Shopping for an ugly house
Why are smart home buyers shopping for an ugly house? The simple reason is that most purchasers want the attractive houses and it is easier to find a bargain if the house does not look too good. Investors have been buying ugly houses for decades and it is now a good time for savvy home buyers to seek opportunities.
Ugly houses are frequently found in the inventory of lender owned foreclosures. Many foreclosures have been vacant for a long time and need major repairs and improvements. Estate sales provide another source for ugly houses. Seniors sometimes live in a home for many years with no updating efforts.
One of the challenges is to find an ugly house that has the potential of being a charming residence. Home buyers with imagination and personal skills are up to the challenge.
Mortgage financing may be an issue when home buyers want to purchase a fix-up property. Our experience is that the FHA 203(k) financing is ideal for many purchasers. By using FHA 203(k) financing, the cost of improvements can be included in the first mortgage and all of the repairs can be completed before the move in date. Prospective purchasers should make sure they are working with a loan officer that has experience with the 203(k) programs.
We love creative home buyers that know how to identify purchase opportunities.

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Roy and Dolores Kelley Photographs



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