Buying a house a a rehab - now it's looking more like a Teardown

[Rahma Z.]

I am UC on a NC in home built in 1948 - closing in a few days. At first walk through when the house was furnished, it looked like an extensive rehab project.  Now with the sellers items out of the house, it's looking more like a complete Teardown and I am seriously questioning the deal at this point. Would appreciate some helpful advice on what you look for when determining whether to tear down and start over , or to bite the bullet and rehab best as possible. Thanks in advance 

[Jacob Sherman]

All depends on the acquisition price . A rehab having a structure to work with and having to build new structure will change the budget drastically . Are they willing to negotiate ? 

[Rahma Z.]

It was a battle getting them to agree to the Purchase price so I highly doubt they will budge lower, especially with closing scheduled soon.  Even if we did tear down and rebuild, im afraid it would put us under water or at a break even point if we are super strict with the build budget- plus adding to that, I don't know how the rehab lender would even look at this now if we do have to tear down. My hopes is that maybe we can salvage the "bones" and gut it to the studs and start over. I just don't know where to even begin

[Kristine Ann]

Quote from @Rahma Zaghari:

... At first walk through when the house was furnished, it looked like an extensive rehab project.  Now with the sellers items out of the house, it's looking more like a complete Teardown...

This is an excellent example of a staged home verses an  unstaged home.  I wish everyone would read this and understand how important staging is.