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14737 : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 2
Dcarlson1129, Home Buyer in New York, NY
Thu Aug 25, 2016
Dcarlson1129 asked:
We will be asking a little more than appraised value as there are many desirable features not normally considered by appraisers ( 100 acres, wildlife, ponds, recreation, etc). Bank financing…
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Simon Campbe…, Real Estate Pro in Miami Beach, FL
Thu Apr 25, 2013
Simon Campbell answered:
When banks are selling their foreclosure inventory, they sell them "As Is." It is very rare that they will negotiate for repairs. You are better off looking into some different types of bank loans that will wrap repair costs into the mortgage. Here are some options:

Credit Card: Use this to fund the repairs and then refinance to a mortgage.

Personal Loan or Line of Credit: Similar to a HELOC but without using the house as collateral.

Financing:
Wells Fargo Renovation Loan: https://www.wellsfargo.com/mortgage/articles/renov_loan
Home Path Renovation Loan (on a FannieMae property): https://documents.efanniemae.com/sf/ns/hpreo/pdf/renomortmatrix.pdf
FHA or HUD 203(k): http://www.fha.com/fha_article.cfm?id=37

There are other options available, but these are the top ones.
... more
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