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.
Well, we are considering buying this one. I called the listing realtor and talked to them, and it's a foreclosure. I asked if they would still sell the house if it under appraised, and they said they would. So we're really praying about this one. A similar house on the same street in nice condition was listed for $76,000, so I think we could make money off it if we got it cheap.
Here's the house: I think it could be cute with yellow siding and some flowers out front.
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