Financing Land with a Home that Isn’t Able to Be Lived In

[Andrew Wilfong]

Hello,

My wife and I live in Pennsylvania.

We’re in the market for a plot of land with a home that is livable or raw land that we can later build on.

Recently we found the land that was exactly what we want, however there is a home on the property.

The home on the property isn’t livable because there’s no HVAC system, there is damage to the roof, and the foundation is not in working order, not to mention the electrical issues and water damage in the home.

The sellers are trying to accept cash only offers because of the condition and are selling as home and land, but have not received any offers and are becoming open to a buyer going through the bank.

Because the home isn’t livable, how could this property be financed so that, we as the buyers, could completely gut and renovate the home?  

Because of the HVAC alone, a traditional mortgage doesn’t seem to be an option.

Is this possible and what would the sellers/buyers need to do in order to be able to do this?

Thanks!