Looking at another 1880's House...
Hi there, I posted a while back about a house built in 1823 the Husband and I were looking at, thank you so much for all of your help! We decided even though we love the house, it's too small and too pricey for our needs, even though I think it would have been a good home.
I have come accross another home, this one built a little later, in 1880. What I'm wondering about now is the price, now that you've helped me to know what to be weary of, since it is considerably lower than I would expect it to be. It is currently bank owned, and I looked up in the public records to see what the previous owner's paid for it...which was $30,000 less (in 2000, so nine years ago) than it is being offered for now by the bank. I understand this is probably due to the poor housing market in combination with the home being bank owned.
The red flag at the moment for me is that in the realtor's listing it states that the home qualifies for HomePath Renovation Financing. Does anyone have any experience with this? My Husband is going to call on the house tomorrow so we can view it, and see just what it is that needs work. But are these types a loans something I should avoid or are they useful? Is this how anyone here is renovating their old house? Also, are homes that qualify for these types of loans generally liveable before the renovations that are needed? Or do they only give out the loans to people buying homes that are in severe need of renovation?
Thank you so much for any help anyone can offer!