How to make an offer on a house that needs extensive work
My husband and I are considering making an offer on a house that obviously needs extensive repairs. How can we determine the amount we should offer given its current state? Can we do an inspection prior to making an offer and get estimates for the repairs needed?
For starters, the house was in need of structural repairs due to termite damage to joists/sagging floors (is that a red flag that should make me run from this property?). The seller is currently replacing the affected joists and hardwood floors. I'd obviously need a thumbs up from a structural engineer before buying this house.
Beyond that, there is a laundry list of repairs and renovations that would be needed. I have an idea of what the house would be worth once it's restored, but am not sure how much $$$ it would take to get there.
What would be the best way to proceed?