This is the 64,000 question. We placed our bid in Jan and at the begining of Feb the bank send a letter indicating that the short sale packet was completed and we should hear word within 30 days with closing to be 10 days after acceptance (we anticipated closing somewhere mid to late March). Well in April the bank notified all that they had really not even looked at the offer and it would be at least 2 to 3 more months till they even responded and "don't bother to call us, we will notify you when it is completed" as they are swamped with short sales... Needless to say we got out of this deal and found a home (not short) and will be closing the begining of May....... more
As an agent and the author of the question it would have been nice to hear your thoughts to spur the discussion. The answer is largely subjective as the national market cannot accurately summarize the happenings of local markets. The Chicago market, which is experiencing quite a lot of growth over the past 6 months in some important areas may fetch a different answer than the market in your local area.... more
I couldn't find anyone in our area who does 203k's. When you say house was in the middle of construction, and I have no idea at what point, I wonder if the 203K is even possible. There are construction loans and renovation loans, but both require a higher down payment than an FHA 203K. FHA is also more forgiving on credit issues.
You need to speak with a local lender. Bank of America operates almost everywhere, and they have a good renovation loan if you don't have to go FHA.... more
When a Realtor lists a home for sale, the commission she establishes covers the commission of a Broker Rep and/or a Selling agent. You should not be paying anything additional.
You are entitled to be represented; every state (with the exception of NY) has been doing this for years.
Beyond a doubt, hire a Realtor to represent YOUR interests! That is the only person who can perform a complete comparative analysis to let you know what houses in any particular neighborhood are selling for.
Any further questions? Feel free to contact me at Gail@GailGladstone.com... more
Nicol....Your loan officer is the best source for information.....Depending on the amount of renovations, there might not even be any draws. If it is a small renovation amount of $15,000 or so, once the loan is set up in the draw dept., your contractor can request a material advance of 35-50%. After that, the lender would just conduct a final inspection to verifty that the proposed renovationis are complete.....
The big question is how long it will take the lender to get your information set up in the draw dept. after closing.....I hope that helps....Good luck!... more