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Home Buying in 87107 : Real Estate Advice

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  • Local Info2
  • Home Buying4
  • Home Selling3
  • Market Conditions1

Activity 4
Fri Sep 11, 2015
Karen Peyton answered:
I wouldn't worry too much. Homes that have been condemned "can" be sold, though cannot be lived in until repairs are done and a Certificate of Occupancy is issued by the city. You can also contact the listing agent to express you concerns. ... more
2 votes 1 answer Share Flag
Wed Apr 11, 2012
Don Tepper answered:
They're not supposed to--whether it's home warranty companies, home inspectors, title companies, insurance companies, lenders, etc.

Having said that, there sometimes is common or shared ownership. That's the case where I'm at with the title company, an insurer, and a lender. We as agents are required to disclose this relationship. And, yes, I'm sure our parent company profits if those particular providers are used. However, the agents don't get any sort of referral fee. Most agents strongly encourage their clients to check with other providers. Usually it turns out that the related providers (in the case of the company I'm with) are very price-competitive and give good service. But clients are absolutely free to use whoever they want.

Hope that helps.
... more
0 votes 3 answers Share Flag
Wed Jul 13, 2011
answered:
Q: do i need an FHA Amendment for a short sale?
A: It appears you likely do, as a short sale is considered a pre-foreclosure sale. The below link is the official FHA guidelines/handbook, commonly called the 4155.1 & 4155.2.

http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-2.6.A.5.d

The amendatory clause is not required on

• HUD REO sales
• FHA's 203(k) loan program
• sales in which the seller is
- Fannie Mae
- Freddie Mac
- the Department of Veterans Affairs (VA)
- Rural Housing Services
- other federal, state, and local government agencies
- a lender disposing of REO assets, or
- a seller at a foreclosure sale, and
• those sales in which the borrower will not be an owner-occupant (for example, sales to nonprofit agencies).
... more
1 vote 1 answer Share Flag
Wed Sep 22, 2010
Joshua Christensen answered:
Purchasing a home in this condition raises lots of concerns for a lender. Lynn911 from Dallas mentions below that it's important to have the cash for repairs and that NO Lender would approve without the roof being repaired.

As a mortgage lender, I can tell you that on an owner occupied residence, there are some programs still available for a purchase / construction rehab type deal. You will need a 10-20% down payment based off the after repair value & credit worthiness. It sounds like your scenario may fit that bill. If you plan on living in the home and want more information, I'm happy to help.

Joshua Christensen
Southwest Funding - Integrity
(505) 250-1944
... more
0 votes 8 answers Share Flag
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