Does the HUD property come with a tool belt?

Lots of people want to buy a repo because they think they can get a good deal. Surely since it is a repo it is cheaper. It has to be a good deal–Sometimes, but sometimes not. What if the cost of the repairs plus the house are the same or near the same as the house down the street that doesn’t need repairs and has a traditional seller who can fix some of the things that an inspector finds wrong in the house. What is the value of your time? Do you have the tools and the skill to make some of the repairs yourself?
The very first house I ever bought was a VA repo. My husband and I were young and ambitious. We liked the house and knew we could improve it. Never mind the fact that we had never done anything like this before. Better yet, the loan we were getting was a special type of loan. The lender was loaning us an additional $10,000 to make the repairs either ourselves or with a contractor. Great. We went to the hardware store, asked a lot of questions and bought the supplies we needed to revive this house into our first home. After spending every night for a month or more working on this house, we requested a partial disbursement of the rehab money. What we didn’t realize was the rehab money didn’t cover things like hammers and saws (something we didn’t have prior to buying the house). And the cost of the repairs was more than we had originally thought. We messed up the kitchen floor and had to redo it, an additional expense. Finally the house was complete and we were able to move in. Unfortunately 7 months pregnant and out of money, the ac went out. The repairman quoted us $300 for an Acoil. We didn’t have $300 so we spent the summer in Omaha in the basement with a fan.
That was 1992. I brought my first child home to that house. We were transferred less than a year after we bought the house with the USAF, so we didn’t get to enjoy the home for a long time. We ended up renting the home for 4 years because there was not enough equity to sell the house and I refused to bring money to the table after all our efforts. I learned a lot from that experience and will always have fond memories of that year.
If you are looking to buy a repo or a house in general and want some help please feel free to contact me. I would love to help you.
Sandi Walker 405-213-2992 or visit http://www.sandiwalker.com

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