Well, we aren't going to buying that house. The man decided he didn't want to
sell his house for only $35,000. I don't know what he's thinking--he's still got
it on the market. He's basically trying to sell his house for ten thousand
dollars over the appraised value and the buyer will have to be able to pay cash
for it. It doesn't make sense.
We looked at some other houses yesterday,
but we're going to run into the same problem. The first one they were asking
$53,000 for, and it needs a lot more work than the other house. It's not
difficult work, but it's a lot of it. The carpet stinks and it's threadbare.
There are holes in the drywall and spots where it's been smashed in. The trim
has been ripped off, the house needs siding (it's plywood painted blue!) and
there is no toilet. Doors are missing off of counters. It could probably be made
nice for about $7000, and if we were to buy it for about $20,000 it would be a
good investment. But they are wanting more than twice that! There is no way a
bank is going to lend that much money on a house in that shape.
The
second one looked nicer, but it's got structural problems under the pretty paint
and linoleum. The floors are bowing and some of th walls are buckling out. It
only had three bedrooms. There might be potential to make a fourth but it would
be a lot of work. And they are wanting $67,000 for that house! It's probably
worth about $40,000.
I'm not sure what we are going to do at this point.
I guess we're in no hurry to move. We'll just have to sit tight I guess and wait
until something comes along.
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