It doesn't matter if you're on septic or a public sewer line, you should **always** have a specific inspection on the plumbing leaving your house. Those are a notorious trouble spot. I'd pay thousands to have a reasonable assurance that I won't have sewage backing up into my house any time soon because of how costly the associated repairs can be but those inspections are usually a few hundred dollars.... more
Kim, unfortunately I would say no. First, as you may already know, when you sign a contract and commit to a purchase of a foreclosure property the banks set very strict time frames for closing. If your lender does not meet these deadlines, your deposit is in jeopardy. I happen to work closely with a REO Realtor in Suffolk County, I know that some of these banks are starting to allow much more time to close on 203(K) loans. The reason is new disclosure requirements which went into effect in October, TRID. These requirements have made the lending process longer than what it used to be. There are many components to 203(k) loans, it would be risky for you to get into a contract with a month or so worth of time to start and close on such loan. If there is anything I can do to help, feel free to call me. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
98 Cuttermill Road
Great Neck, NY 11021
(516) 606-9648 cell
(516) 708-2351 office
(516) 918-5383 efax... more
Please be careful which company you are insure with. The main purpose of insurance is to insure something you could not afford. If you are getting a low price, it does not mean it is good. Ask around to see if any friends, relatives and realtor could recommend you to a reliable and be able to pay if there is a claim, between 1100-1400 per year is reasonable, but again, choice a good insurance company is very important.
Thank you for asking the question.
Lic. real estate associate broker
Coldwell Banker Distinctive Homes
This is a difficult situation. You only have one way to go is moving out. It is better to seek a real estate attorney for help to see if you could get some moving fee from the bank. Now, bank is the owner.... more
It's hard to say exactly if you'd get a full return. But like everyone said, if it makes your life easier go for it. The good thing is it will be more attractive to potential buyers. It may set your home apart from others!... more