I want to purchase a run down house. Need help!?

My wife and I found a home priced at $140,000, but it is a real dump! Water damage, broekn windows, the list goes on. We want to make an offer for $70,000 to buy and an additional $70,000 to makeover the house. Is this possible without involving a contractor to do the work for us? We have plenty of elbow grease to spare, but can’t get any straight answers from lenders that give us hope. Please help!

You will need to get a building inspection report, so you will know what expenses that you have to budget for. A building inspectors report is a good negotiating tool to back up your offer. Once you have a building inspectors report then you can get quotes from tradesmen on what it will cost to have the various jobs that you can’t do, done.
Your biggest obstacle might be getting lenders to give you a loan, as you might find it hard to get an Insurance Company to insure it if its not structurally sound and the wiring isn’t new. You would also need a wiring inspection report for the Insurance Company, saying that the wiring is in good condition.
Your best bet would be to go to a Mortgage Broker as they specialize in getting a loan that best suits your situation. You need professional people to deal with lenders and a Mortgage Broker is perfect! All the best to you and your wife!

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