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Maya

07:41AM | 01/31/00
Member Since: 01/30/00
2 lifetime posts
Bvmisc
Found a great house in a great subdivision, which we would never be able to afford otherwise ... because it's condemmed.

Here's what the visual inspection condemmation letter states:

-Settling Foundation and Floors due to improper drainage around the foundation.
-Structural damage to the interior walls and roof
-Faulty sanitary plumbing stacks resulting in the deposit of liquid raw sewage into the lower level of the residence
-improper venting of the clothes dryer into the master bedroom

They are asking for $89,500 (their loan) the house in mint condition would be $125,000. Since it's condemmed they can't possibly hope for $89K ....

I was hoping to lowball them and use a FHA 203(k)loan for mortgage and repair.

My husband works for a builder .... has connections .... is this worth the trouble?

Thanks!

[This message has been edited by Maya (edited January 31, 2000).]

BobF

03:31AM | 02/01/00
Member Since: 10/19/98
223 lifetime posts
You are buying the lot. Get an estimate on shoring up the foundation. The rest of the house would have to be gutted and rebuilt from scratch. who knows what kind of insect infestation there is in those walls.

Maya

04:28AM | 02/01/00
Member Since: 01/30/00
2 lifetime posts
Thanks, Bob! Please don't hold back, how do you really feel??? ha ha ha ha

I guess that's a whole lot more than we were planning to do ....

It just seemed like a GREAT deal ... oh well. I do appreciate your comments though. Thanks!

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