Any ideas?? - Posted by MasonNV
Posted by MasonNV on December 06, 2000 at 18:06:52:
My fiance and I have found a house we think will be perfect for our first home (we will live there). It’s a definate rehab…but only needs cosmetics…the carpet has piles of cat waste and it needs paint…the comps in the area are coming in at 95k.
The bank recently took this one back and is asking 79k for it…My fiance wants to get in and clean it up, I however want to buy at the right price…the cost of fix up are estimated at around 7,000, and since we will be living in it, holding costs aren’t an option…
any ideas about how to structure a deal?
I would like to be able to refinance and pull some money out of it within the next year…
I want the money to be there when I refinance…(I’m hoping to get 10K or so out of it, and still leave some equity there)
Appreciation in the area is at 8-10% a year right now…so it’s a good buy at the asking price, but I know there is a way to get a screaming deal…thats what I want, but I also dont want to upset Sara because I bid too low…and some one else got it…emotions are involved…yuck!
Where do I start?
Thanks in advance.