How a Home Bargain Became a ‘Pain in the Butt,’ and Worse
ByJames R. Williams thought he had found a great deal on a home. The monthly fee on the three-story fixer-upper in Cincinnati was cheaper than the rent on his last home. And the payments would go toward the $40,000 he needed to own the place.
But Mr. Williams will almost certainly never own the house. Instead, he was left with a grandson with lead poisoning from peeling paint in the 98-year-old home and he says around $10,000 in critical repairs to the plumbing system.
And as if that wasn’t enough, in the five years that Mr. Williams has been in the house, the ownership has changed three times, making it difficult for him to deal with an overdue water bill of several thousand dollars, keep current with the property taxes and figure out where to send the monthly checks under the 30-year contract he signed…
How a Home Bargain Became a ‘Pain in the Butt,’ and Worse
