good stuff below, the realtors are right on. One thing always want to see when I'm buying investmetn property like this is the present owners tax returns and the leases of the present occupants. I wnat to know the money flow in this property!... more
J you need to be preapproved or prequalifed by a lender before making an offer on most lender owned properties. One of the stipulations that they normally have is to send a pre approval letter with the offer. Remember on a 203k the amount of the preapproval is including all repairs so if you are approved for 100k and are buying at 80k the property better not need more than 20k in repairs.
I would say make your offer and get acceptance first then begin the 203k process. Why would you go to the trouble of lining up the consultant the contractors, getting the bids only to see the property sold to someone else?... more