Home Buying in Alliance>Question Details

Tina, Home Buyer in Alliance, OH

i am interested in using streamline too, is it true that you can use 203k to purchase the home?i found a hud

Asked by Tina, Alliance, OH Wed Jul 16, 2008

home for 15,000,but i want to submit my bid for 8,000 would that be wise?

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I live very close to Alliance. A HUD home if you really like that one may take 8,000 but I wouldn't want you to lose the house to a higher bidder. I would need to look up how long the address and the days on market to advice you further. You can buy the house and the repairs needed to the house with the 203k Streamline loan. The good thing about this loan is you do not need to complete the repairs before you close on the loan. However, the major repairs such as electrical, roof, plumbing and foundation need to be done by a contractor. You should have 3 professional bids for all the work needed to be done to the house when the FHA appraiser comes out to go through the house. If you are doing cosmetic work or appliances are needed you need to get a quote from Lowe's, Home Depot or Sears for the parts and material to supply to the appraiser as well. The appraiser will do an AS-IS cost appraisal and a Finished product appraisal to let the bank know what they will be loaning on. If you have any further questions contact me.
0 votes Thank Flag Link Wed Jul 16, 2008
You should consult a realtor or your lender but I don't know why you could not use the 203k. You can bid $8000 if you like. HUD will either accept your offer or not. These homes have to be bid online by a real estate agent for you. You know the next day if they took your offer. If they do not you can rebid it daily until they do or someone outbids you. Good luck.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Wed Jul 16, 2008
If you really want this home, then I would offer at least 80% of the asking price. I was told by an associate Realtor in our company who lists HUD homes that 80%-90% of he asking price was what hey were seeing as being acceptable by HUD. Good Luck!
Web Reference: http://www.marystarkey.com
0 votes Thank Flag Link Wed Jul 16, 2008
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