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Will You Own the House? Or Will the House Own You?
Today I helped some first time buyers explore a historic home that has fallen on hard times. You might call it a damsel in distress seeking a knight in shining armor.
These buyers had been thinking about this property for a long time and they had big stars in their eyes.  And who could blame them when each room offered so much potential, from the classic double parlors, pocket doors and original hardwood floors to craftsman-embellished fireplaces, clawfoot tubs and grand staircases.
I hate to be the buzz killer in these situations, but this type of house, in this kind of condition, is not for someone who is struggling to come up with 3.5 percent for an FHA downpayment, let alone a conventional buyer.
And the chance of a house in this condition qualifying for FHA is located somewhere in the neighborhood of slim and none.
You'll be dealing with replacement of the electrical system (goodbye knob and tube wiring); adding HVAC (that charming boiler will have to go); repairing the animal-attacked roof;shivering through winter with single-pane windows; refinishing floors; stripping wallpaper; adding an entire kitchen to that large room where you found an original farmhouse sink but nothing else; installing ... more

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