If the home appraises for less then the contract price the bank will only lend you money based on that number. The only way to offset a low appraisal is you put up more money needing less of a loan, the seller comes down to the appraisal amount, or you both meet in the middle. This doesn't mean the home isn't worth what you agreed it just means there isn't enough market data to support the number in the banks eyes. the banks do appraisals for their own good not the buyer. They want to know that if you default they can put the home on the market and get their money back.
Typically the appraiser will deliver a range of value that supports the contract price only. At times they do come in higher, that's good for you and no need to worry about anyone raising the price, you are in contract.
Yes any property can be sold in an "AS IS" condition, however this would certainly place the buyer in a precarious position to not "own" the land their septic system is on. The easiest solution would be to put in a new septic system on the property being purchased. Not necessarily the cheapest solution. The second option would be to survey the subject property and the property that holds the septic system and determine if you could agree to acquire the land that has the current septic system. Obviously the location of the existing septic system in conjunction with the subject property would go along way to determining the feasibility of this option. If that proves to make sense, then you have to negotiate terms with the adjoining property owner to acquire this piece of land. I am involved in a property with exactly this situation right now. Brothers bought a large tract of land and divided it to build their custom homes. Inadvertently the septic system was put in on the wrong side of the property line. In this case, it is going to be amicable between the brothers to move the property lines and record the new boundaries.... more
I was thinking of moving from Asheville area to Wilson or somewhere in the eastern NC area love the old Victorian homes and like the one on Vance but am not happy with what I am hearing about gangs and crime,its sad that there is so much bad crime in what seems to be all of eastern NC and I heard before about the high electric bills in Rocky Mount,any good news?? Thanks... more
It's not listed in the MLS. If it is in foreclosure process could take some time before it gets listed for sale and most banks won't respond to individual inquiries about a property during that process.... more
You may want to consider credit counseling, and/or consolidation of debt in order to make your payments lower. Also, if you have credit card debt, you may get up the nerve to cut up all of your credit cards. That would be step one.... more
Even if you have NO credit, one can open up two secured credit cards and in 3-6 months of paying your bills on time, you are likely to see a good enough credit score in order to qualify for a mortgage.
Of course we are assuming you want good credit in order to qualify for a mortgage to buy a home so be sure you consult with a lender in order to make sure you are on the right track. This can be done in 30 minutes to an hour.... more
If it is in foreclosure there is not much you can do until the foreclosure process is over and the ownership transfers to the bank or another person at the county auction. Then it will likely be placed for sale in the mls system where you can make an offer on it.... more