Quote:
Originally Posted by xepherys
Uhm, not $203K, 203(k) FHA loan... it's about $15k in repairs and refurbishment. The whole loan, for the property, house and repairs would be under $80k, which is pretty decent for 1700+ sq. ft. in Royal Oak on a double lot.
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Sorry!
Wasn't familiar with the term!
If you get mold, though, it'll cost you a lot more than $15K to fix it. When I lived in Houston, I had a co-worker whose neighbors up in The Woodlands had to spend $70K to get rid of their mold problem - and it took 6 months. They had to find somewhere else to stay during that time, too.
Having lived in Houston, I'd run the other way if someone even whispered "mold." Especially if I knew there was a plumbing problem.
I'll admit, though - 1700 SF on a large lot for $80K sounds like a deal, although I'm not familiar with Royal Oak. I'll assume it's a great neighborhood, since you've mentioned it in your post.
Just please - spend $300 and get it checked for mold! Most homeowners insurance policies no longer cover mold damage.