[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.
Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.
Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?
I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]
Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.
