Foundation damage and financing

[Brad James]

I am looking at one house for an investment to live in for a couple years. Home is mostly an "earth home" so the back and sides are mostly in the dirt. Home is 2600 sqft, 4 car garage, pool, another 1 car garage, water features, and 5 acre plot. Problem is it is ALL 80s styling with some strange floor shifting on the main level and two obvious cracks in the garage concrete walls.

The asking is 150K which I think it too high but it would seem our REOs sell strong for some reason. People love to save 10K so they can go invest 12K fixing it I guess. Anyway, I would pay cash but I am worried about selling later. Earth home, foundation problem, etc. What do you think? Walk, RUN??

I should add this is slightly in the country in a developed area. All homes are county appraised at 120-220K. This one county appraises at 165K but should sell in the 225-250K area when fixed up.