An intriguing proposition

[Mr. Laser Beam]

They sign you up for a free 7 day ScoreWatch trial

Ah-HA!

but you cancel it before the end of the trial period, and they send you an email a few days beforehand so you can. You don't get charged anything.

Riiiiiiiiiiight. I *knew* there was a catch. If it's so easy to cancel, then what's in it for them? What do they get out of it? TANSTAAFL.

Why not just go to annualcreditreport.com and be done with it? There, you don't even have to sign up for any damn 'trial offers'.

 

[Amaris]

They sign you up for a free 7 day ScoreWatch trial

Ah-HA!

but you cancel it before the end of the trial period, and they send you an email a few days beforehand so you can. You don't get charged anything.

Riiiiiiiiiiight. I *knew* there was a catch.

Why not just go to annualcreditreport.com and be done with it? There, you don't even have to sign up for any damn 'trial offers'.

Because AnnualCreditReport.com doesn't give you your actual FICO score, something that most loan companies and credit unions require.

 

[Robert D. Robot]

Maybe the landlord knows something that you don't. Get a building inspector in.

I can not agree more with what Collingwood Nick has suggested. Get the house inspected!!!!

ALSO, I have been told that a single building inspector is not always up to speed on all aspects of a house. A prospective buyer should consider getting a professional from each important aspect of house construction (such as an electrician, a plumber, etc.) to inspect the house. It might cost a bit more, but they can pick up things that a general inspector (who often is not an expert in all things construction-wise) may miss.

I do not know you or your landlord, but I would be cautious. I have a good friend who is a great guy that everyone likes and he is always willing to help anybody he meets. He trusts too easily. He has been sucked into too many financial situations where things looked great at the start, only later to find that he was taken advantage of and was left holding the bag. I hope this is not the case with your landlord. WHen someone says, "I have enough money- I don't want to make any money on the deal," I get suspicious.....

Please, take this deal VERY seriously! Be careful and get input from some professionals before you do anything. And good luck with this!

 

[RoJoHen]

Oh yes, I'm certainly not going to dive into anything without doing the research first. Honestly, though, some houses around here really are that cheap, especially the old ones. Hurray for living in poor, rundown America!

I've been living here for 3 months now, and there are definitely some things wrong with the house, but it's nothing that we can't live with, and it's nothing that would be terribly difficult to fix. Plus, if I'm going to eventually rent it out to college students, I don't want it to be that nice anyway!

 

[Skywalker]

Plus, down the road, if you put enough work into it and fix it up, you might end up selling it to someone else and turning a big profit on it.

 

[RoJoHen]

Exactly. I really enjoy that kind of house work, too. I've always wanted to buy a fixer-upper and then flip it for profit.

 

[edisraf]

Yeah, I know. I mean, he only bought the house for $59,000, and he doesn't even care if he makes a profit on it. He has plenty of money and bought it as an "in between house" while he was in the middle of a bunch of things. I think he decided to rent it out on a whim. He's never been a landlord before, and apparently he doesn't like it very much. But yeah, the house is great (well, great for 110-year old house anyway).

Maybe the current owner would consider financing it himself. Never hurts to ask.

raf

 

[The Boy Who Cried Worf]

I lived in San Francisco. $53,000 would buy you the tool shed in back of a house. BUY THE HOUSE MAN!

 

[iguana_tonante]

He offered it to me for $53,000.
(...) It's a 5-bedroom house!

I lived in San Francisco. $53,000 would buy you the tool shed in back of a house. BUY THE HOUSE MAN!

Yeah, in my city €35,000 would buy you a single-car garage in a nice part of town (but not too nice). Even considering you are living in "poor, rundown America", it seems mindbogglingly cheap. Check the house with a realtor and a few professionals (electrician, plumber, etc.), and if it's ok, GO FOR IT NOW.

 

[RoJoHen]

He offered it to me for $53,000.
(...) It's a 5-bedroom house!

I lived in San Francisco. $53,000 would buy you the tool shed in back of a house. BUY THE HOUSE MAN!

