This particular property is being sold "as is", meaning the seller will not make any repairs. Homes such as these will not qualify for all types of financing, such as Federal Housing Authority (FHA) and Veteran's Administration (VA) loans. These loans are very popular today because they require little money down, as little as 3.5% of the purchase price.
"As is" properties tend to be better suited for investors, rather than as a primary residence. If I can help further, by providing financing options or showing you other bank owned properties, please let me know.
It's easy to wonder what's wrong with some of these properties that the prices are so low. It's really a product of the glut of houses available now with the mortgage crisis and the tightening of credit from the banks and mortgage companies. I've seen them as low as $7,000.
Obviously these houses are going to need some work and mostly they are in areas that may not be as desirable. That's not to say that you can't get a great deal on an owner occupied house in a decent neighborhood. That's why you need a neighborhood expert to assist you in your house hunt. If you are looking for a property to purchase, whether for yourself or as an investment, it makes good sense to work with a Realtor as a Buyers Agent. The seller (in most situations) pays for the Realtor, so as a buyer there would be no cost for using a Realtor. In these situations where you are looking at foreclosures and properties that need repairs it would be foolhardy not to use a Realtor. Call me or email me to get a free report and a list of foreclosures and bank owned properties, or for more information about how the whole process works.
Visit my website and search for properties under $50k to see how many are for sale in the areas you are interested in. I'd be more than happy to assist you or refer you to someone if I'm unable to meet your needs.
There is only one photo on the MLS and if you'd like to see that photo, plus the listing info, send me your email address to email@example.com and i'll get the mls info right off to you.
the one photo up close can reveal a bit to you about the house. looks like it needs some attention. a closer examination would be necessary to see, as you asked, "what is wrong with the house".
good luck and let me know if i can help you out.