Property Q&A in Pittsburgh>Question Details

Corena, Renter in Pittsburgh, PA

Is it livable- are renovations needed before move-in? Cost of monthly maintenance and property taxes? When can I tour the property?

Asked by Corena, Pittsburgh, PA Wed Jan 12, 2011

I am a college student at the Art Institute of Pittsburgh, me and my 3 roommates are looking to split the costs to buy a house for less than $40,000

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This question is about this property: http://www.trulia.com/foreclosure/3037218595--Panke-St-Pitts…

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Finding a property wont be a problem. Finding a lender who will work with you as students trying to get a loan together will be! Unless you are paying cash one of you will need to take the reigns and be the mortgage holder the rest may be able to contribute but only one with a current work history will be able to be on the loan. The odds of a lender working with 4 seperate students on a 40,000 loan as tenants in common will be slim to none. If you are serious and want to see how you could qualify to make this type of purchase I am happy to help you. But there is no use in looking at homes until you have a clear picture of how you are going to finance it. This willl be a challenge but if there is a way to get it done.. I'll find it. Doug Caye email at therockinrealtor@verizon.net I'm Happy to Help-
0 votes Thank Flag Link Thu Jan 13, 2011
Corena,
A quick check of the the West Penn Multi-List shows this property located at 570 Panke Street as under agreement of sale and it has been since 12/30/10. The property does need substantial if not total rehabilitation which could be quite costly. And yes there are other homes that are livable for under $40,000 however you should consider the positives and negatives of having four owners to a property.
0 votes Thank Flag Link Thu Jan 13, 2011
It's highly likely that the home will need renovations before you could move in. If you're looking for a place that you can live in while making repairs, I would not recommend this property.

There are livable properties for $40000 or less in Pittsburgh. You can set up your own search using the web reference link. I can also help out as your dedicated Buyer's Agent, when we can discuss your needs and financial details in confidence.

Call or email me so we can talk about your needs. There is no obligation to talk, and no cost to you until you purchase a home.
0 votes Thank Flag Link Thu Jan 13, 2011
I would not advise looking at that house. You can find other properties at your price range that would be a better fit for the 4 of you.

If I can help you in your search, please let me know.
0 votes Thank Flag Link Thu Jan 13, 2011
I wouldn't touch that property. There are decent properties that you can get for $40,000 and under. If you guys are serious, give me a call and I will start showing you properties right away. There are no charges for this service.
0 votes Thank Flag Link Wed Jan 12, 2011
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