Richard Greening

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How do I get a loan for a fixer upper?

Richard Greening answered:
I know its outdated now but for future reference and for anyone who may read the question... I would explore alternatives prior to applying for a loan etc Call it naive but is it too late to try and negotiate upfront the roof etc as term of sale - ie taking the stance upfront "Sure, I'll buy your house provided that... xyz." Can the existing homeowner's insurance kick in at all to replace the roof? A deductable is cheaper than replacing it. Can one Escrow funds to replace items immediately upon closing?? As I said - just trying to explore alternatives and thinking outload... questions to find the answer to. For every problem there usually is a solution. Don't overlook a permit for the roof; an insurance company may have issue with that!

If one has no alternative than to look for a loan, make sure to talk to various lenders to compare apples to apples etc. - Mon Aug 18 2008, 10:01
Richard Greening answered:
There are 2 issues which imo lynn is accurate about. You need to seek a real estate attorney to comprehend your rights and situation and you can contact and file a complaint with your state's regulatory agency - if you zipcode is true then start here http://www.llr.state.sc.us/POL/REC/ - Wed Aug 13 2008, 10:10
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