Foreclosure...cheap but in bad shape
I've been lurking around this site for a while.
Last week this house came to my attention.
Sorry if I've posted this link incorrectly. Hopefully you will be able to follow it.
It is in a wonderful neighborhood and I feel has great potential. We went to look at it. It has been trashed. It's filthy and windows have been broken out. It's in a general state of disrepair.
We are also first time home buyers. I'm not sure if this might be too much of an undertaking for us. I have no idea where to even begin in the process to see if this could work for us. We are not DIY people...not for lack of effort but more from lack of knowledge. We would for sure need the help of a contractor.
With financing...do any of you have experience with buying a house like this with enough in the loan for repairs/reconstruction? The real estate agent mentioned at 203k loan and referred me to a mortgage broker who hasn't responded to my email as of today.
Any advice would be greatly appreciated.
Here is a link that might be useful: House