Unexpected Homebuying.

I may be a first-time homebuyer and need some advice on what to do next.

This started when my mother passed away a few months ago. I was living rent-free in a property they owned. Previously, my step dad told me that the property was mine, so I didn't put any thought into it until this week when he said he needed to sell it to pay off debt they both accumulated.

The home is tax assessed at 25k but as-is the house needs thousands of dollars in repairs. We have two current projects they started but never finished.
1. Bathroom (some walls down to studs)
2. Bedroom (trim needs reinstalled, minor laminate flooring will need done)

One major problem The addition to the house needs demolished. I'm currently working with a construction company on an estimate.

He said he would do 24k on the house, but looking in my area (small town population 500) two houses are on the market with similar bedrooms and area. one is selling for 26k the other 18k. So I don't know if this house is priced right. I have a feeling it's overpriced.

What would be a good next step? Should I hire an appraisal before going to the bank for money? I'm not worried about the bank approving me, but I would like to apply for FHA mortgage to reduce my downpayment since I'm strained now to have the upfront cost needed. (5k in savings)

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Purchasing a home with leaky roof and extensive mold — question

Purchasing a fixer upper, or interested in it. Currently the home has a very bad roof problem and the upstairs has been getting soaked directly by rain and snow, leading to extensive mold in the structure.

My question, is cleaning up the mold going to be a simple operation that I can undertake? It says online just bleach + water can kill mold. So it sounds like just get the roof fixed and then kill the mold and then it's good to go?

Does anyone have experience in dealing with a home that has had extensive water damage and possible mold spread throughout?

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Satisfactory receipt and review of a written statement from co-borrower regarding employment history.

Can someone explain to me what this means? I'm a first time home buyer and was asked to provide a written statement of employment history. I'd ask my lender, but unfortunately her less than spectacular assistant is holding down the fort while she's on vacation.

Is there template language I should use or should I ask my lawyer to draft something based on my info? I have more than 2 years of employment in my field, so it shouldn't be a problem. My employer also verified that my new job was secure.

I did have one job for 11 months shoehorned inside that history which I know isn't ideal (I only left because I had a better offer at my current job with a salary increase) but we were told that wouldn't be a problem during pre-approval. It was in the exact same field though.

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Would you purchase a house beside a business?

Been on the hunt for a house. Stumbled across one that meets all of my criteria and then some. The only downside is that it's beside a business – a shop that does vinyl wraps for vehicles. It's only open Mon to Fri 9-5 and closed weekends.

Our realtor strongly advised against it (to the point where he said he doesn't even recommend looking at the property). He said that while right now the current business is quiet it may sell and become a regular repair shop down the future – AKA very loud tools through the day.

So I've come to ask you – would you buy a house beside a business?

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Questions to ask at an open house

Hey Guys,

I'm a new LO, and in an effort to show some value to realtors I have been going to open houses for the past few weekends. I'll bring by snacks/beverages and engage with potential clients passing through if the hosting agent is occupied.

What I noticed really quickly is this– I ask boring questions that don't facilitate great conversation. E.g. What brought you in today? What do you like about the house? Are you actively searching, or more just gauging the market?

I thought you guys might have some tips/tricks/questions that are better at leading to more in depth conversation and ultimately build relationships.


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3 Friends Trying To Buy First Investment Property…TOGETHER [Need Advice]

3 Friends are looking to move out at the end of the year. All employed, will be saving money, to buy a small cheap home for around 15k-40k. We plan to pay cash and BRRRR (Buy, Rehab, Rent, Refinance, Repeat). We want to do this with foreclosures until we have the networth and capital to buy something really nice in better areas.

So of course we have concerns:

  1. Is it possible to split a house 3 ways and own 1/3 of a home??
  2. Can a mortgage be split 3 ways? (Meaning all 3 obligated for their portion)
  3. Would it just be better to scrap this idea and do this solo?
  4. What would you do?

Me and the two other guys have been friends for 10+ years and have always wanted to live together and make money together. We think it will be a great opportunity but often get a lot of negative feedback.

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