Hi Patrick. Usually you don't sell to the relo company right away. The relo company offers to buy it from you if it is not sold within so many days. That's what I have seen, but I am not a relo specialist. I am sure the relo company does not pay prime dollar, but I don't think it's super discounted either. The relo company probably has an agreement with your employer and it's all part of the reloation package that you are offered. The benefit of dealing with the relo company is that you have a guaranteed buyer if it does not sell within a reasonable time.... more
Shelton, overall, is a great community to live in. However, I would recommend that you contact the Shelton Police Department and ask them about the specifics of certain areas. They would be your best bet.
Hope this helps!
We are not local in your area, however have done many 203k loans for our clients. The 203k is a very nice loan product for properties that need some fix up and/or may not qualify for other types of financing. As far as a pro/con approach - Some of the pro's would be that you get to fix up a property the way that you want to, with your contractor, and have the cost rolled into your loan. It is a great way to get into a home that you otherwise might not be able to.
As far as the 'cons' to the 203k (and many of these CAN be avoided if you choose the right lender and agent that knows what they are doing) - It can be a lengthy and frustrating process. Your contractors need to know how to submit quotes the right way, and you need to make sure you budget properly for any repairs that will be required by the FHA 203k consultant (who is basically a check and balance for the bank and makes sure required items get done). Good, open lines of communication need to be had by all parties' in the transaction. Some banks, who shall remain nameless, have a reputation of not being very helpful or diligent AFTER the loan closes if you have any problems... and also may give a hard time in paying your contractor. Be sure to investigate your 203k lender up front to get a better idea of what to expect once work actually begins.
Overall - we have a lot of success doing 203k's for our clients in our area due to the amount of foreclosures on the market that need significant repair. If done right, it can be a smooth process - it is very important though to work with competent contractors, lenders, and real estate agents who are in good communication with each other... otherwise it could be a bumpy ride.
I wish you the best of luck with the house and hope you find a good roof contractor!... more
As long as you have an inspection contingency in your offer, you are covered.
so if during the inspection time frame, you find that something is not to your satisfaction, you can withdraw
from the deal.
You need an inspection contingency though and it must be done within the time frame stated and
if there is an issue which you need to withdraw, it must be in writing.
Kim Camella Roy
Re/Max Right Choice... more
My suggestion is to put in your offer with the wording that House must appraise at full purchase price. That way you are covered in case the house does not appraise.
Often times homes have been updated to be much better than new and that could be why the prices seem too high for you, but they will definately appraise out. There are many factors involved in the appraisal process, not just new vs old.
Hope this helps....AManda... more
Even though I am not familiar with the area, I can advise you to get an agent - that is what we do and we use our MLS database to provide statistics both to help someone sell a home and also to buy. This takes the guess work out of it for you.