WWGRMD?

John Brown wrote: I will be going into this cautiously, I do not trust the situation with the son. But who knows, he may be selling it just to get out from the tax burden. I will know more soon.

please let me know if i can help...i've done alot of these. there is no better feeling than having the space you need for what you want to do. and it sounds like you have a good 'crew' lined up to help.

jon

The one thing I'll say is be very cautious about the PO.

(+1 for all the rest of the advice, including putting the car hobby on hold for a year- including to the point of liquidating your current stock for flexibility- it will be worth it in the end- just don't leave here)...

But for the PO- a person that works for my wife- she bought a repo house, and the PO ended up being neighbors- and a constant PITA to the point that it ended her marriage, and has caused numerous heath problems.

Free and clear, no view of PO's, etc- you must, must, must make sure there are no strings anywhere near this deal. And if there isn't- it will be the best thing you've done in a while (probably having a kid is #1, right?).

Eric

alfadriver wrote: it will be the best thing you've done in a while (probably having a kid is #1, right?). Eric

Well kids, marriage, Challenges, ankle reconstruction all fit above it but yes I get the point.

Is the property anywhere NEAR a flood plain or a brook? Mineral rights? Make sure you wil own ALL the ground under the property. Those in shale-oil rich PA will understand. Have a house inspector look it over. Not an assessor, nor a real estate agent. but someone where their only job is to look for deficiences in a home, then reports to banks, interested parties, etc... IF it ALL checks out, do it. You'll be building equity instead of throwing part of your money to rent.. First, save yourself some money and go to the assessor's office/town hall, and pull up the land sutvey on the property to see what is really for sale. With that roof mold may be your biggest hurdle. Especially with the house sitting like that. Good luck.

4cylndrfury wrote: My advice is to let a Realtor look at the situation and give you their advise.

NO, NO, NO... I couldn't disagree more.

Realtors are not appraisers. Realtors are in the business of connecting willing buyers with willing sellers. HOWEVER, they have a fiduciary responsibility to represent the interests of the one who is paying them (usually the seller).

They know NOTHING about determining actual value- they only compare it to other properties being marketed.

And the bank WON'T CARE WHAT they have to say. It is meaningless.

They will first be required to represent the interests of the seller (which could mean getting rid of you and finding them a better buyer in a higher price range). They will then get a commission for their "efforts", which will add more money to the purchase price.

If you find one that will represent you (whom you are paying), they will probably try to get you to sign a Dual Agency agreement (because undisclosed dual agency is illegal). Dual agency is when the Realtor represents BOTH the buyer AND the seller (and collect fees from both of them). Do you REALLY think they will be representing YOUR interests (or their own)?

After all that, the bank will then ask you to get an appraisal.

Do your OWN homework, and FORGET the Realtor.

BTW- I am a Realtor (and so is my wife). I'm also an appraiser.

jhaas wrote: ...I assume this out in the sticks for that kind of price. This means you can do the work on your schedule without permits and save yourself a TON of cash....

I don't usually disagree with Jon, but I'm going to this time.

If you are doing work that requires a permit, it DOES NOT mean you can do the work without one, regardless of the location. It is also NOT in your best interest.

State laws in almost all states require buildings to be built to building codes. Whether or not a local municipality enforces the law has NOTHING to do with whether or not you are required to do it.

You DO NOT need to be a contractor to pull a permit. All owners can pull permits for work on their personal residences.

So, you can do your own work (to save some money), but pull the permit.

Plus, in this scenario, you WANT a permit. You want to show every bit of data you can to impress the bank that you are doing a quality job. It will help your financing position. The local inspector's stamp of approval will go a LONG WAY toward making the bank happy. Failure to have it will almost guarantee an unhappy banker.

My FIL looked at the house. Early 1900s farmhouse that is in rough... no HELLA ROUGH shape. I needs a new house.

I am looking to see if I can install my 16x80 on the site