13216 La Barr Meadows, Listed for $159,000. Homes in this price range typically will not qualify for conventional financing

OK, a home gets listed in this price range, on over 1/2 acre, in a decent location, we know the home will be in poor condition, but can it qualify for any kind of conventional financing? A quick look around the outside shows that siding is deteriorated, the roof could be over 30 years old, and the home has an uneven foundation. Notes in the MLS say that the septic predates the use of concrete septic tanks, so the septic has a wooden tank. It may still be operational, but if it ever stops working, it will require the entire system be replaced, maybe with a very expensive pre-treatment system. The inside is in very poor condition. The kitchen is small and dark, one of the bedrooms has no windows. The bathroom has evidence of failed plumbing. While I can’t say the home is beyond occupancy, it is unlikely that an investor would want to take the risk of renting it out, given the likelihood of catastrophic system failures, and the need to put thousands of dollars into repairs. If an owner occupant was look to buy the cheapest possible property and live in it, this property would put them in the same potential jeopardy as an investor. The home might be fine for a few weeks or even months, then one system or another would fail, and the replacement would open up a can of worms. No way to make repairs without getting permits, and no permits unless every issue was repaired to code. Like owning an old car, at some point you are just better off junking the car than fixing it. This one fits with that same general logic.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004