“This is NO Dream House”
After reviewing the home inspection it was obvious this home was a mess and literally not livable. We would never be able to get a lender to do a mortgage. I spoke to the clients on three different occasions and each time they wanted to figure out a way to buy the property. They kept saying the home had character and at some point they could fix the pool.
The renovation costs to make the home livable, was estimated near $100,000 but they felt they could do the work for less. Between the purchase price and the estimated renovations we were far above the FHA county limit. They just barely had enough money for the down payment, closing costs were still a problem and as far as any costs to renovate, they had no clue how that would happen.
They both made it clear they were going to search for some alternative way to purchase the home in spite of my recommendations that the purchase of this home was way over their heads. I got this email from them:
It is my understanding that you spoke with Rich, and had told him that due to the condition of the home, as well as the inoperable pool and the outbuilding, that we would not be able to get a loan for the house.
What would you do?
Image courtesy of stuartmiles/freedigitailphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.