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03-24-2008, 03:59 PM #1
Renter
- Join Date
- Dec 2007
- Posts
- 6
foreclosure question
i lease a home thats under foreclosure whats owed is around 180k the home needs some repairs and some updating id say roughly could easily spend 80k-100k would it make sense to make an offer to the bank say around 100k and get a loan for 200k and repair and update the home with some expansions done as well? should i get it inspected and find out what the real cost would be as well as a contractor?the homes are selling right around 280k-310k in the neighborhood
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03-24-2008, 05:47 PM #2
Mansion
- Join Date
- Nov 2006
- Posts
- 1,232
Not sure if you'll get the repair money to be honest...
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03-25-2008, 03:52 PM #3
Fixer Upper
- Join Date
- Mar 2008
- Posts
- 93
an inspection would be a great starting point, then I would get several different estimate from GCs and go from there. If you think your home has that much equity, you might consider some type of Home Equity Loan to update. Contact a realtor to get some solid estimates on comparable homes that have sold recently. Realtor can also give you insight into different options on repairs.
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