Property Q&A in Arverne>Question Details

thepoetjoel, Renter in Brooklyn, NY

How bad was this affected by Flood ? if not how much work needs to be put into this before habitation ?

Asked by thepoetjoel, Brooklyn, NY Tue Feb 26, 2013

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this property is probably not eligible for a mortgage. What that means for a buyer is that you can either buy it for cash as is, or you can apply for a 203 mortgage. 203b for work up to 35K and 203k for work from 36k to knock down the house and start again. There are a few banks who excell in this area. There are special contractors who can work with the banks in this environment. Also if the work required is over 35k, the bank will assign a hud consultant to the project. there are many reasons for this all which offer protections to the buyer as well as the bank. In my opinion there is no need to pay an inspection fee If the house needs lots of workYou will receive a full report from the contractor who will be working on the project free of charge. There is a lot more information to share. If you are interested in seeing this property and want further information on the financing options just call, e mail, or text me and we can make some arrangements to meet.
Maureen Mizuno
Exit Realty Central
cell or text (917)443-9880.
0 votes Thank Flag Link Tue Feb 26, 2013
According to MLS, the property is a short sale and being sold as is; your licensed home inspector can answer any questions you may have, after he/she inspects the property.
0 votes Thank Flag Link Tue Feb 26, 2013
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