I want to purchase a home,but, I am curious if it is feasible in purchasing a home that the windows are boarded up and the house is surrounded by a tall fence. There is no for sale sign in the yard. I have passed by this house for one year and there is no sign of it being fixed up. Is this something I should investigate further or am I just wasting my time.? Knowledgeable answers please.
2007-01-27 04:45:32 · 2 answers · asked by peaches and cream 2 in Business & Finance ➔ Renting & Real Estate
Yes, you can purchase it if the owner wants to sell, but since you don't know who the owner is, that would be difficult. You could do a title search on the property through your county (you need the address of the home). This home may have already been condemmed, or it may be being held in trust. In any event, you will need to find out who owns the home (it may be an individual, a bank, a local governing body, etc.) and proceed from there. Sounds like it needs a lot of work, however, and you have to take that into consideration. Sometimes, it is more economical to merely bulldoze and begin again, unless of course the area has been rezoned for something else. A lot to consider before you buy.
2007-01-27 04:52:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You may be able to get a loan to purchase and restore the home. If you are thinking of tearing it down, it isn't possible to get it funded, so you will have to pay cash for it (I just tried doing one of these loans for a customer and could not get anyone to take it). Most of all, I think you would have to find out just how much money it will cost to repair it. It may not be worth the investment, but at the same time, it may be worth it to you if you plan to move in. I think you first step should be to find out if it is for sale and how bad of shape it is in. You will definitely want to have the foundations and everything inspected before purchasing too.
2007-01-27 04:56:38 · answer #2 · answered by moonman 6 · 0⤊ 0⤋