Buying a Fixer-Upper
I'm looking at buying my first house (bungalow) that is significantly below the market value of other similar models for sale in the area (I have visited them), and I will be putting in an offer significantly below the ask (based on estimates +error to return the place to normal condition) The one I am looking at has been neglected for years, and will definitely have it inspected before any firm offer is made. I want to rule out any major structural/mechanical issues.
Does anyone else have experience dealing with houses like this? What are some guidelines to remember and what would be a good way to structure the offer (for both myself and the seller's point of view)?
*** For some quick numbers, lets say a similar model home sells for 300k, and I will need to spend 60k on mine just to get it to market value.
Does anyone else have experience dealing with houses like this? What are some guidelines to remember and what would be a good way to structure the offer (for both myself and the seller's point of view)?
*** For some quick numbers, lets say a similar model home sells for 300k, and I will need to spend 60k on mine just to get it to market value.
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