Found a house, now what???

[Eric James Slater]

I’ve been looking for a deal for all of 2020. Today my wife and I drove out to a house that has river frontage and a ton of potential in Jacksonville Florida. The home was remodeled. Supposedly 70k and is ready to live in. Huge lot. Old shop that can be turned into a rental/vrbo with some work.

Ok, called two relators. The home is a short sale. She’s up to date on the mortgage but got married and wants to sell. House on market for like 300+ days. (Apparently some issues with pending offers and stock market losses, now Covid-19), blah blah.

She apparently owes 280+ she has an SBA loan on top of the traditional mortgage. Price dropped again this weekend by 5k and they now are asking 244k.

I would love to make an offer. Would love to get a 203k loan and fix up that separate building out back and add on extra square footage to the main house already under the roof (now a patio) could make master bed for example.

How do I even make an offer? Money down? I wasn’t actually wanting to buy or look for loans until September. Credit score about 640 today. Can scrape some down payment together.

Please advice:-)