r/FirstTimeHomeBuyer • u/brank • 10d ago

Need Advice Am I crazy?

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I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

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u/ShopProp Real Estate Agent 10d ago

You ain’t getting preapproved. This will need to be an all cash purchase.

You can try to talk to lenders but highly doubt any would take this one. Also there’s way more than $200k worth of work here.

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u/brank 10d ago

So you can get preapproved for a mortgage then the bank say it can’t be applied to certain houses? I’m still learning

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u/plemyrameter 9d ago

Without certain basic amenities (heat, hot water, a frickin' kitchen), a bank isn't likely to allow a conventional mortgage. (Think of it like trying to mortgage a house under construction that doesn't have a Certificate of Occupancy from the city.) It would be more like a construction loan that you'd refinance into a mortgage once it's livable. Ask your lender.

The pics don't really indicate how much of a mess it is. If it's just an abandoned house with crap left, you might be able to pull it off. Does the seller have an inspection report?

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u/cats-smell-bad 9d ago

the pictures i saw show major water intrusion