Want To Buy A Home But Just Not Sure How! Help Please!

Hello All,



There is a guy who is trying to sell me his 2BR house for $7K! Me and a friend looked the house up and the city has it appraised at $51K! The property is currently vacant and the city ordered it condemned. I have no money and my credit is gone with the wind..lol! How can I buy this house from him without taking a risk of some sort? Is there a way I can use the house as collateral since it is appraised far more than what the house is selling for? please help!

Thank you all in advance!

Comments(3)

  • northwest0111th October, 2009

    Show the tax information to a partner and make a deal

    Lock up the property and turn it to a investor

    But first i would find out why the city wants it tore down

  • ITBInvestor12th October, 2009

    STR8LUCKY, I like your overall thinking, but I also think your plan is missing a couple important parts.

    #1) is the property really worth $7K? Are you basing this on comparable sales? Were they also sales of condemned property?
    #2) at a minimum you need a building inspection to know the reasons behind the condemnation
    #3) what is the city schedule and next action regarding this property?

    The 90 day deed thing... I like the concept, but the above may be more practical. See also http://www.thecreativeinvestor.com/ViewTopic63230-24.html and http://www.thecreativeinvestor.com/ViewTopic63238-24.html about Akron. Also search this site for other posts... Make sure you know (or have a guess with a good thesis) the total cost of ownership, including repair costs and any required remediation.

    There are probably a lot of other (not condemned) property that would be worth considering....

  • johnnyloans1st February, 2010

    whatever happened with this deal?

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