Foreclosure in 94402>Question Details

mattsonrita, Other/Just Looking in 96753

bidding on foreclosure- will need to finance -conventional loan. Will banks lend if termite damage I agree to fix post-closing?

Asked by mattsonrita, 96753 Tue Nov 12, 2013

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Possibly I would have to make a couple calls to my mortgage brokers. We specialize in referring people to lenders that offer loan products that may be able to help. Email me or go to our site.
0 votes Thank Flag Link Sun Nov 17, 2013
Banks will lend with termite damage - depending upon the type of loan you are using and the extent of termite damage. With a conventional loan and modest termite damage, you should not have a problem.
0 votes Thank Flag Link Tue Nov 12, 2013
It depends on how bad the termite damage is and whether or not the appraiser asks for a copy of the report.

If there's significant damage, you may have a problem.

What's the bidding process? Is this an auction or at the courthouse steps??
0 votes Thank Flag Link Tue Nov 12, 2013
Is the termite damage really obvious? If it's not apparent you should be okay. If you're walking around the house and say, "Oh, look at that!" You'll have an issue.
Flag Tue Nov 12, 2013
auction
Flag Tue Nov 12, 2013
Hi Matt,

With Conventional mortgages you should not have a huge issue with this. The appraisals tend not to be as structure-oriented as FHA/VA appraisals. This may effect value, but not your ability to obtain the loan. As long as home is not a risk for occupancy, you should be fine.

Best of luck,

Bryan Mecsey
Commerce Mortgage
bmecsey@commercemtg.com
Cell: 510-725-2665
NMLS: 861229
0 votes Thank Flag Link Tue Nov 12, 2013
thanks.
-Rita
Flag Tue Nov 12, 2013
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