buying forclosed home...need advice

[mikejr]

Originally Posted by Yetti

Hi guys I live in Michigan under the Dictatorship of the "Jenny". she has crushed our economy to the point it looks like rats leaving a sinking ship. I have the opportunity to double the size of my house buying a forclosed home. one of the ones I'm looking at needs $40,000 in finish work and details. its on 10.7 acres and is in Saline schools which aren't bad. my problem is I would have to sell my place to buy the new one. I am very warey of the market around here even though a neighbor sold out in 3 days.
one of the other things I have to ask is how effiecent are radiant floor heat systems? this thing must have $50,000 in heating and cooling in it and its just daughting to look at as compaired to my current home. its about 2400 square main floor and its a full walkout with poured under floor heat in both the basement and 3 car garage with 12 foot ceiling , plus it has a 32 x 48 garage out back. all for $294,900.00. mine is worth about $275,000 on 8 acres 15 miles away in Chelsea.
tell me what you guys think

If you want email me, I specialize in seller foreclosed homes, have sold nearly 2000 of them.

Some things you have to worry about with radiant heat is freeze damage. If you know when the home was vacated by the prior mortgagor, that is helpful but if you dont, its a crap shoot as to if the system will be intact and operational. Dont think that just because a property was winterized means the system is operational.

Most banks wont accept a home sale contingency. In other words, I wont buy the new home till my current home sells.

My email address is erameridianreo@comcast.net Just make sure you put your screen name on this site in the subject line and reference the hummer forum.

I'll help you out as best I can.

Mike