Home Buying in 33016>Question Details

Chia, Home Buyer in Miami, FL

Is this house in liveable condition? How can I get financing for it?

Asked by Chia, Miami, FL Wed Jul 30, 2008

This house is a foreclosure 3/2 plus some sort of effciency of 1/1. All baths are missing sinks, toilets, bathtubs, except for the one in the efficiency which is complete. The house also lacks the A/C units. Finally it also lacks kitchen appliances.

My question is:
-Is this house in liveable condition? It has a bath working, A/C could be replaced by wall A/C and kitchen appliances are not that expensive. Please if any of you is an appraisal or knows one, please let me know.
-If it wouldnt be in liveable condition, then is there a way a bank could finance it? if so which ones? under which condtions?, how does escrow for repairs work and which banks work with it?

I really want to get answers to these questions. I dont have a realtor yet so if you provide me meaningful information and REAL one, please let me know how I could contact you.

Help the community by answering this question:


An appraiser must go out and make a determination of work to be completed. That includes anything he / she believe is not up t o code. In other words it is negligible for an appraiser to not address these issues and find out after the fact the city has removed you CO (Cert of Occupancy) Therefore, Appraiser needs to quantify work to be completed and if in excess of $2,500 would issue a 442. Then the appraiser will come back out to the site and sign off when work it completed. This is not traditional purchase. Risk to reward with distresses and REO investments. I can see why you are not benefiting from otherwise mandatory procedures applicable to a new loan or seller presentation.
Web Reference: http://borrowerhotline.com
0 votes Thank Flag Link Fri Aug 1, 2008
Big question.
Most homes selling as Pre-Foreclosure ( Shortsales) and Bank owned. ( REO) home are usually sold as-is. Sometimes these properties will have liitle or no appliances,lighting,plumbing fixtures etc. Caveat Emptor ( Buyer Beware) if it looks too good to be true,then is most likely is. There are many great deals on the market but be advized that there is some element of risk involved as many homes have been left unattended and sometimes need some repair. Many homes have been boarded up to keep out vagrants and others from vandilizing the property. If you want to move forward with such a deal,I would suggest you get a Qualified home inspector and be sure that the property you are looking at is in " Livable Condition".
Try this HUD site for more info.
Hope this helps.
0 votes Thank Flag Link Fri Aug 1, 2008
You should speak with a FHA lender, I believe you can go for the loan program called, 203k. This will allow you to receive monies for repairs that are done after closing. If you have any questions or you need some help with the deal, feel free to contact me. Thanks.
Michael Ceparano, ceppym@yahoo.com
0 votes Thank Flag Link Thu Jul 31, 2008
The questions you are asking require more than just an answer via a website email. Of course I would like the opportunity to speak with you and provide a thorough answer. Please feel free to give me a call at your earliest convenience. I will be more than happy to point you in the right direction.


Andre Shambley

Luxury Home Specialist
Office: 305-931-8920 ext 245
Mobile: 305-788-6643
Fax: 305-931-9853

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Aventura, FL 33180

Interested in condos, visit me at: http://www.Keyes.com/Andre.Shambley

Want to refinance your home and lock in a fixed rate while rates are low, visit: http://www.JShambley.ApexLending.com
0 votes Thank Flag Link Wed Jul 30, 2008
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