I wouldn't just walk away. I would try and see if there are short sale, or deed in Lieu options available for you. Generally speaking I work with investors that would be able to service you 1 day out of foreclosure, 1 day out of deed in lieu, 1 day out of short sale, and 1 year out of BK. Let me know we can discuss more... more
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If the property is priced comparably with others of similar square footage and amenities I think it's a personal preference issue. People are unique, but they're not that unique. A lot of times I figure that if my client or I like something, chances are somebody else will. When buyer's like something that is really out of the ordinary they are usually aware that it is out of the ordinary and it will be a long-term gamble for resale value. I would not think a flex area to be very out of the ordinary as long as it was priced competitively.
You are welcome to call me any time for more information about property in the area.
Ph. 708-259-3734... more
An FHA inspection is basically performed by a licensed real estate appraiser who not only appraises the property for loan collateral value, but also takes a few extra steps to make certain that the property conforms to FHA safety requirements. They are primarily concerned with properly installed railings on stairwells, peeling paint danger of lead poisoning, minimum electrical capacity, major cracks in foundations, and other items of safety or structural criteria, required by HUD. An FHA inspection is never a substitute for a "regular home inspection".
Passing an FHA inspection has almost zero certainty to the complete structural integrity of the property. There could still be potentially dozens of issues that may be wrong with the property, as determined by a highly qualified, licensed and trained Home Inspector. Always get a home inspection!... more
Realty Trac is only a data base on public information about foreclosures. The data base is a good tool to start your research but is not a place where you can buy the property. The data base will provide you properties in foreclosure, REO's or Foreclosed properties and For Sale by Owner properties. You can try to contact owners and banks to see if they will consider your offer. Some of the properties are not for sale and the owners might not want to talk to you but others might be interested.
The banks usually hire agents to handle there properties, so if you get hold of a bank they will most likley direct you to a real estate agent. Bankers do not negotiate with indivual buyers because they have Thousands of properties and would not be able to manage the sale because each state has it owns requirements and restrictions. The best way is to find a buyers agent to assit you and get you the information you require.
First Weber Group
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