As folks have mentioned, they typically need work or are missing items such as kitchens, appliances, wiring, etc., that will not allow for traditional financing. I have specialized in FHA 203K Renovation financing for 21 years. With this financing, the property closes "AS-IS", the cost of the repairs are financed into the loan, and the work is done after closing. It is an awesome program for short sales and foreclosures because s lot of these properties have been destroyed. It's only 3.5% down at closing so if you buy a $65K house and put $100K into it, your out of pocket is only $5600, plus you will more than likely walk into a great deal of equity. Please feel free to give me a call if you would like to discuss further. My website is also loaded with information about the 203K.
If I can be of further assistance, please feel free to contact me at anytime by phone or e-mail.
Brevard's Best Realty, Inc.
mail to: firstname.lastname@example.org
If you have any questions or would like someone to work with please feel free to give me a call.
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This link is valid until 10/29/2013.
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Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate