Corporate owned property, proof of funds / pre approval offer, will I even get a lender to pre-approve me or should I not even bother with this house?
"Corporate owned property being sold in as is condition only. Proof of funds or pre-approval are required with all offers. Buyer pays both sides of transfer tax."
Just reduced to 109, 000 I wonder how cheap I could actually get it.
Questions:
Is this a flag that this house might be beyond repair?
Are there forclosure, REO, Coporate owned specilty agents that can help me through this process?
Can I get a FHA rennovation loan/mortgage for this in Bensalem, PA?
What exactly are these state/municipality bond programs I am hearing more about for middle income families? Does Anyone know if they are offered in Bensalem/Bucks County PA?
Should I leave these properties to the "flippers", or bulders/contractors?
Single-mom, first time homebuyer, asking these questions, I think anyone can rennovate a home, but I also don't want to get in over my head. My rent lease comes for renewal in Apr. 2010 to renew from 08/2010 to 07/2011. I dont want to be here another year.
Dear Megan,
A forclosure house can be in any condition. A preapproval should accompany any serious offer. Pay an inspector or trustworthy contractor to check out the house with you before you submit an offer. And get the contractor's estimate in writing. You may want to get a "hard money loan" the bank lends you enough to pay for the house and all repairs.
I recommend you find a house that only needs cosmetic repairs for your first such project as many people do get in over their heads.
Megan I can help you through this process. Buying a Bank owned property is not much different then buying a property from a private owner only banks usally take a lot longer to accept your offer and they will not make any repairs for they are already taking a loss on the property.
There are mortgages that will allow you to borrow fix up money as part of the mortgage. They're based on the value of the house after it's fixed up they're called 203k loans.
Megan please contact me and I will give you more information on this and put you in contact with mortgage professionals who offer different programs.
My e-mail... ppriestley@kw.com
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