USDA will allow you to purchase in "rural" areas (make sure you check out the USDA map on their website to make sure the area is within the USDA coverage area). Many cities also have programs for first-time buyers that are not heavily promoted to the public. ;-) Contact me if I can be of any assistance.
Amy S. Arey, Realtor
Halo Group Realty, LLC
I agree with most of my colleagues on this topic. The bank will try to get as close to fair market value as they can after a foreclosure but it also depends on how many homes they are sitting on at that moment and how quickly they want to get it sold and off of the market.... more
Banks have gotten smarter these day they get close to true value now and sometimes get the property bidded up. Foreclosures and short sales are not always what they seem anymore. That window has closed! Now most people don't know this but if you buy a foreclosure that was someone's HOMESTEAD and you go in there and fix it up. they still have 2 years to come back and 'settle" on that property. On investment properties the State only gives the Ex-owner 6 months. www.waynestewart.com... more
The short answer would be have an appraisal done to determine value. There are a variables that could impact your property and the value. If you would like more info go to my site.
You can find all the info that you are looking for at the tax assessors online site, I would say that you would be assessed in the neighborhood of 1900.00 to 2300.00 . Here's the Link:
I live and work in the Rockwall area. I stay up to date on the market area and am familiar with the homes available. I would be happy to discuss this with you and show you the homes available that fit your needs.
Feel free to give me a call at 972-951-8496 or email me at firstname.lastname@example.org
FHA has 203(k) streamline and 203(k) regular loans which create an escrow account for you to perform repairs after closing. Unfortunately, the streamline version is not intended for repairs of a structural nature.
When the home needs structural repairs, regardless of the amount, the FHA lender will not only have an escrow account for your 203(K) loan but will also assign an inspector to assure that the work was completed by licensed professionals. At the time you apply for your loan, tell your loan officer that the house needs repairs and you want a 203(k) loan. The appraisal that is ordered at that point would reflect both the unrepaired and the future repaired value. No, you don't repair then inspect (the seller can do the repairs first but not you). The appraiser may be called back after repairs for verification of value.
Yes, it is best to start with an engineer's report on the foundation prior to applying for the loan. You want to know what's going on before you commit to buying the property. Bad news is the report is not free. So, get the report, get quotes based on the report from a couple of reliable foundation companies, and then apply for your loan. It is better to spend $400 on the engineer's report before you're committed to the loan and its $400 appraisal fee plus other stuff.
When the home needs less major repairs, such as painting, carpeting, appliances, and so on, the 203(KS) "streamline" can be used. Here funds are normally paid off invoices without inspection. Your lender can fill you in on their procedure. While officially the maximum escrow is $35,000, most lenders limit you to a smaller number from $10,000 to $25,000. If the work does not require licensed professionals, they can also reduce that to something less, like $5 - 10,000 for work done by the homeowner, or suggest a 203(b) instead.
All 203(k) loans require the work to be done in a timely fashion and completed within a timeframe, usually 90 days. After closing the clock starts ticking. You cannot overdraw the escrow account. If you estimated wrong on the repairs, you have to come up with the money out of your own pocket, if you were low. If you have money left over after all repairs are completed, the excess money is used to pay down your principal balance.
Remember the escrow account is money you already borrowed as principal. So, let's say the house is selling for $100,000 and you need $18,000 in repairs according to estimates you got, then you apply for a loan on the $100,000 (maybe $96,500) plus the $20,000 ($18,000 estimated plus a small margin for error). Your mortgage balance would start off at $116,500 plus the UFMIP if you rolled that into the loan.
After 2 months of hard work, you have finished all the repairs and submitted bills totalling $19,000. The $1,000 left in your escrow account would be used to reduce your principal balance to $115,500. (Of course here we are ignoring that you made a monthly payment during the repair period.)
So, do the engineer's inspection and report, get quotes, apply for loan with repair escrow, get appraisal, close on house, do work, draw down escrow, do work, draw down escrow, engineer re-inspects, complete work, appraiser may re-inspect, move any excess funds from escrow to principal balance, close escrow.... more
Many issues need to be concerned about
a) How much of a home can you qualify for?
b) Depends on how the lease is authored?
c) If you are searching for a home in Rockwall area we have listing will be posting with pool, gorgeous view, in the $350K - or + the owner might consider carrying the second .
d) I personally own a home for lease purchase with pool.
e) You want to place your home on market "busy season for family moving " is only a few weeks away
CONTACT OUR OFFICE TODAY
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 08' list top realtors"
Dallas Loan Officer - Homewise Lending
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale... more