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55331 : Real Estate Advice

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Activity 3
Mon May 23, 2016
Kevin Prohaska asked:
Sat Aug 22, 2015
Nick Leyendecker answered:
Hey Josh,
I am a real estate agent. I was testing out this forum by offering up one of our pocket listings.
-Nick

Nick Leyendecker, Founder, Realtor - The Nick Leyendecker Team | International Presidents Circle | Coldwell Banker Burnet | www.NickLeyendecker.com | 952.388.0000 | 612.888.HOME ... more
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Thu Feb 25, 2010
Steve Hoem answered:
Rehab financing also is an option if you find out the home needs work in order to qualify for "normal" financing. Rehab financing requires you to get an estimate for a contractor to do the work that needs to be done and to qualify for rehab (i.e., FHA 203K) financing up-front -- the total cost of the loan (purchase price plus repair costs).
These types of properties are one of the last remaining jewels in the foreclosure market as many people incorrectly shy away from them when they shouldn't. There's very potential equity in many of these homes.
Steve
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