An appraisal conducted by a licensed and approved FHA appraiser is needed for underwriting a 203k loan. All residential home loan programs including VA, FHA and conventional (Fannie Mae, Freddie Mac) require the performance of comprehensive appraisal report. The type of appraisal required for the financing of rehab property is specified under the 203(K) appraisal requirements and guidelines.
The primary objective of an appraisal report is to establish the value of a subject property based on its existing condition and local market conditions.
A lender evaluates other factors only after the suitable property value has been determined. The loan amount allowed by the 203(K) rehab loan program is determined based on the market value established by the FHA approved appraiser.
Reference Link: http://fha203kloan.org/203k-eligible/... more
The benefit of cash is the "sure thing"...no questions as to closing on time with cash, while financing may be late or never. If the bank thinks the other buyers will have no problem getting their loan in time to close, they'll take the higher bid. If they think the financing might fall through (like the home is in bad shape, or the buyer's credit is shaky), they may well opt for the lower bid. Best of luck...... more
If you are inquiring about the house listed as foreclosure on Mill Pond Trl in Whitehall MI you will not find the house pictured as being for sale. That is an incorrect photo. Trulia apparently does not check their info very well, The other company Realty Trac refuses to accept any blame in false advertising and is not helpful except to say it's not their fault.
POOR BUSINESS PEOPLE.... more
Your best bet is to look on trulia for realtors that service the areas you are considering and reach out to them to offer a tour and to give you on line sites so you can get more information on those specific areas. Alternatively you can google real estate agencies in the areas you are considering, look at agent bios and reach out to one or more agents.... more
Hello Jim, I can answer any questions you may have about any property in CA. You did not include an address or link to answer you completely.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
The purchase in Agoura Hills start from 380k for 2bd 2ba townhouse which is as low as $1,900 down payment with a minimum 580 fico score @380k as a primary residence.
You will need to be pre-approved if you decide to buy to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.
You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.... more
Buyer may make any offer they want to make. Many times REO (Real Estate Owned) foreclosures already have an appraisal, when they list the property. Make sure to review the comps with your local Realtor and make your offer. In today's market if a property is priced well, it will receive offers.
Best of luck.
Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
I agree I would talk with people who already have listings for cleaning services. They should have a numerous amount of options for you to choose from. If you didn't want to go that route, you could also call around to family and friends. They should be able to give you suggestions and help you with everything you need! http://www.camposcleaningchicago.com... more
You need to be careful in these situations...this may be listed as 1/3 of the estimated value but the lender could be looking for the highest and best price as commonly happens in an auction.
My recommendation is to first make sure you can quickly get in to see the AS IS condition of the home to see if the estimate value is realistic based on repairs needed. (Bringing a contractor or home inspector would be a great idea). Based on the results of your inspection, if the home is in good shape, I would pad your offer to be higher than the listing price by about 2- 5%...A home in good shape priced well below the estimated retail value will have several offers on it...and, those offers could very well also be above the list price...so padding your offer gives you an instant edge on getting your offer accepted. This would likely not be a situation where the lender will keep coming back for a counteroffer...need to treat it as one shot and see what happens. So if you start at 3% over list, have in mind what your cap is (e.g. 5%) in the event someone else matches your offer...In that case the lender may come back for a final counter from you...Go for it! Tom Hinz email@example.com www.shortsaletosell.com... more