Thank you! Have a Happy New Year 2010!
Buying, Selling, or know someone that is? Call me I'd love to help.
Cheryl R. Supplee, Realtor, e-PRO
Relocation Specialist, USAA certified, Cartus certified
Coldwell Banker Preferred
Village Square Shopping Center
714 Dekalb Pike, Blue Bell, Pa 19422
Homes for Sale
Direct: (610) 812-6575
This property is still for sale!
It is zoned however as a commerical property and mixed use residential. I called the agent to find out about FHA however he was not available.
Please contact me if you have any questions or if there is anything I can help you out with.
This home is still available however the sellers are not willing to do any repairs required by a mortgage company so I would have to conclude that no they are not open to FHA Financing. This home is also located in a commercial area. However there are other ways that you can purchase a home utilizing FHA financing even if the owners are not willing to do the repairs. The first would be to complete the repairs yourself if the sellers are willing to let you do that and if the repairs are minor enough that they can be completed. They would have to be completed prior to settlement and keep in mind that if for some reason you do not settle on the house you will not be compensated for your work. The other option is to finance utilizing an FHA203K which is an FHA renovation loan. This will enable you to have all required work completed as well as any updates you would want completed after settlement. This is a very detailed oriented loan and you must follow those details closely. The contractor used must be registered and approved with FHA, must be licensed and must provide a very detailed proposal to the mortgage company. The mortgage company would then send out the appraisal to see where the value of the house would be with the repairs/renovations completed. Once you settle on the home the contractor receives 35% within 10 days of you settling, the difference minus 10% once completed and the additional 10% once the appraiser goes back through for an inspection. It is imperative that you work with a Realtor and a Contractor as well as a lender that knows the ins and outs of these types of loans or you will be in for a very large headache.
I hope this was helpful to you and if you have additional questions feel free to contact me.
Jennifer Daywalt, Realtor
Re/Max Results Realty - Collegeville
Top Agent 2004 2005, 2006, 2007, 2008
Author of "Ask The Realtor" Column in The Saturday Edition of The Phoenix Newspaper
Licensed since 2001 in PA
610-489-7355 Main Office
610-999-7693 Direct Line