Buying a house that needs repairs
My wife and I are really close to putting a contract on a 2nd home. It is a double lot, both are lakefront, with a boat house. The house is small and needs lots of work.
The floors are basically plywood and some of the walls are not intact but the house is livable.
That is ok because we really jsut want the lots and will try to rehab the house temporarily but when we are ready to build we might just demolish it.
I know the seller will not do any major repairs but what things do i need to think about when preparing a contract offer?
My main concern is getting a mortgage which would be a second home for my wife and I. Is the house in too bad a shape. The real money is the land on the lake. That is the only contigency i think i may need. Financing.
What else should i say? Will get an inspection just to see what i am getting.
Any input would be appreciated.