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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: plank on August 26, 2018, 02:14:08 PM

Title: Newbie questions about buying a forclosure condo
Post by: plank on August 26, 2018, 02:14:08 PM
I'm either about to do something great or something stupid.

There is a condo for sale near me for 40k.  This would be my personal home for my family.  Traditionally, these condos go for 80k-100k.  I know there is work to be done on it, but I don't know how much until we can see it.  In my head, since it's a condo, a lot of the typical major problems won't be present (no septic/roof problems)  Maybe I'm wrong about that, though.  It was built in 1986 and the condo company financials are solid.  It got put on the market today and I will be the first person to see it.  The realtor hasn't seen it yet.

What should I be looking for when doing the walkthrough?  Which questions should I be asking the realtor?  Should I absolutely get a home inspector?  What are some red flags to look for?

I don't mind cosmetic damage and don't mind spending 10-15k into getting it livable, but don't want to end up spending 25k, when I could have just gotten a similar condo all finished for the same price.

Sorry if these questions seem vague or my details are unhelpful.  I don't really know what I'm doing, but I need a place to live and I can afford this one.

I welcome any feedback and will answer any questions I can if that's needed.

Thanks for your help.  I really appreciate it.  Any advice you could give would be helping out a young family that could really use a win right now.