Opinions on this owner-financing available 3 bdrm house in lakeview? (1 Viewer)

[Purple Haze]

Fixer upper obviously. Just wanted you guys' opinion.

http://neworleans.craigslist.org/rfs/289871962.html

 

[Saintlady]

I think it has potential, just viewing the front of it, it's a cute house.

I wonder just how much work it needs? Have you seen it? What is the floor plan like? How big is the lot? What do the houses near it look like?etc.

 

[TPS]

That was a pretty nice neighborhood, but it's scary when you cross the London Ave. Canal and look up about 20 feet to the top of those walls.

Anyway, I wouldn't trust owner financing. I've seen some crooked stuff in the industry where they claim you defaulted and then foreclose on you only to re-sell the house again. I'm not thinking this is the intent of these sellers as they're just looking for some cash out of their storm-damaged house, but read the fine print. You're probably not gonig to get a Fannie Mae Mortgage and the protections it offers.

TPS

 

[SeminoleMarine]

Saintlady, where do you see a pic of the house?

Purple Haze, what is the current selling price of (already renovated) houses in the area? Unless the prices have jumped drastically, $95,000.00 for a "fixer-upper" seems high. To me anyway. I have some friends who bought several Lakeview properties in various stages of repair and paid nowhere near that. 1300 Sq. Ft. and only one bathroom seems small for that price. You have to take resale into consideration (at least I do when I buy) whether or not you are reselling it. The purchase price plus the cost to renovate minus the resell price, is your figure positive or minus?

 

[VVextreme]

Thanks for the heads up, I just bought it...

 

[Purple Haze]

I think it has potential, just viewing the front of it, it's a cute house.

I wonder just how much work it needs? Have you seen it? What is the floor plan like? How big is the lot? What do the houses near it look like?etc.

Not sure, just emailed a list of those types of questions to the owner. Also might get her bother to go down and scope it out.