Considering buying a house for $750k that is mid renovation and still needs about $80k in work — nothing structural, but cabinets, kitchen island, countertops, appliances, finishing bathrooms, and some miscellaneous things. It will stretch me financially but love the neighborhood. Are there any considerations I should be aware of outside of a purchase contract with a term that says if I pay for the work, then the seller must sell it to me? Concerned with putting money into a house I don’t own.

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I purchased my home and the seller was mid painting (had paid half and was under contract to pay the other half on completion). Seller was to pay the contract in full per our Hase agreement, however could not get the contractor to come out and ended up getting reimbursed the full amount after 3mo of run around. Then had to find a new contractor to have the work done. Would personally just ask for a credit of the amount intended to be paid and hire your own people.

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Seller isn’t necessarily motivated to sell and if he gets around to finishing it, says he’ll list it for a much, much higher price. Bottom line is I need to put in the money to hire my own people and will not get him to budge on purchase price, credits, or anything else. It’s a take it or leave it offer.

Why not buy it then finish the work?

The only way I get a mortgage to buy it is if it’s substantially complete

Consider buying as-is with a 203k loan and get the upgrades you want

It’s actually $130k of work

Site unseen and you can estimate amount of work? SMH

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