Hello-
I am in the process of buying a house that was repossesed from the bank... The house has no power to it and the water system is currently winterized... That means I can't tell if the furnace is OK, I can't tell if the well has water in it or if the water system is OK, I can't tell if the septic system is OK either... WHat can I do to make sure I an not buying more headaches than I know what to do with? It is a beautiful house that needs a little TLC and it will be perfect, but I am a bit leary of these three main items... ANy help or suggestion would be greatly appreciated. The house is located in Northern Ma... and right now it's a steal, but If I need a new well, septic, furnace... it will be a giant money pit. Thanks for your input.
2007-03-19 04:02:32 · 3 answers · asked by Big Man Shrinking 1 in Business & Finance ➔ Renting & Real Estate
Make a conditional offer, that is, If the above mentioned items are not in good working order, adjustments will be made to the purchase price or the deal is off.
2007-03-19 04:26:17 · answer #1 · answered by surffsav 5 · 0⤊ 0⤋
I too have been recently looking at repo's, tax buys etc.
Your safest bet is to find out how much you can make if everything is in perfect order. Then figure out how much it costs to replace everything you are concerned about.
IE. Septic, well, furnace, electrical upgrade....may all cost $30,000.00
If your house is worth 20%more than these costs plus the cost of purchase you are laughing. Any less than 20% you could still make money or build equity, it just takes longer & may cause some worry with market fluctuation.
I would be more concerned about leins, taxes or title issues rather than property itself.
Good luck
2007-03-19 11:18:19 · answer #2 · answered by freshex2001 2 · 0⤊ 0⤋
Get a home inspection and find out from the bank if you can get the electricity turned on temporarily
2007-03-19 13:13:41 · answer #3 · answered by KathyS 7 · 0⤊ 0⤋