THE ULTIMATE LIST OF CHEAP OLD HOUSES UNDER $50K…and BEYOND ––>
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c.1895 Foursquare Home For Sale in Burlington, IA Under $38K – Sold
March 9, 2022
OHU50K NOTES
Spacious 2 story home. Kitchen with walk-in pantry, large formal dining, tall ceilings and more. Beautiful woodwork and open staircase. There is more than meets the eye with this one, though. OHU50K featured the home back in July 2021 when it was listed at $47,500. Price is now reduced and the realtor says, “Buyers inspections are for informational purposes only and the seller is not required to release earnest money or void contract.” So in other words, even if somethings is very wrong with the house, you will not get your deposit back nor be able to cancel the contract!
My son recently attempted to buy a condo in North Carolina. He knew the due diligence money was non-refundable, but thank goodness the earnest money was refundable. The condo failed inspection on all 67 points, so he was able to cancel the contract with the owner keeping my son’s $500 due diligence money. The property is now back on the market, and another buyer will lose his due diligence money.
I would not touch this Burlington house with a ten foot pole
OHU50K features this home simply to show the hi-jinks realtors and owners are playing with us now.
Spacious 2 story home! Kitchen with walk-in pantry, large formal dining, tall ceilings and more. Beautiful woodwork and open staircase. More than meets the eye with this one. Covered porches in the front and back. 4 bedrooms upstairs and a full bath. New $11,000 roof in 2021! Seller is offering this property in it’s as is condition with no representations/repairs/or allowances to be made. Buyers inspections are for informational purposes only and the seller is not required to release earnest money or void contract. – Per Zillow
4bed
1bath
1,904sqft
7,013sqft lot
Build date 1895
518 Summer St, Burlington, IA 52601 $37,500 Sold For $25,000 on 4/29/22
Spacious 2 story home! Kitchen with walk-in pantry, large formal dining, tall ceilings and more. Beautiful woodwork and open staircase. More than meets the eye with this one. Covered porches in the front and back. 4 bedrooms upstairs and a full bath.
The US Government kept my escrow deposit on a HUD house after inspections. I only signed the contract because I wanted to look before it was sold to someone else, so I knew I could lose $500, but it was worth it to have the opportunity.
5 Comments
NAIMA Anne HAVILAND
Interesting! I wonder what this pretty house’s dark secret is. Cracked foundation? Termites?
chris
that’s sad that these shysters are able to pull this scam
Pierlus
Nice home for the year built
Patrick Springer
The US Government kept my escrow deposit on a HUD house after inspections. I only signed the contract because I wanted to look before it was sold to someone else, so I knew I could lose $500, but it was worth it to have the opportunity.
Jake
I don’t even mind that 3 bodies were found under the house , but there seems to be no report anywhere in county records!