Forever House?

My friend texted me this weekend about a house in her neighborhood that was up for sale that we might like.

OMG. We do like it. 4 bedrooms, 2 baths on an acre. For $59,000.

Hubbs has done work on this house so he says it is a STEAL for $59k.

It is in a 100 year flood plain but I have an idea that would work to prevent water damage. If we were to have a brick wall (maybe 4-5 feet tall) built all the way around with a couple of gates, that would keep the water out as long as we sandbagged the gate openings.

And even with property taxes, PMI and the required flood insurance it is very much within our price range. Even on a 15 year loan instead of the standard 30.

The only problem is that they have accepted an offer on it and have a back up offer already. But it is for many thousands less than what is being asked. I did some google-ing and found out that they don't necessarily have to let the people with the accepted offer buy it if someone else comes along and offers more.

I talked to Hubbs and he told me to call and offer full asking price. I am kinda scared to have a mortgage. We paid cash for the place we are living in now so I have never had to deal with it.

Keep your fingers crossed it works out the way we want it to!