First Time Home Advise

Coffee,

I found these two things that were interesting. Can't say how correct they are but still interesting.

http://loudounforeclosures.com/2009/03/do-you-know-what-the-bank-addendum-really-says.html

http://www.century21a1a.com/Bank%20Owned%20Property%20Notes.pdf

Coffee; By all means, I would go with #2 on west 5th. Conventional design (not cut up and added on), and good old quality construction. Great price if it's a good neighborhood. Neighbors are everything. They can make a palace of a home turn into a prison.

Also, beautiful yard. Hire a home inspector. Not very expensive but well worth the price. Check out basement for leaking foundation.

I believe at $75,000.00 this appears to be a great value.

I like house number 2 as well, looks like there may be less updating involved.

The W. Fifth house is not available. I just checked the MLS and it is a bank short sale that has been on the market 500 days. In the agent remarks it indicates that they are excepting "NO SHOWINGS AT THIS TIME". Bank paperwork has been completed and it looks like they are moving forward with another offer.

The Elm St one looks like just a standard foreclosure. Bank addendums are just their way of saying the property is "as-is". Super cheap price for Perrysburg, even as a foreclosure. I'm guessing there are serious structural concerns.

Private message me if you want to view it. I'm with Modene in Perrysburg.

Check out Bankrate.com for more info on buying foreclosures.

Also, don't think that, even though it's a really good price, that you have to pay full freight. A friend recently bought a foreclosed home and negotiated an even lower price -- the banks just want to get rid of these.

If you settle on one that you want, make sure you hire a lawyer to represent you before you submit your offer. Bank owned properties can have a lot of hinky things about them: as is conditions, tricky issues with deposits and out of town title companies that may or may not prepare the documents properly.

I bought a foreclosure and I am better for it :)

Sometimes there is work to be done if the home has sat vacant for too long. I do not mind the work - my home had no major problems, just some cosmetic concerns that a little bit of elbow grease can't sold.

foreclosures can be great homes, just give them a second chance. Have a good inspection go through so you know what you are getting into.

I bought a foreclosure and I am better for it

How can you possibly improve on perfection? ;)

I like the W Fifth house. The Elm St. house looks like it might have heating and A/C issues due to the home improvement at the rear of the house.

I'd decline the Elm St. house unless the price came down to $15,000 or so, free and clear. My reasoning is that you're likely to spend that much fixing the place up.

Keep looking. There are all kinds of homes out there and if you can afford it and have good credit, now is the time to buy something. For instance, my brother just bought a home originally valued at well over $300,000. He didn't pay near that much for it, and in fact bought it for a good deal less than it is valued at. The same kind of deals are available all over Toledo at all price levels.

Other things people mentioned that I second:
Get a home inspection and make it clear to the inspector that you are paying him to find fault with the home.
Have your lawyer present at the closing and tell him to speak up and explain things to you.
If you are an unmarried man, have a woman go shopping with you and help you negotiate. Women are far better negotiators than men. Take OhioKimono and let her stand between you and the real estate sales critter.

Make sure to check on the utilities, someone I think bought a home that came with a huge water bill.

Just looked at pictures of first home, that breaker box scares the hell out of me.

INC, you need to listen carefully when we tell you to make use of a home inspector. Hire a good one. Check around a LOT before you do. Go by word of mouth from people you trust. Do not skip this step. And don't commit before you can get the inspection done.

Make sure the inspector understands before he starts work, that you will be with him for the entire inspection, providing that you don't impede his work. If he doesn't agree with that, then that doesn't particularly mean he's a bad inspector, but that you just can't use him. Find another.

The guy or gal you use should be jabbering when they conduct the inspection, so be prepared:

Bring a notepad and pen. Flashlight. Wear sturdy clothes and bring along eye protection. An 8FT ladder might also be useful.

Make sure you can get into every area of the house so as not to waste the inspector's time.

If I am right, I think house #1 has a shared driveway.

