kind of thing

[notorious_mem]

i know i went and checked it out again.it has new windows throughout the house and new siding,i turned in a morgage application a minute ago.

[notorious_mem]

the house is in se kansas.

[notorious_mem]

tomorow im going to go to the court house to see what the appraisal value on the house is.im guessing 350-$400,000

[Doc.Sust]

tomorow im going to go to the court house to see what the appraisal value on the house is.im guessing 350-$400,000

i that is the price you have to buy it! you will make an almost instant profit and a huge one at that

[notorious_mem]

i that is the price you have to buy it! you will make an almost instant profit and a huge one at that

its a steal i know.i hafta sell my house first though.