Yeah, in my city €35,000 would buy you a single-car garage in a nice part of town (but not too nice). Even considering you are living in "poor, rundown America", it seems mindbogglingly cheap. Check the house with a realtor and a few professionals (electrician, plumber, etc.), and if it's ok, GO FOR IT NOW.

I'd say, on average, a house of this size would cost around $80,000 in my area, so yeah, $53,000 is very cheap. My landlord bought it for more, but $53,000 is what he still owes, and for some reason he doesn't care if he makes a profit selling it. He has 5 kids and is incredibly busy, so I think he just wants to stop being a landlord, and since I already live there, he's giving me first dibs.

 

[Holdfast]

Maybe the landlord knows something that you don't. Get a building inspector in.

This.

Get the usual surveys, checks, legal input, etc, etc. If it's all kosher, and the price is competitive for your area, well then it's a no-brainer, isn't it!

Happy for you, and hope all is indeed above aboard!

 

[PKTrekGirl]

Can't believe how cheap it is. No way you could find a house in Atlanta that is even livable for less than $125,000...and that's *after* the crash that made us one of the worst real estate markets in the country.

 

[RoJoHen]

Can't believe how cheap it is. No way you could find a house in Atlanta that is even livable for less than $125,000...and that's *after* the crash that made us one of the worst real estate markets in the country.

Well, the annoying thing about it is that wages around here reflect the lower cost of housing. Even with an FHA loan, I wouldn't be able to afford the 3% down payment!

I have some work to do.

 

[LaxScrutiny]

If it needs a new roof, has mold or rot or electrical isn't up to code or a dozen other issues, you could end up having to pay more to keep it from falling down that you pay to buy it.

A house that old, you assume you are going to need to fix it. The thing to watch for, make sure your mortgage payments (including payback of principal) don't fill your budget to the point that capital repairs and maintainence pull you under. You need to afford the mortage, insurance, taxes, utilities AND maintainence and repairs. The cost of a house is not just the mortgage.

 

[RoJoHen]

You need to afford the mortage, insurance, taxes, utilities AND maintainence and repairs. The cost of a house is not just the mortgage.

Oh yes, I am aware.

One of the awesome things about this house is that, back when my landlord bought it, he replaced a lot of stuff. The roof is new. The furnace is new. All of the appliances are new. I'm really not worried about the house falling apart.

But again, the best thing about this house is that it's nice enough for me to live in, but it's just crappy enough for me to feel comfortable renting it to college kids. They trash the houses they live in anyway.

 

[DBR]

Wow. That's cheap. I went with my brother to look at a 800-ish sqft condo for him in Calgary, listed at $410,000.

 

[TorontoTrekker]

If you don't buy it, I just might. A one-bedroom condo in Toronto costs over $200K.

(Mind you, I'd then have to hire a maintenance person, because I can barely hammer a nail.)

 

[Canadave]

If you don't buy it, I just might. A one-bedroom condo in Toronto costs over $200K.

$200 K for a one-bedroom condo in Toronto? Does it still come with a washroom included when it's that cheap?

 

[TorontoTrekker]

If you don't buy it, I just might. A one-bedroom condo in Toronto costs over $200K.

$200 K for a one-bedroom condo in Toronto? Does it still come with a washroom included when it's that cheap?

Well, I did say "over $200K."

The one I was looking at a few years ago was $345K, I think - I couldn't get a mortgage for that on my salary, even though I was putting down more than $100K. (I had to take a rather drastic pay cut a few years ago.)

But there's a new building going up a few blocks away from Islington subway station, and they're advertising "from the low $200s".

 

[Amaris]

I've been trying to get a home loan for a 2 bedroom house for my parents that's on the block for $59K. The price is low because it's been on the market for about 7 months without a nibble, and it's a fixer upper, though it's livable right now. Unfortunately, it didn't happen, which is kind of sad and pathetic.

The average price on a 2 bedroom house where we live is about $95,000. That sounds cheap, until you realize there's absolutely no reason why houses in this area should cost $95,000. Everything around here costs more than it should, particularly when the unemployment rate is above 10%, and income continues to fall. It's almost better to move to Cincinnati! Almost.