Seller financing on a junker.

[Ivan Reyes]

There’s an old house in disrepair in a transitional neighborhood near where I live.

House is 4br/2.5 bth 2500 sf, built 1920 and Victorian in style. Its listed with an agent but it’s a private seller. It’s on the market for $30k and needs $30-40k in repairs to bring it back.

I want to offer full price with $3k down, seller financing and a 2yr balloon. My thought is this thing will be on the market for ever before someone buys it.

I want to repair it and then live in it. In a few years or so when the neighborhood development improves (and receives historic designation) it should be worth $150k or so.

How would the agent get paid if this were to actually be accepted? Is this a long-shot based on your experience?