Garage Guide
Buying our first house, need advice...?
My wife and I are looking at a foreclosure that has a pool, fenced backyard, 3 bedroom, 2 bathroom, 2 car garage, storage shed, and a fireplace. The house only has county taxes and the bank is asking $88,000. We had a house inspection and found some problems. We will need: a new furnace, AC, garbage disposal, refrigerator, front and back door, carpet, tile in the bathroom, 2 ceiling fans, interior paint job, washer, and a dryer. We know a lot of work is needed, but the house is in a great neighborhood next to a great school and is the perfect size for a starter house. We live in an apartment that has had shootings and fights, so we want to leave. A new house starts at $105,000 and have city and county taxes which are about $175 a month. County taxes are only about $50 a month We can get the fridge, washer, and doors at wholesale prices through a friend, and know someone who will give us a discount on carpet. After all of these factors, should we get this house Right now the house appraises for $115,000
Public Comments
- No. A foreclosure should be deeply discounted to make it worth it. 17k would not cut it for me.
- Sounds like a great deal. Do contact the electric company to see what the energy bills where when the place was lived in......(you might need new windows etc) Also go to the courthouse and see if the price is right meaning what did the house sell for before it was foreclosed on? You can get those records at the county courth house Use the report as leverage for offering a bit less based on the repairs needed. A furnace and ac unit will cost you about 2k-3k alone. Do you have this kind of money to purchase those straight away? If that is bad, it is highly likely that the water tank will fail too..... You can pick up a refridge for cheap and use that until you have the money for the one you want but the ac/heating unit you will need before you move in. See if the bank will take 5k less than the asking price...based on the repairs (not the refridge or washer) and see what they say....they probably wont agree but if you ask high they can negotiate with you..... What state are you in? I think you already have your mind made up so why not just go for it
- Ask your wife, she is going to make the decision anyway. It is not the house that makes the home, it is the people in it.
- The bank is asking $88,000 but what does the house really appraise for?
