What do you mean by “Fixer-Upper”?
900 N McLean Blvd
I get a lot of calls from customers and clients about looking for “fixer-uppers”. My first response is, what is your definition of a fixer-upper. The range of answers runs from, “we are willing to do some painting” to “we are prepared to tear out walls, rewire the house, put in HVAC, and add rooms in the attic”. My next question would be, how are you going to finance the purchase? If you have cash, you can do just about anything you please. If you need financing, it’s a different story.
Houses that need work: paint, rotten wood, missing or defective heat and air, electrical problems, etc., will not get past mortgage underwriters. There are not many financing options for fixer-uppers. The most used is the FHA 203(k) Rehab loan; there may be other options available through private banking, but houses that go through the standard conventional mortgage process must be in pretty good shape to start with.
I have just listed a home that I would classify as a middle-of-the-road fixer-upper. It is a very solid structure, no noticeable exterior defects. It has newly refinished hardwood floors downstairs, and beautiful wood work, lots of space, radiator heat, window air units; 5 bedrooms, 2 baths. I even think a buyer could get a conventional mortgage on the property as it sits.
What’s the fixer-upper part, then? While the kitchen is currently functional, it could be perked up by painting the cabinets and walls, installing new appliances and flooring. The downstairs bedrooms have solid plaster walls with some hairline cracks that could easily be spackled and painted; the upstairs has some pretty awful wallpaper that needs to be removed, and a couple of rustic bedrooms could be finished out with drywall. There are a few more minor cosmetic repairs. To top it all off, add central air and heat (however radiators and window units currently do the job). This is a house you could live in while working on it. Check it out at 900 N McLean. Call me at 901-214-5563 for a private showing. To talk money and financing call Katy Spake, Independent Bank, 901-574-8013
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What do you think? Leave your comments.