I've personally answered several of your questions over the past 10 months.... we've done all we can do in this forum... pick up the phone and talk to a real person who can really help you move forward.
I hope that's helpful... if so, click the "thumbs up" below,
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Note- Email me directly for follow up questions or answers, I don't monitor this forum for replies.
Janet Larsen, Broker/Associate
Getting a house that needs fixing up would depend on how much fixing up it needs. If there is a minimal amount, then the StreamLineK is the way to go.
I don't know if I was able to fully answer you questions, so if you need further help I am always available to answer any questions and to help walk you through the process.
ReSales & Investment Realty, LLC
Office: 856-795-3111 x263
Janet Larsen, Broker/Associate
Sewell, NJ 08080
What you have to really be careful when distinguishing the HUD Foreclosure Short Sales is these are "as is" purchases. No Certificate of occupancy will be given. Which means without a C.O. FHA will not approve.
The 203 K mortgage can help you thru this "as is" process also. Does it take longer not really.
But also you need consider the Foreclosures. Many are not in bad condition but these move fast off the market. Usually special financing is avail for these if you will be the owner occupant and repairs can be negotiated into the offer. Also many times some closing costs are many times given with foreclosures. Having sold foreclosures and short sales these will be your best options if you are working with limited funds and want the biggest bang for your buck. January is the best time to buy if you can start your process now. http://sicklervilleshortsalerealtor.com/2011/01/why-january-
Short sales are certainly a great way to get a great deal on a property that is in very good condition , maybe needing little to no work. They are usually currently being lived in. http://sicklervilleshortsalerealtor.com/2011/01/why-is-my-ag The biggest hurdle with short sales is if the listing agent has no clue what they are doing. And if you representing aget is not asking the right questions. Knowing what you are up against is very important. For instance if the home has judgments or jr .liens against the property. This will hold up or kill a deal. There are too many others out there to sit and wait to find out the deal wont work. Know up front what you up against.
I recognize your name here and you have been looking for quite a while.
If you need more help just ask
With a pre appoved in hand, you will both know what you can afford & be able to bid on a home with no delay.
Let me try to simplify:
. Foreclosures are homes in mortgage defalt.
. H.U.D. stands for Housing and Urban Development.
. 203K is a type of F.H.A. loan that is available for homes in need of work that does not meet standard F.H.A. requirements.(You can borrow on the home plus acceptable F.H.A. repairs to fix).
How Long? All government mortgages may take a little longer than standard bank mortgages (.60-90 days is customary ).
Do you want a move in home with little or no repairs? These homes may not be for you! BUT, if you don't mind a challenge , you are handy and have a dream...these potential diamonds in the ruff, may give you the most return on your investment and get you into that neighborhood or home that you could not normally afford. Despite all the Bad news, Today is probably the best time to buy a home. Home and mortgages rates are at an all time low .
So I commend you on taking you first step and keep the questions coming!
Also, this will only cover repairs and or updates. For example, it does not cover finishing a basement if the basement is currently unfinished.
Specifically a 203K is a type of FHA loan that is considered a rehab (defined as needing $5000 or more in work). The work to be done is financed into this type of FHA loan and a 203K consultant is required (as part of the process).
All foreclosures are not 203K's, and HUD simply stands for Dept. of Housing and Urban Development, which in this case is mostly synonymous with the FHA.
There are many good 203K loan agents that frequent this board but if you cannot locate one in your area, let me know and I can refer you to someone who will be happy to help.