Hi Jeff,

Unless this is written up as a "as is", the seller in PA usually is responsible for the CO (Certificate of Occupancy). So, if that is the case here, it might be worth going ahead with an inspection. How handy is your son?

Thing is - this is one heck of a buyers market - and even more so in a tertiary market like Altoona. If he can find a decent house that doesn't need much in a good neighborhood with a good school system - with a distressed seller ... that's a gem. And he should buy more house for his money - the payments on $30,000 are SO cheap.

An idea might be for him to buy something like this: MLS 0024670. And then rent out some rooms to pay his mortgage. So long as he makes enough to buy a better house now at a discount that's perhaps his best option.

Having an inspection done will only help him. I know of one other property on 14th Ave. That is for sale for 18.5k I'm saying its worth it, Idon't know. Your son should look at the homes onthat same block also when consedering the value. Would he have a problem living in that area? If not and the inspection doesn't turn up more than he can handle, I would say go fore it. Don't be afrade to offer less!!!
Good Luck!

The only value the house has is what it can be sold for. $5000 if your son gets his way.

How could buying a house that you have no idea what repairs need to be done be a good idea? What if the repairs cost $10000, then you just paid $15000 for a home appraised at $12000 in a declining market. Your son isn't a Stock Broker is he?

Never buy property without having it inspected for every possible added expense by someone quallified to do just that.

The other side of the coin is the inspection may tell you that it will work out to be a good buy in your sons situation and you'll sleep easier. Get the inspection!!

He should check with township building codes department that the property has not been 'red tagged' i.e. Condemmed !. It may be and somebody simply pulled the notice off the door. If it is condemmed he will not be able to get any public services turned on until the problems as seen by the inspectors are resolved ( which can take time in itself. Additionally, it seems 7 grand in profit is not that much considering the undoubted headaches he'll encounter getting it 'up to speed' . Hope it's not too late ! :-)

HI! I would NEVER buy a house without an inspection, no matter what the appraised value is.

He should consider things like condition of the foundation, floor supports, termites, water damage, windows, heating system, water pipes, electric (fuses vs. knob and tube).

I can see how he would want to purchase a house for $5,ooo, but by the time he puts all the money into the house, it maybe more than if he were to buy one already completed. OR the house may be so magnificant that when he goes to sell it - he may get WAY less than invested do to the location.

He should also think about how much he knows about the above things. If he is VERY handy and knowledgeable about electricity, heating and plumbing - those tend to get VERY expensive. Also does he have friends that will be able to help him in any of those areas? If not, it may be "more than he can chew" doing it alone or with very little help.

Another thing to think about is how much cash he has readily available to put into the home. One thing he can do is estimate the cost of finishing the home before and especially after the inspection. He can make a list of the things it needs, go to Lowes or Home Depot (Altoona has both) and start adding up the estimated cost.

Remind him NOT to forget about the "little stuff". Shower heads, ceiling, floor & window trim, sinks, fixtures, ceiling fans, harware and accessories for the cabinets, paint, doors, etc.... Those "little things" add up in hurry.

I'm not a proffesional in any way, but when i bouoght my house and it needed a few things - it cost us more than the house was ever going to be worth and we lost alot of money.

I hope this helps :)

I would contact a buyers agent that specializes in that area. That way you can get an independent assesstment from someone that could potentially represent your son. It might even be worth paying that realtor if the seller does not agree to pay a commission. Or you can contact a local appraisal person that could do the same thing. It seems like it would be a wise investment to make sure the decision is a wise one or not. Good luck !