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.




This blog is written in hopes the many, who through no fault of their own, that are unaware of the simple steps to take to owning a home, regardless of current financial circumstances, find a way to home ownership. The free information in this blog complements and augments the information in the book "Cheap Houses in United States". To buy the book go (HERE)