Britney,

I would contact some waterproofing specialists and get at least 2 estimates for solving the water problem. Then, when someone looks at the home, you can tell them what it would cost to solve the problem. Then, of course, the house will have to be priced with this large expense in mind. But then a buyer or investor might still see it is as a good deal, knowing they have a property in a great location once the repairs are made. I live and sell in Floyds Knobs and know affordable homes are not that easy to come by. Let me know if you need more help.

Juile Knotts
Coldwell Banker McMahan
Floyds Knobs, IN

Telling your potential buyers about the 203K option widens the pool of buyers. Once you label a house a "Handyman Special" or "Investors Only", you limit the pool to buyers who immediately want to beat-up the Seller on the price.

At least with the 203K you have another option.

This program was created for fixer uppers like yours. Call a few banks in your area to find out whether they offer the program and give that info to prospects when they come to look at the house.

Sincerely,
Jacqueline Clarke
Enterprise Mortgage Group
Winter Park, FL

A handyman who can do the work himself or an investor may be your best bet. The problem is in trying to market your house to a limited buyer profile in this climate. Good Luck!

Dear Britney,

A buyer may be able to purchase your home with an FHA 203K rehabilitation loan. This loan rolls the cost of mortgage and the rehab costs into one payment. Depending on the type of work, they will have up to six months to complete the repairs. A general contractor is required to perform the repairs and the buyer will need to obtain a home inspection, permits, structural plans and other certifications prior to completing the purchase.

The repairs will be reviewed by the lender and will have to be approved in advance(during the loan) process

Hope this helps you with marketing your property.
Sincerely,
Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853