Conclusion
No credit and no permanent employment abandoned houses have the
potential to be fixed and the improvements (repairs) make the house
worth more.
Purchased a house with an idea of how much the
house would be worth after repairs. HUD, VA, Agriculture, Fannie Mae and
Freddie Mac homes need a lot of repairs, they are not new, but the
price at which they are offered at AUCTION is much less than it would be
if they did not need revamped.
There are many abandoned houses
in the United States (and in the USA commonwealth of Puerto Rico) that
no one knows who the owner is. Now a days online access to the property
tax card lets one know who the owner is and his contact address.
In considering the ‘Value Purchase Price’ of the house to be acquired, consider:
· Cost of necessary materials,
· Cost of hours to fix,
· ‘Future Market Value’ after improvements and if
· An 80% loan on ‘Future Market Value’ recovers the cost of materials and hours worked.
The highest selling price after the necessary repairs: VITAL to determining ‘Value Purchase Price’.
Without
money or very little cash or with little credit it is difficult to buy a
house that needs a lot of repairs; but it can be done.
Through:
1. HUD 203K program
2. U.S.D.A. Direct Section 502 Loans
3. Contract for Title (Deed)
4. First Mortgage and Promise
5. Hard Money
One can have a home that with little money was purchased by restoring and selling the worse for wear houses.
YouTube - Cheap Houses For Sale in United States
YouTube channel brings together an extensive collection of budget-friendly properties
BOOK - Cheap Houses in United States
Cheap Houses in United States book offers the fundamentals of locating, purchasing, and financing real estate bargains, abandoned properties, and seized properties.
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