Divest or encourage me with my fantasy!
May 29, 2012 9:13 PM Subscribe
Lickety-split, down and dirty house-buying advice needed.
posted by mibo to Home & Garden (15 answers total) 1 user marked this as a favorite
OK, so all of a sudden I find myself in need of new housing. I have this pipe dream -- I found a foreclosure for $45,000.00. In a great neighborhood that makes it an absolute steal . . . even if it does need a total rehab.
I'm a professional with a steady job and income, but I don't have a lot of money on hand. How do I go about selling myself to a mortgagor? (That's what I need to do, right?) Will anyone loan me money? How did you start the pre-approval process?
I'm looking at the house in the morning, and I understand from looking around the outside that's it pretty trashed. Rotten casements, broken windows, water damage, crumbling masonry. I will not entertain the idea further if it truly uninhabitable (by Board of Health standards, not by a fussy realtor's), but if it is remotely habitable it would be so sweet to make it shine again. Like I said, I have steady money coming in to manage hiring contractors as needed, but I have faith in myself that I can figure out most stuff except electrical work. When you bought your foreclosed castle, what did you do?
(I have a back up plan for a rental by mid-June, so just indulge me with this fantasy, because it if is at all possible, I just might try.)