Foreclosure Lending Advice: Previous Owner Stripped the Kitchen and Bathroom
We want to put an offer on a foreclosure. The house would be in great/beautiful condition except that the previous owner removed the toilets, sinks, and removed everything from the kitchen except the backsplash and stove--even the cupboards. We were told that we would not be able to get a conventional loan approved for this house. Is there anything we can do? Paying cash is not an option. We would be willing to put in a toilet and kitchen sink if we could and if we new that is what it would take to have the house pass.
It is sad that we could easily get a junky, moldy, leaky roof run down place but getting a loan for a near-fantastic house that had the bathrooms and kitchen stripped is impossible.
I'm with you. As long as you are paying the bills why should the bank care what the kitchen looks like or if you have to use a Coleman stove. I've installed kitchens and its not that hard. Unfortunately thats not the way the banks think. Do you have a good lender? What is the price? Would the HUD 203k loan work for you? http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm The selling bank would be better off to put in a cheap kitchen and raise the price or at least get it sold quicker. Is that bank willing to help you finance? Is your broker giving you good advice? If you aren't working with anyone and need help exploring your options let me know.
Glen
Broker
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