Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.
If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.
scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!
Some pointers from my past experience doing this with tract houses:
BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.
Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).
Make sure at least one complete bathroom is completely operable before you move in.
Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”
If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!
Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.
Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).
Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.
scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.
