Real Estate Questions

Wow that is cheap and cute! Makes me wonder if theres no kitchen in there at all. But I know real estate prices are a bit more sane elsewhere.

Go get an approval letter, if this falls through then you are ready for the next one. And keep an eye out for this one popping back on the market, we saw a lot of foreclosures go on and off the market when we were looking.

Our last house was built in 1905, was solid as a rock. It had a new electrical panel, but no GFCI plugs and obviously very old wiring in some of the rooms, but the bank didn't seem to care. I have lived in a lot of old homes and a marble would roll away in all of them! Look closely at the brickwork and foundation. If you can find a house inspector who specializes or likes old homes it would be worthwhile. Some of them only do new homes and know nothing about old ones.

Sucks to be me.
I cannot get pre-approved.
Because my name is on my current mortgage, and I don't make a bazillion dollars a year, I cannot even get pre-approved to go look at the house.

I have skrimped and saved 10% down.....cash.....and STILL cannot get pre-approved.

This just sucks.

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I am sure of two things: There is a God, and I am not Him.
The movie Rudy

Good luck with 10%.. I know a lot of places are still asking for 20%

Sorry it's not working out for you... Any more, it seems you almost need to be related to the loan officer at the bank to get anyone to listen, much less think about working with you..

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Never let your fear decide your fate!
Kein Mitleid für die Mehrheit

A door is being held closed as you are directed along the trail. You are not without a plan. Stay on your big trail and keep saving. Doors opening ahead. Feel good in your plan.

Try another Mortgage company and another agent. Don't give up! If it's livable, it's definitely worth what they are asking! This is pretty close to where I am, and I know that you just don't come by properties for that price around here. What type of loan? I bought a modular home several years back and it was like pulling teeth to get anyone to loan me money on a modular.

Try another method..ask for owner financing, look at other companies. Google "hard cash mortgage" and see what you find. There are ways and there are ways..do not accept "no" from your bank. Don't give up. Look at the problem in a different manner. Sever yourself from your current mortgage if possible, if not, can you use the equity in your current home to buy a second home? Review all possibilities!

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Be yourself - no one can tell you that you're doing it wrong!

It is gone.
Someone put a cash bid on the place....

__________________
I am sure of two things: There is a God, and I am not Him.
The movie Rudy

Then it wasn't the right one, we've been there, and were later glad it didn't work out.
We found that there was a lot of hidden $$ repairs. The right one will come along

And it's on State Road 13....that's a good omen.
I grew up in Alex and Anderson.....where the heck is Hardscrabble? I know where Lickskillet is, but Hardscrabble?

Insulation will be a factor. Most all brick houses don't have any, unless there was an update. Same for wiring--could be peg & tube, or braided Romex. If the house still has the original plaster walls, that will be your clue. Wallboard could indicate an upgrade of these two factors.

Best of luck,

geo

I was a realtor, and then we ran a remodeling company. These are the questions I'd ask to start-
What age and condition is the wiring? 110 or 220? Fuses or breakers?
What kind of insulation is in the house, nd is that throughout or just in some places? Has it ever been remodeled- does it have sheetrock walls, plaster walls or horsehair walls? What type of foundation does it have? While it is a little scary to go into a basement with fieldstone foundation walls, they are very long lasting- more so than anything else, although they don't make for a "finished" basement, more of a dirt cellar. What condition is the cellar and foundation- are any of the walls slumping, bowing or cracking? Is there water coming through the floor or walls? Does it have a sump pump? How old is the plumbing? Copper pipes or plastic? Is it town or well water?
How is it heated and how old is the furnace?
How old are the windows? Any rot- sills are especially vulnerable. What kind of siding, when was it installed, and is there old wood siding under it if it's metal or vinyl?
Roof- age and condition. I'm being psychic here and guessing that it needs to be replaced. I'm not sure I've ever seen an older home with a roof that didn't need to be replaced by the new owner...
Chimney? Working or closed off? Tilting? Mortar in good shape or need to be repointed? Capped? Partially removed but still standing in places? How many flues? How many heat sources using those flues? How many are allowed in this location (some places have rules about how the flues of a chimney can be used, and many houses do not conform to those rules... and it's up to a new owner to make them conform).
Septic or town sewer? If it's septic, when was it installed, when was it pumped, what size is it? Is it in a state where the septic needs to pass an inspection for a transfer of ownership?
The best advice I can suggest is that you get someone who is an EXPERT to walk through and do an inspection. If you know someone who does remodeling, rehabbing or serious older home repair work, ask them for an informal inspection. If you don't, shell out $200-$500 for a home inspector (if you aren't pretty sure about the place I'd find the cheapest person available, if you are serious then go for broke and pay someone more to get really thorough inspection) and get a solid idea of what the costs of buying this house will be. If you are serious but don't know a good inspector- call local real estate agents. They've worked with every inspector in your area and will be able to recommend the most thorough or the cheapest person. It costs money up front... but it can be much cheaper than discovering all sorts of VERY costly issues after the closing.

Take a notebook and write EVERYTHING down. You will not remember the answers to all of your questions later on.

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They shall all sit under their own vines and their own fig trees, and they shall live in peace and unafraid. Mica 4:4

A septic and a well are always big dollar items, know what is there and what your location requires.

The wiring.

The roof.

The basic mechanical - furnace, appliances, air conditioning, pump, etc.

Basement look good, or damp, or?

Does the land drain, or are you built in a flood plain, or....

Insulation.

The basic is.

Paul