You said yourself that the family room was taken from the sf of a bedroom. Had you ever considered whether this property might qualify for an FHA 203K loan?? You would put little down and save cash for future repairs/rehab (as well as the cash you are eventually loaned over and above your purchase-money amt which could be used for repairs/rehab).
Had you ever thought of moving this (probably 19′ x 19′) “substandard garage” to the ample backyard? How much $$ do you think this takes?? Try $25-$30K.
Why don’t you use the current inspection report on file to attempt to obtain this “estate” property in the $350-$375K range??
Think outside of the box or DRIVE. Those are your choices, here, the way I see it.[/quote]
Hello, you haven’t been in there! I didn’t say the sf was taken from a bedroom. I said the family was an addition. Also one of the bedrooms seem to be an addition. This was originally a 1100-1200 sf SFR.
GO SEE it, look carefully up and down and then talk. The floorplan was really bad. Forget about the garage – we could live with it. That wasn’t the deal breaker Let’s even assume the foundation was fine and the termite damage was limited – which I don’t think was. I described them only to make a more complete report not to argue about it.
You dismissed my comments about what WAS the deal breaker and talk about me not thinking about out of the box on minor points – when YOU have NOT been inside the place.
A lot of walls would have needed to be torn down and the floorplan completely redesigned to make 3 suitable bedrooms and decent sized kitchen. It wasn’t simply moving only one or two walls to partition better. We thought about it, we even looked to see if we can make an additional room to the house. So THAT was the deal breaker.
I don’t think that tearing down the house and rebuilding costs only 100K do you? I highly doubt that one could get the house for 350K. Only the land is worth more I believe, in UC.
No thanks, I’ll pass. Let other people who don’t mind the hassle do it. Minor cosmetic fixers, this was NOT.
There will ALWAYS be other houses. If not here, then someplace else. Why go to such extreme lengths to fit a square peg in a round hole?
