Real Estate Questions

[Laura Zone 10]

I found a delicious little house that is in my price range.

It was built in 1899 and sits on a little less than an acre.

With a house this old, what questions should I ask?

[7thswan]

First make sure the electrical system is updated-esp the fusebox.(I'll be back in a few-gotta have coffee)

[DarleneJ]

Look closely at the foundation and flooring. We looked at an older home and because of water/freezing damage one side wall was moving inward causing the upper part of the house to twist. The jacking job the owners did was not solving the problem.

Make sure the basement is dry with no mold/fungus issues.

If it is on a septic, have it tested.

If it has a fireplace, have that inspected as well. (We just sunk $2,500 into ours to make it useable. Lesson learned...)

Also, know what is happening with the roof.

Like, 7thswan said, the electric.

Oh, also check to make sure it is not in a flood zone. We just moved to a whole new part of the country and found that many homes had been lost/left because of 100 year flood damage.

Not that everything will be perfect, but you need to know what you're potentially getting in to beforehand.

Good luck!

[geo in mi]

Take along a couple of marbles to test the floor levels. Insulation, termites, post & peg wiring, asbestos, lead paint. Air entry from outside cracks and windows, etc.

geo

[7thswan]

Yes, the roof, it might have layers, might not leak now, but the more layers it has it will need to be totally stripped which is more expensive.Be prepaired for more expense later. Our house is over 100yrs. old,but if you can see what needs to be done it might be well worth it to you to be prepared to spend down the road and for settleing on the price with owner. When you get real serious about the house,hire a private inspector.Cost about 200.00

[FarmboyBill]

Generally, IF the roof has more than 2, and sometimes 3 layers, it wont fly with a bank.
The wiring will most likely not fly also in a house that old. It will have to be rewired likekly, and inspected. You may get someone you know who can do that work and have it done cheaper than a contractor, OR You may not depending on the banks views, BUT, it WILL have to be inspected by a licensed electrical contractor. Get somebody heavy to go with you and walk the floors. IF you feel dips in them, you likely have trouble with termites, or mold/mildew.. Both are expensive to cure. Some banks require double pane windows.
The plumbing will have to be inspected and OKd by a plumbing contractor. along with, possibly the septic system.
U got a LONG road ahead of you sister lol. I finally gave up on a house built in 22

[Laura Zone 10]

http://www.zillow.com/homedetails/40...80661136_zpid/

This is it!

Thank you for all the input, please keep it coming.
I can't get to look at it today....super buried busy, and I have class tonight.
I will try to get to it tomorrow and take photos of the inside and all of the things mentioned in this thread!!
I also have an EXTREME mold allergy. I will know within 5 min if it's wrecked with mold!!!

I hereby name this house "Hope"!
(PS: my all time favorite number? 13. Wore it in all the sports I ever played)

[Conhntr]

Banks dont always get that detailed. If you do a conventional loan with downlayment they prkbably wont go into that much detail. The VA and similar loans tend to be more thorough. You can always do 2 inspections. 1 for the bank and 1 for you

[TheMartianChick]

I would get a home inspection if it came down to the time that you decide that you want to put in a purchase offer. Make the offer contingent upon the satisfactory outcome of the inspection.

[DarleneJ]

It currently looks as though there may be a sale pending. I hope that's not the case.

It looks sweet and nice barn/paddock.

Good luck.

[7thswan]

Hope that property line where the driveway is, is incorrect.

[mickie8]

Since it's a foreclosure and the price is so low (not that i know what the values in that area are - just going by the unpaid balance of the previous mortgage), I wouldn't expect the bank to pay for any repairs, but you can always try. I would, however, include a clause in your offer that allows you to pull out of the deal with no penalty if the inspection shows repairs of over a certain amount.
You should worry about foundation issues, make sure there is no knob and tube wiring, but I would consider a tin roof to be a big plus. My last house was built in 1886 and had a tin roof - it was awesome! As long as you keep it painted and in good repair it can last indefinitely. Also, be concerned about rodent and insect infestation.
You can expect some repairs but don't get yourself into a money pit!

[Ozarks Tom]

Open every window to check for settling. I couldn't tell if there's a basement, but make sure someone checks the crawlspace if there is one for cracked or deteriorated floor joists and supports. I would think over time the electrical has been updated, but back in the 60's aluminum wire was the rage. If it's there, it can be made safe but at a cost.

Our house was built in 1908, and we knew MOST of the problems before we bought. You never catch them all. If the foundation, electrical, and chimney are sound, what a deal!

[lemonthyme7]

May get into some money in the kitchen depending on what they mean by "Kitchen is ready to finish as you please" Says it needs updates and work which is better than when we bought our home and they said that you could "tear it down and start over or fix it up!" We fixed it up and it took a lot but we are happy with it. Others have given you better advice than I can. It is very cute!

[Jennifer L.]

It says 'sale pending' so you'd better jump if you want it. Very cute old house!

[whodunit]

We have bought three houses and never paid for or had an inspection done beforehand. We just used common sense and checked things ourselves. None of the houses were perfect and they all needed work, but they were warm, dry and in our price range. Remember, some people live in boxes, thatch huts, caves and other makeshift dwellings, so I think you can make this work. It's very cute, BTW!

[edcopp]

Where do I sign?

When somebody who is interested in a property uses the word delicious to describe the property, there is little hope for them, Enjoy your new (old) house.

[FarmboyBill]

IF there is a sale pending, then you've possibly probably lost it.

[Laura Zone 10]

I have to have a pre-approval letter on file before I can go inside and look at it.
I will take care of that tomorrow!!

[Rose1317]

Just from the looks of it, could it have been an old township school at one time? In Indiana they were built every two miles in a lot of counties ("no child shall have to walk more than 2 miles to school" is how the law went, as I recall). There's one in the next county to us that could be that one's twin, right down to the concrete block chimney on the outside wall.
Hope it works out for you, it looks like a sweet little place!