WHOA WHOA WHOA
Newsflash:
Ben and I have been looking into condos and homes for about 8 months now. Our main problem has been cost; though our loan offers haven't been that bad thus far: one for 180k and the other for 220k, both within a negligible percentage in terms of rates. Most of the homes/condos we've found that fit our criteria have been 180k and beyond.
Well.
We found a condo. It has 2 bedroom, 2 full bath (like we've wanted), fireplace, more square footage than we have now, and a few other things, most all of which fit our desired criteria.
The price? $125k.
You may be thinking, "Wow, what luck!"
Maybe, maybe not. We went and looked at this place today. Layout looks good, nice and open and whatnot. Here's the strange part. The current resident is wheel-chair bound, as a result, he took out the kitchen cabinets (no sense in having them since he couldn't reach them), as well as a wall between the kitchen and dinning room because it impeeded his mobility.
http://www.johnlscott.com/PropertyDetail.aspx?GroupID=42569776&ListingID=29841459&Sort=1
Here's the listing. Have a look.
The place needs a little bit of TLC (possibly new carpet, new cabinets, a few other kitchen renovations).
We wouldn't be able to get cash out on it, though. As I understand it, that means that we wouldn't be able to get the mortgage for more than what we need to buy the place so we could incorporate TLC costs into the mortgage (I have no idea how that all works, so don't ask). Originally this turned us off towards the place, HOWEVER, the real estate agent we're working through (Ben's sister's neighbor, really nice lady) said that its possible we could get a line of credit that would cover these costs at a low payment each month.
So, all and all, we'd be looking to spend $135k (after closing costs and whatnot), and then maybe 5k in TLC. A 'home' with the basic criteria that we've been looking for, all for less than 150k.
We'll know soon enough if we can do that line of credit dealie; if we can, we'll look more seriously at this offer. If not, oh well.
Oh the suspense!
EDIT: we're guestimating that we'd need maybe 10k for TLC (on the very high end, which is inclusive of desired things such as a new refridgerator, new washer/dryer, etc, as well as essentially needed things: paint, new carpet, etc). IF we can get the line of credit, then we'll consider making an offer on the place. IF AND ONLY IF we can get that.
There's potentially already 25k in equity in it (selling price 125k, comparable condos in the complex, same everything, selling for 150k, leaving 25k in equity)
Ben and I have been looking into condos and homes for about 8 months now. Our main problem has been cost; though our loan offers haven't been that bad thus far: one for 180k and the other for 220k, both within a negligible percentage in terms of rates. Most of the homes/condos we've found that fit our criteria have been 180k and beyond.
Well.
We found a condo. It has 2 bedroom, 2 full bath (like we've wanted), fireplace, more square footage than we have now, and a few other things, most all of which fit our desired criteria.
The price? $125k.
You may be thinking, "Wow, what luck!"
Maybe, maybe not. We went and looked at this place today. Layout looks good, nice and open and whatnot. Here's the strange part. The current resident is wheel-chair bound, as a result, he took out the kitchen cabinets (no sense in having them since he couldn't reach them), as well as a wall between the kitchen and dinning room because it impeeded his mobility.
http://www.johnlscott.com/PropertyDetail.aspx?GroupID=42569776&ListingID=29841459&Sort=1
Here's the listing. Have a look.
The place needs a little bit of TLC (possibly new carpet, new cabinets, a few other kitchen renovations).
We wouldn't be able to get cash out on it, though. As I understand it, that means that we wouldn't be able to get the mortgage for more than what we need to buy the place so we could incorporate TLC costs into the mortgage (I have no idea how that all works, so don't ask). Originally this turned us off towards the place, HOWEVER, the real estate agent we're working through (Ben's sister's neighbor, really nice lady) said that its possible we could get a line of credit that would cover these costs at a low payment each month.
So, all and all, we'd be looking to spend $135k (after closing costs and whatnot), and then maybe 5k in TLC. A 'home' with the basic criteria that we've been looking for, all for less than 150k.
We'll know soon enough if we can do that line of credit dealie; if we can, we'll look more seriously at this offer. If not, oh well.
Oh the suspense!
EDIT: we're guestimating that we'd need maybe 10k for TLC (on the very high end, which is inclusive of desired things such as a new refridgerator, new washer/dryer, etc, as well as essentially needed things: paint, new carpet, etc). IF we can get the line of credit, then we'll consider making an offer on the place. IF AND ONLY IF we can get that.
There's potentially already 25k in equity in it (selling price 125k, comparable condos in the complex, same everything, selling for 150k, leaving 25k in equity)