Home Buying in 30034>Question Details

Patrice, Home Buyer in Chamblee, GA

Good buy in Gresham Park?

Asked by Patrice, Chamblee, GA Fri Mar 14, 2008

It is located on off of flat shoals not far from Clifton church rd.The home isa 4/3 split foyer 3400 sq ft home; 4 sides brick. It is on a 1/3 acre sloped lot.
The seller countered at $195K, they pay 3% and closing. Sounds good but the house has no stove and no place for one. I would have to buy all appliances other than oven and dishwasher. The kitchen would have to be re-laid out and a wall taken down to make sense and space for the stove. The windows have no locks, they are nailed shut. The A/C has been stolen. Light fixtures and mirrors gone, no hardware on any cabinets, banister to front stairs falling down, stairs in back must be replaced, etc. Is this a good deal or a money pit.

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Answers

6
Sounds like a money pit to me! Also, it will be hard if not impossible to get a loan for a house that is not in livable condition.
I'd keep looking.... and make sure to apply with a good loan officer who can pre-qualify you for a loan. Finally, your question is the kind of question that your agent should be able to answer for you. You need a buyer's agent if you don't have one.
0 votes Thank Flag Link Mon Oct 29, 2012
no thanks in south dekalb ok .......as if you were searching for your mom.
0 votes Thank Flag Link Sun Oct 28, 2012
Homes in need of renovation in the Gresham Park area are selling between $45k and $125k. I would ask your agent to run the comparables and if you really like the home you can submit an fair offer.

I would also look at the sales stats for fully renovated homes in the neighborhood so you would have a good understanding of what you could sell it for after the renovations are complete.
0 votes Thank Flag Link Mon Sep 3, 2012
I say thats a money pit please dont buy this house
0 votes Thank Flag Link Thu Jul 12, 2012
I've lived in this area for the last 20 years so I am aware of how the market here fluctuates. I would have to say no, that is not a good buy. You have to calculate what you also be spending in repairs and appliances. If the seller could not lower the cost to about or around $100k, I would find someone else. There are too many foreclosed homes in GREAT condition even bigger for a cheaper cost.
0 votes Thank Flag Link Mon Nov 7, 2011
Dear Patrice: In this market, to purchase a home for $195,00 with all that needs to be done is ludicrous. If you would like my help, send me an email at martinsandy@comcast.net
0 votes Thank Flag Link Thu Jun 26, 2008
hello ,5-7bedroom under 100k ? in south dekalb ?????
Flag Sun Oct 28, 2012
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