Sreeram,

Have you considered a 203K rehabilitation loan to finance the home? It will allow you to purchase the home and do the rehab in one 30 year fixed loan. This may help you with your situation. I have written in detail about this loan and can hgelp you if you wish.

Please go to the references below to read.

Sincerely,

David P. Cruickshank
847-354-5455
davidc@ardain.com

Thank You Edith for your time and valuable inputs.

Thank you very much Wayne for sharing your thoughts and advice.

Dear Sreeram,
I am an experienced area Realtor, having worked for over 10 years out of Glenview brokerage offices and I know Glenview very very well....

You know I would love to give you a bit more solid advice, but in order to do so, giving me the address of the property would be extremely helpful..... (are you working with a buyers agent at this time, or did you just see the property on your own during an open house???) It is always best for a buyer to buy with a Buyers Agent on one's side, to do just that show the advantages and disadvantages of a property, due to construction, visible problems, location, size and what happened as far as sales and currently available homes happens in that area.

So please feel free to contact me directly via e-mail EdithSellsHomes@gmail.com with the address of the property...., the size of land is good and the age, depending on condition of the property is not a problem by itself.....Also opening to Lake, is not really a huge problem, I have listed and sold several homes on Lake, it just depends on the buyer and I will tell you more about potential advantages... but how did you determine how much money you need to spend to fix up the property?
50,60000 $ what are the items to be replaced/changed?

Once you e-mail me the address and some additional information, I will provide you with a pre-market evaluation, that will show you what has sold in the immediate area in that size and style and what is currently on the market, and I will make some suggestions what to do before deciding on making an offer.
But I would prefer to do so, directly to your personal e-mail address.... No bothering phone calls I promise.
I am here to help and earn your trust ....

Hope to hear soon from you
Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients!
Edith speaks French, German, Spanish +
EdithSellsHomes@gmail.lcom

Good Morning Sreeram,

It sound like you really don't like this home!

I guess let's start with location. Glenview in general has had some pretty high price points over the last few years, and 250K is definitely near the bottom of the market for Glenview. I certainly understand your concern with the proximity close to lake, high traffic, road noise, etc, but it's hard to imagine getting this type of deal without any drawbacks. In fact, there are some 1MIL + Homes on Lake, so I don't feel that the Lake Street Location will really hurt the value of a property at less than 32% of that price. What you're paying for is the community. I think it can be safely said that there will always be a market for affordable, updated homes in highly desirable communities.

As far as the money pit question goes, that is more a question for your Realtor (who is analyzing the homes future marketability) and difficult to determine without much more information. If it is the home I'm thinking of, it's got a great lot size, and has 4 Bedrooms and 2 Full Baths. This is hard to beat at the price your winding up at. The taxes for this property are also a bit high, given the value, but perhaps an appeal may be a way to reduce this number. It has a fairly large lot, which is great for value, and may offset the Lake Ave location.

If you haven't already, I would ask your Realtor what they feel the home would be worth completed, and make sure you have a home inspector detail the work needed. Afterward get a quality General Contractor to get you proposals on the work to make sure your 60 K top end figure is realistic.

Glenview has a great school system, and with your 2.5 year old approaching school age, not a bad choice.

You should also be looking at homes you could buy for 320K that don't need any work to see how they stack up to this one. Remember to factor in the taxes as part of your equation.

FYI, the home I'm looking at on Lake is under contract, so I hope this is you if you want it, and best of luck.