wood-ground contact

[yelena]

There is a house, with a low price. But the add says that it is imposible to get finansing because of the wood-dirt contact.
But the owner will carry the loan if 5,000 will be down.
Is it a good deal?
Or it is better even not to touch it?
thanks

[tedjr]

Howdy Yelena:

This may be one better left to the pros. Sounds like it need a new foundation and major structural rehab including new flooring system. On the other hand it may not be all that bad, maybe just a few rotten boards. There is no way to tell from what you have siad if it is a good deal or not for any one. There is no asking price and no rehab figures and no sales comps.

Hard money lenders will loan on property that needs structural work like this one may but you will need to get bids on the repairs  compare the as repaired value to your total costs to do the project. You can usually borrow about 70% of the total costs from a lender.