My first house had a shared drive and I learned then that it would be my last. My neighbors and I got along fantastically...we even swapped key sets in case a car ever had to be moved. Great guy, great family, but occasionally a bit of a hassle. I shudder to think of how it would have been if we did not get along. Or if we had multiple kids with multiple cars.

And make sure all the utilities are on before you do the inspection. Sometimes they get turned off if the home has been vacant for a while.

I like the second one also. As long as the foundation is sound, I'd go that way. One more thing to think about, has the wiring/plumbing been updated? 1929, is pretty old if not.
The first house says, year built 1900, is that right?

Also, make certain the taxes are current. I found out the hard way that there is some obscure law on the books that the taxes can be due back by 6 months, and the new owner has to pay those old back taxes.

Another word of warning--

Make sure your title search on the property is as thorough as you can possibly get. Insist that it be a priority in-depth search and not just the "routine" at the title company--it is important to do on a foreclosed property.

If the previous homeowner took out a second mortgage in secret--and some of the less reputable "mortgage" places could have helped a less-than-creditworthy-homeowner do this a few years back--the holder of the second mortgage has priority OVER you for repayment of debt and can theoretically take the house from you (unless you can pay that second mortgage off in full upon notice).

It would suck that your $75,000 find turned into a $110,000 mess because of someone else's shady doings. But it's a situation to be aware of on foreclosures. Make sure that title is more pure than Ivory soap!

As others have said, it is important you hire an inspector. It also helps if you know of anyone who has been through the process of buying a new home who will go with you to check out the house. It really makes a big difference. Their hindsight will help you considerably. Real estate agents are really working for the seller, and will try and make major problems small. If you can, find out what the property taxes were when the housing market was strong. At some point, the market will most assuredly rebound. Check all the windows. Do all the faucets work? Any signs of leakage from the ceilings or walls? Is the roof one layer or three? How old is the furnace? The two most expensive repairs you'll ever make in a home is the roof and furnace. Look for flooding signs in the basement. Is there a mop with a bucket nearby? Water stains on the basement floor? As your inspector goes through these things with you, you can use possible repairs as tools to negotiate the price down if you still want the house. Also, I know the houses are in Perrysburg, but you might want to check with the police department and ask if there have been any calls made from that address in the last 10 years. It is public record. That could speak volumes about the neighborhood, i.e. frequent burglaries, feuding neighbors over noise, barking dogs and other issues. This is definitely a good time to buy a house. Great deals out there. Good luck.

feuding neighbors

You'd be amazed. I know of one home in Lincoln Woods that went up for sale because of the people next door. Kids say the darnedest things!

1. Get a home inspection. It's worth the money. I recommend Tim with NPI. I got a pest inspection as well just to make sure.

2. As a buyer, a real estate agent costs you nothing. Get yourself a buyer's agent to represent your interests and is not out to con you out of money. Get recommendations from friends/family (I know some good agents if you need).

3. Pay for a title search company with insurance if they make a mistake. You do not want to be liable for an old liens from previous owners, and a good title company will come in clutch.

4. Accept that buying foreclosure comes with added risk. You can decrease risk by doing your homework, but you will not eliminate it.

5. Enjoy being a homeowner. It's a pleasant feeling, until the work starts... and it never stops! :)

Thank you everyone for your posts, it's a good bit to digest and see there is a lot of work ahead of me. But I do feel a lot more confident in knowing where to start.

I'm leaning more toward the second house myself, but have also found plenty of other places so it's gonna take time to narrow it down. I had fully expected to pay at least 150k and that was my absolute max for a first home, so finding these really inexpensive ones are enticing.

Think I'll end up going the middle route, found another for $119 that I wouldn't mind living in for the rest of my life.

Thanks again! TT

the wife and I recently bought a house in pburg after it went through sheriff's sale....it had sat vacant for 1.5 years or so. definitely do your homework and have a home inspection. we went in knowing there was a lot of work to do, but nothing that was a major deal breaker. get your financing, no contingency, and give them an offer with no strings. you can get quite a deal.

I'm from the burg, so in my opinion the elm street locatoin is much better than w. 5th.