Home Buying in Buffalo>Question Details

Curtis N. Co…, Home Buyer in Myrtle Creek, OR

You said the HUD number was listed, but I do not see it. Also, question about loan procedure.

Asked by Curtis N. Coleman, Myrtle Creek, OR Mon Jan 12, 2009

I am told I have to have a prequalification letter from my bank in order to obtain a HUD loan on this property.
Also, I am told in order to get repairs included in that loan, I need to tell HUD how much those repair are, and commit to making them. How do I go about doing this? Do I pay for an inspection first, without an offer? I don't understand the procedure here. We really like this home, and want to get the letter from my bank here in Oregon, but have to understand which card must be placed in what order.
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This question is about this property: http://www.trulia.com/property/1064986489-204-Keystone-St-Bu…

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3
Michael Wichrowski’s answer
Regarding the loan for repairs, that is called a 203(k) loan. What happens is that an inspector who specializes in determining what repairs are needed and the cost will go through and inspect the home, write up a report and submit it to the mortgage lender. You cannot submit estimates from handymen or other home improvement providers, although the repair work must be done by professional contractors.

You must be prequalified for financing, but being preAPPROVED puts you in a stronger position. It is wise to work with a New York State lender as many lenders from other states do not underwrite loans outside of their state nor are they familiar with the closing process in New York. The same goes for internet-based lenders. Also, most sellers will not accept offers with prequal's from outside the state. The best bet is to use a mortgage broker such as 1st Priority Mortgage which will place your loan with the lender that best suits your needs and be available to take you through the process on a one-on-one basis vs. setting you out to sail in a sea of customer service reps.

So the order of business is to obtain your mortgage pre-approval, view the home, submit your bid, then once your bid is accepted have the inspection done and finalize your financing. HUD likes to close in a short amount of time (4-6 weeks) so you really need to line your ducks up and make sure they stay in a row throughout the process.
0 votes Thank Flag Link Tue Jan 13, 2009
Here's the hud site that explains the order and explains the inspection///http://170.97.167.13/buying/index.cfm

Good luck, Dunes
0 votes Thank Flag Link Mon Jan 12, 2009
Hi Curtis,
My name is Pushpa Gunatilake and I am with Pioneer Star R.E. in Buffalo area. This HUD property is still available. It is open for all bidders which means it is open for any one. (owner occupied or the investors) You have to verify how much repairs in the property and how much would be the cost. What you could do if you have any handy man,walk through with him. You do not have to get home inspection before you make an offer. But at least if you walk through with the real estate professional, who will be able to tell you what should you do. In order to bid for this property you will need,pre-approval letter from the bank and $500 certified check in your hand. I've successfully closed some HUD deals for my clients. If you need more info. and wants to go forward soon,please feel free to call me @ 716-907-3046 or e-mail me at pushpa@pioneerstarre.com with your information. I will be happy to contact you.
Hope to talk to you soon....
Thanks
Pushpa
0 votes Thank Flag Link Mon Jan 12, 2009
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