what should i do?
 

thought mabe i'd make a thread, because i could use some advice & opinions.

i've been tossing around the idea of buying a house for a couple of months now, prices in my area are really in the gutter and it's possible to snag a really nice bank owned house for less than the price of a new truck (what i've really been saving for).

so i've kept my eye on the local listings, nothing really jumped out at me as something i'd want to own.... untill this place came up for sale. it's about 4-5 blocks away from where i live now, and i've always liked it, about 1500 SF, nice flat wooded acre of property, BIG detached 2 car garage, and generally well cared for. 4 BR's, 1 BA, finished basement and a huge porch, built around 1980. they're asking $39,000

85 Huffman Circle, Bushkill PA - Trulia

i contacted the realtor last week, and walked through the house last sunday, and i REALLY liked the size and layout of it, and loved the garage (of course!) unfortinitly, when i got to the basement, i discovered that apparently the property had been "winterized" AFTER the pipes broke, and the two downstairs BR's are almost floor to celing black mold :( talk about a dissapointment.

but the idea of the house is still rolling around in my head, i don't know if i would be able to get a loan for it (probibly have to go through my father and "rent" from him) but all the work involved with the mold worries me, it would be a total gut & redo for the basemtnt and who knows what else. plus taking care of the plumbing, not to mention having to get furnature & such.

anyone have any suggestions as to what i should do, is it a good or bad buy, been in a similar scenario?

39k WOW wish i could find somthing like that around here... but then again the mold kills the price

honestly Mold is a nasty scary thing, to me atleast, it would deffiniatly need to be gutted, cleaned and refurbished,

I think the mold issue might cost you just as much as the purchase price of the house. If not more. Remember, black mold is a haz-mat issue. The only way for that house to be worth your while, is if you know people in the home improvement business. Otherwise, it's a huge money pit.

Buying a house is a smart investment. But not that one. Keep looking.

I agree, that much mold would turn me off right away, regardless of how the rest of the place is. I would keep looking, i've yet to see houses that cheap around here though.

I agree good health is worth more than a cheap house...I'm sure you will come across another you like...

thanks for the opinions guys. i feel the same way about the mold, i know getting rid of it can be costly and involved ( that entire basement would have to be gutted bare i'm sure.) the minute i walked into the basement i was turned off from buying the house, also pissed the realtor knew nothing about it.

on the other hand, i would like to wait and see how low they'll go on the price. when i looked at it on sunday it was listed at $45k, got a call thursday that they dropped it down to $39K, which tells me the bank would probibly like to offload it if someone else snags it, that's probibly better, but if i were able to get it for around $30k i would think a $45k loan should cover fixing the mold issues... the rest of the house was really clean and well built.

of course, i don't even know if i'd be able to get a $45k loan, lol.

Around here a house like that would be a lot cheaper. I paid less than that for my 4/5 bedroom house with no damage. I would keep shopping and if your serious about buying start at the bank, get your financing set first. Then you know what you have to spend. That will also help your realtor out by knowing your a serious buyer. If they know you have the money they will work a lot harder for you. When you find a house you like get a home inspection, usually your realtor will have a company they use and trust. They will tell you the good and bad about the house so you can make an informed decision. Good luck if you decide to buy.