I REALLY want to buy this house!!!!
I've posted about this house in the Buy/Sell and Remodeling Forums, but I need your opinion now.
I put in an offer on a foreclosure 1935 bungalow and had the inspection last week. It was not pretty :( New roof, lots of damage from the old roof not being replaced, plumbing and electrical is all messed up (it is up to date electrical tho), leaky dishwasher, sink and shower, damage to attic rafters (sagging and splitting), not enough insulation, garage door is broken, but the big problem is the foundation.
Also there is an old well in the basement. I cancelled my offer at this point but the bank had an estimate done for the foundation and well--$15-20K to fix the foundation and ~1K to take care of the well.
The bank said i could submit a lower offer but the inspector basically said this house is a "money pit" :(
Its on a lake and has a great yard and the neighborhood is ok---I still want it but am scared about all the work that needs to be done.......