Help with buying first house

Well im looking at buying my first house, getting tired of renting...

found this one:
http://www.taar.com/mlssearch/?lid=1698585

It needs all the carpet ripped up, some drywall work and general make it pretty stuff. Im going to get an inspection but im wondering if anyone sees anything, and believe me the pics make it look better.

also, they ran electrical but then put it above a false ceiling which i would rip out immediately... just looking for some thoughts and maybe ideas of what to look for myself before I go and make an offer for more money than ive ever seen in my life.

also if I offer less than the asking, but get the loan for say 10-15 more to finish out the house is this a good idea?

Thanks

[Emjaysmash]

I accidentally read" Help in finding first horse"

LOL Sorry.

[jledou]

Initial thoughts are it has a good view, but it also looks like water runoff and foundation might be a concern. It also looks like the fireplace has soot/smoke on the front of it such that it didn't vent right? could just be the picture also.

Originally Posted by Emjaysmash

I accidentally read" Help in finding first horse"

LOL Sorry.

maybe later? haha.

[Mugen910]

I don't know much about buying homes but IDK about living at the bottom of a hill and also having a lake on the other side.. I'm more concered with water damage and such. If it only needs general stuff then I'm sure you'll be ok...

Things to consider:
How long has the house been on the market?
How close are the neighbors?
School system.
Resale Value.
Ask the neighbors if there is any problems with regards to their basement during the winter or rainy season.

[Scottw]

I like the house especially the kitchen. Fireplace does look sooty and it could use some paint and landscaping. Love the view of the bay, I love being by water. Good luck!!

[wayner123]

Originally Posted by darb85

also if I offer less than the asking, but get the loan for say 10-15 more to finish out the house is this a good idea?

Thanks

Just from the last statement above, I would proceed with caution. There aren't many loans left that will allow you to get more money than selling price to renovate with. And those that do, usually want you to have contractor's names, liscence numbers, quote's, etc all prepared before you go to close. So if you are planning to get a renovation loan be prepared for a lot of leg work on your end. I am not certain if they will allow you to do the work yourself without hard quotes on materials and what not.

Originally Posted by wayner123

Just from the last statement above, I would proceed with caution. There aren't many loans left that will allow you to get more money than selling price to renovate with. And those that do, usually want you to have contractor's names, liscence numbers, quote's, etc all prepared before you go to close. So if you are planning to get a renovation loan be prepared for a lot of leg work on your end. I am not certain if they will allow you to do the work yourself without hard quotes on materials and what not.

Good to know! it was just a thought, well see what I do.

[68TriShield]

Barring the unforeseen,it looks nice.Nice lot too.
A couple of those walls though...whew! Loud colors
I hope it all works out Brad.

[trader1974]

Looks like a good place for the money as long as the inspection checks out. Good Luck!