Nick,
As to the underground tanks, you’ll probably need to get these tanks removed or filled as you suspect. Go to the county and get the names of companies that do this. Get them checked for leakage and a firm cost to remove. Most states have programs to assist if there is a leakage problem. Just make sure that you’ve got this part of the equation dealt with before you close.
As to the rest of the deal, if you can get it for 20K and it’s worth 70K, you could probably get a hard money loan for the full amount. Also, maybe owner financing, put it on your credit card, then refinance or just get a regular loan. You don’t mention your financial situation, so there’s no way to tell exactly what will work. I personally would go for some type of arrangement that would make sure everyone was paid in full right away. In family deals, there is always the possibility of bad feelings from someone and it’s usually not worth that. Just pay an agreed on price or even a little more to make the family feel happy with the deal. If you get a good deal on the tank problem, pass some of the savings on to the family as well. It will create goodwill, and there’s no substitute for that in a family situaton.
Good luck,
BillW.
My mom and her siblings were left a property by and older sister about 5 yrs ago. This included a house and a store. It had been on the market and has not sold yet. It is assessed at about $70k and I can get for about $20k.
Now the thing is that the store has underground tanks that would have to be removed, or closed with sand. But it’s on 2.5 acres of land with a 4 bedroom house. Should I go for this?? What ideas on financing could I do? Any suggestions would help!!
As with the underground tanks, I can have them filled or removed at my expense. I am thinking that I could get them to deed me the property, refinance, fix it up, and then worry about the storage tanks.
I would also like to rent it out or have it Section 8. Now if I don’t remove the tanks, can I build on that site? Or will I have to get a survey if I leave these tanks in.
As with the underground tanks, I can have them filled or removed at my expense. I am thinking that I could get them to deed me the property, refinance, fix it up, and then worry about the storage tanks.
I would also like to rent it out or have it Section 8. Now if I don’t remove the tanks, can I build on that site? Or will I have to get a survey if I leave these tanks in.
The underground storage tanks are… - Posted by David Krulac
Posted by David Krulac on October 12, 2001 at 18:19:26:
MUCH more important than the deal. BEFORE you buy the property make absolutely sure that there is no environmental problem with those tanks. You could havea small problem or a gigantic problem. Be careful and seek out professional help.
Nick,
Just because the home is assessed at $70k doesn’t mean it would sell for $70k. Make sure you know what similar properties are selling for before you make an offer.
2.5 acres and a 4 bedroom house? $70k might be low.