PanAmerican Mortgage, LLC
Senior Mortgage Consultant
This home sounds like it is in the Original Lake in the Hills off of Rt. 62. I lived in there and am familiar with the area. Give me a call and I would be happy to help you out in your purchase.
Melissa Leetzow E-PRO SFR Realtor
Coldwell Banker Primus
1: Rehab loans (fha 203k) are available with upto $35,000 in repairs can be financed, still with 3.5% down.
These do take longer and will have some inspection fees attached.
2. You do HAVE to submit a letter that you either have the cash available or a pre-approval on a mtg. (203k does not go thru automatic under writing). There is some changes coming to mtg. lenders about pre-approvals.
3. You should do a home inspection (comes after offer acceptance). If winterized you will pay a rewinterization fee to get water on. Also you need to schedule the inspection around your appraisial, lenders are requiring utilities on when they do their appraisials.
4. Know what the home will be worth when you are done with repairs(in todays market-not what it sold for before).
5. Get a agent to represent you, who understands the REO/Short sale process.
6. If the property is priced well it will go quick and yes somethimes over asking price. Just remember what will it be worth when your done rehabbing. Cost plus rehab, is the property still a good deal in TODAY's dollars.
I also tell my clients you get what you see and what you don't. Lenders are selling as-is, you need to understand that. I have been helping my clients for over 30 years(learned in the early eighties in the REO market then), to understand RE investing for the long term. I f can be of any help feel free to contact me.
Larry Hines CDPE
I've had a ton of experience with foreclosures in the last few years. Here's the best I can tell you:
1. Get an agent to represent you in the deal. Technically, the listing agent isn't supposed to be able to seel it to you, but there are agents who DO do that...you're better represented by an outside agent.
2. You won't be able to submit an offer on a foreclosure until you are pre-approved (your buyer's agent should have lots of resources...I have several!) But no bank will pay attention to your offer until you are. Pre-qualification takes about 5 -10 minutes over the phone so don't let this step scare you!
3. Minimum down payment these days is 3.5% on an FHA loan...that's the lowest you can go. Now, as a first time home buyer, you'd qualify for the $8000 tax credit...have anyone who can loan you up to $8000 until you get it back from the government???
4. If it's a good value, it will go very fast...maybe with multiple offers. A LOT of foreclosures are going at or above list because of the value!
5. You should still have a right to an inspection with a foreclosure which should reveal any "surprises"...and you'd have a right to back out based on that. Also good to have a good attorney working for you and protecting you...agents should have resources for that as well (again, I have SEVERAL that are great!)
More than happy to answer any other questions you might have!!
Baird & Warner
Baird & Warner | Lincoln Park