Everybody’s looking for a good deal when it comes to buying real estate, and a home that needs repairs might be right for you. Whether you’re looking to flip it or live in it a while, the steps are the same. Find a home and then buy it.

How do you find a suitable home that needs repairs? Well, your friendly real estate agent can help with that. In our South Florida MLS, there are two “Special Information” fields that can be selected: Handyman Special and Potential Tear Down. A recent search yielded 25 properties in Broward County that matched these criteria. Prices ranged from $53,000 - $1,000,000.

Most of these listings will say cash-only, but there may be another option. There is an FHA 203(k) rehabilitation mortgage loan that allows a buyer to include the cost of repairs in the loan. These repairs can be minor or major. They can even include a teardown as long as the foundation remains in place. You can read more about these loans in a previous blog at FHA 203(k) Mortgage Rehab Loan (veritasrealestategroup.com).

If you’re interested, contact me, and I’ll set up a search for you.