Home Buying in 33626>Question Details

Rama, Home Buyer in Atlanta, GA

Any suggestion about buying home in tampa?

Asked by Rama, Atlanta, GA Sun Dec 11, 2011

I made an offer, offer acceted. Initial Review by Contractor came with low sqft, Detailed inspection showed problem with Roof and A/C/ I let the contract cancelled. Little upset. Is there anyway to find a good home and buy without 100 issues.. lol. When water dries we know who is naked. Till now made offer in 2 places, both failed during inspection. I don't know how much money i am going to spend for inspections. Is there a magic bullet to find a perfect home

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Answers

7
Rama,

If you are focusing your search on "distressed" properties it is likely that you can rely on more of the same. It's the nature of the beast....since most of the previous owners have likely lost interest in maintaining their property well in advance of the present day and time.

One way of reducing the possibility of inspection problems is to explore opportunities outside of the distressed market. There are many great opportunities presently for regular sales in which owners have not vacated their homes and have the means to sell at a greatly reduced price.

Working with an agent and minimizing your interest in distressed sales should improve your availability.

Best wishes,

Bill
1 vote Thank Flag Link Mon Dec 12, 2011
Rama,

Even brand new homes will have issues. Although it may be difficult, think of the few hundred dollars you have spent so far on inspections as saving you many thousands in repairs later on. I remember your earlier question about the sq ft difference, apparently this is the same house. No magic bullet, just persistence! Good luck in your search.
1 vote Thank Flag Link Sun Dec 11, 2011
Hi Rama,
Thankfully, you have good inspectors who are doing their jobs well and earning their fees. You are much better off spending a little up front to avoid a headache down the road.
0 votes Thank Flag Link Wed Jun 26, 2013
Are you working with a real estate agent? If you aren't - this could be an issue. With experience of dozens of homes a year - an agent comes across many issues, deferred maintenance or other issues. With this experience an agent is able to help you see what may be an issue before you put a contract on the property and then negotiate using these issues to get you a price that helps ease the burden of fixing property.
0 votes Thank Flag Link Tue Mar 5, 2013
Good Morning Rama.

Is this home going to be your primary residence or an investment property? I'm not sure what type of properties you are focusing on but it is important to work with an experience agent who can identify properties that meet or exceed your needs criteria. For example, it is often possible to determine the approx. age of the roof on many homes prior to submitting an offer. Additionally, if it is a straight resale or short sale, the property disclosures can give you possible insight as to where potential issues may be BEFORE you spend money on an inspection. It appears you have focused on distressed properties that may be sold "as is" which is why you are walking away when costly problems are detected...

My advice to you is if you haven't already done so, find an experience agent to work with you in this process and explain to her/him your concerns and reservations about spending more money on home inspections. Most agents can help you find reasonable options to get you to your goal of buying your home.

All my best to you Rama.

Regards,
Charlene Weston
Realtor
The Weston Group
0 votes Thank Flag Link Wed Dec 14, 2011
Hi Rama,

You can look at HUD owned foreclosed homes and they will have a Property Condition Report that will show the major system deficiencies.

Also you may want to think about getting an FHA 203K Streamline mortgage that will allow you to buy a property that needs a new roof, new flooring, new appliances, new painting, etc. You will have to select a contractor to do the repairs/upgrades for you and some lenders limit the contractor to Lowes and Home Depot but utlimately you will get a spectacularly beautiful home for a bargain. Also if you buy a HUD owned home you can actually get a 203K mortgage with only $100 down!

Also Fannie Mae homes offer HomePath Renovation financing to allow you to convert an ugly worn out house even with functional issues ( broken a/c, leaking roof, worn out formica kitchen cabinets, etc.) and put only 3% down. There aren't many lenders that do the HomePath Renovation Mortgage but this loan officer just closed on for my client:

Ken Monduori ,Vice President
Market Sales Manager
Regions Bank
13904 N. Dale Mabry Hwy.Suite 302
Tampa, FL 33618

Cell: 727-458-2583
Office: 813-960-8215
Ken.monduori@regions.com

Apply On-Line @: http://www.regionsmortgage.com/kenmonduori

Hope this helps.
All the best,
Alma Kee
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Mon Dec 12, 2011
Rama,
Sorry to hear about your bad experiences. When you look at homes, ask your Realtor for a seller's disclosure. If there is one you at least have a fair idea of what you are up against. As to square footage, tax records are close but not always accurate.
Good Luck!
Genevieve Ramachandran
0 votes Thank Flag Link Sun Dec 11, 2011
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