CityLift is a great program, but does have a few weaknesses as well:
1. Like any government program, CityLift has condition requirements.
2. The timeframe required to close can be a bit longer.
3. Most listing agents have never heard of CityLift and are reticent, after receiving multiple offers, to accept offers with CityLift funds.
4. Offers with CityLift funds are considered less than ideal by listing agents who DO understand the program - there are a lot of moving parts - especially when coupled with CHDAP, Section 8, CalHome or other programs.... more
You can apply for an FHA 203k loan.
The lender will loan you up to $30k more than the purchase price for repairs. If there is more work to be done than that, you can receive more than the $30k, but you will need to have an appraisal done on future value (once all work is finished). The appraisal will need to include an architect's plans, licensed contractor's estimate complete with all the materials to be utilized.
In short, not an easy task for over $30k, but it can be done!
Email me if you would like more information. I am located in Fremont and Pleasanton.... more
You would need to refer to your purchase contract. It should state reasons you can cancel contract without losing your ernest money deposit. You might want to talk to your Realtor too.
You should never base your offer on an asking price, determine what the value is in todays market and then base your offer on that. If the asking price is much lower than the asking price, then determine if there is any other offers, if not then you may want to try asking price but if so, it may sell for more than asking price.... more
1. In whose name is the house that you helped buy for your parents? Those who hold title to the property can put your names on title, and you can approach a title company to help you. You should also determine/decide how to hold title: joint tenancy, tenants in common, etc.
2. Was a loan taken out to buy the property -- in whose names is or are the loan/loans
3. Are the payments on the other house being paid by your parents?
4. Is your short sale already complete? How were you able to provide your financial statements with your financial obligations without disclosing a financial obligation to pay for other loans?... more