House purchase and code violations

[moneymaker]

Looked at a house today that was built in 1926 and had in my mind numerous code violations, just curious would that hinder financing? There were romex cables run all over the place, even going through a window (at least they did drill a hole in the window frame). Not considering buying but just curious if it would require an all cash purchase.

[spdrun]

Not necessarily: 203(k) rehab mortgage, portfolio loan, or hard money.

[EconProf]

Long ago I bought a tiny dump of a house in Normal Heights with such a sagging foundation that the roof line was uneven. No buyer could get financing so I paid $48,000 cash, rented it for $900, and sold it for an obscene profit a few years later. Most profitable buy ever, especially compared to some I picked up that are still underwater.

[Author]

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