We saw a house in very nice s/d but the house is about 75% complete. It would take about $50-$60K to finish it. We are thinking that we can get a deal by buying the house as is and completing it ourselves. We have never been to an auction. According to county records, the house was estimated to take approx $200,000 to complete. Do you think this is a wise move?
Check the bottom of this site.
http://www.foreclosurenest.com/
Has a list of foreclosure auction companies with there local listings.
I would not trust county records. Financing for an unfinished home would be difficult and probably come under a short term note, not a full mortgage. We are having an online mortgage in Warner Robins, GA in April if you are interested in online auctions. If you are planning on buying an unfinished home, then I recommend having a trusted builder help you finish the home and arrange estimates and payment arrangements with that builder prior to purchasing the home. This will keep down expenses and prevent you from getting in over your heads.
Beverly,
Be prepared before you attend the auction.
Hire a contractor or builder to visit the site and estimate completion costs for you.
Auction environments are fast paced and can prompt you to make a bad decision if you are not prepared. Work out a budget including completion costs and have a number in mind before you bid!
Good Luck!
I do not know of any records that would indicate an amount to complete, even if so I would not trust anyone's opinon, you would want to do your on due diligence and confirm the cost to complete.
The problem would arise if you do not have cash or some way to fund the purchase and repairs, A mortgage company would not want to fund this.
The last thing a mortgage company would want to do is put there new money toward a incomplete house, unless you had a track record of being in the building business and many of those are no longer around.
If you can fund it and have the repairs done and still way below value, consider it.
Cost are always more than you think and take longer, My opinon would be to find one complete, there are those out there and at great deals with less headache and uncertainty.
I have done many inspections on house built new from 2006-2008 and never lived in and being sold by banks now at way below builders cost.
Good Luck
Didn’t find what you were looking for? Ask a question!
|
|
|
|
|||||||||||
|
|
|
|
|
|