Posted on: 11th Aug, 2010 10:48 am
If a house appraises for $26,000 and it is said to need $25,000 in repairs to be livable. What is the true value I should offer the bank?
You would need to know the comps in the area. If the rehabbed value is
at least $55,000, then you are OK buying it. Just be sure that your
cost of rehab is what you think it will be, as rehabs often go higher.
at least $55,000, then you are OK buying it. Just be sure that your
cost of rehab is what you think it will be, as rehabs often go higher.
In that price range, you'll not have any good fortune in seeking a mortgage, if that's your plan.
What to offer? Rock bottom, of course.
What to offer? Rock bottom, of course.
