Since the house does not have a bathroom right now, there is no way to get conventional financing on it. What we had to do is get a loan for the land only and we had to find a lender that was willing to ignore the fact that there is a house sitting on the property. Luckily the land alone appraised for $175k and we only paid $160k for the whole package.
We signed the paperwork today! After signing I went up to the house with our real estate agent and did the walk-through and everything looked great. We don't officially own it yet since the current owners are set to sign on Monday. But we do have the keys! Next is to schedule the perk test and get the septic system installed and the bathroom built.
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