[quote=walterwhite]I’m told it cannot be financed. But I guess I could get a construction loan? Would the bank selling it consider lending me money?
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Yes, scaredy, you will need to stay away from FNMA and FDMC. If you are a good bank customer, your OWN bank may have a construction loan available that they will keep in their portfolio. Some are convertible as “take-out” loans and will still qualify as a non-recourse (purchase $$) loan if you choose to exercise that (no or low-cost) option. It sounds like you will only need $50K to $125K.
However, if your prospective “scary fixer” is on a tract with less than a one AC lot, I would keep looking for a custom on 1+ AC that could be partially financed, if I were you. Here, you will derive much more sweat-equity from all your inconvenience you will have to live thru it getting the property up to marketability, should the need arise to sell it.
