We are looking at buying a home that is Corporate owned. I assume that means bank foreclosure it is currently

Asked by Shawnett Jones, 23513 Fri Mar 21, 2008

a duplex(sorta). It's listed as single family and the staircase is outside for the second and third floor. First, is converting back to single family an extremely expensive undertaking since we would have reinstall two staircases.(three story). Second, we already got an fha loan approved for purchase but are now thinking of getting 203k rehabilitation fha loan instead. Can the lender change this fairly easily? what is the process? Do I just call and say I want this type instead? Are there more application fees involved. I read the gov hud fha sites policies etc.. but couldn't make sense of it all. Layman's terms please?

There are also two kitchens that we would get rid of one(bathroom conversion) and whole house needs minor cosmetic work. Everything can wait but the stairs and updating hvac. Can these two be done for under $35,000?

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Joan Hart, , Chesapeake, VA
Sat Mar 29, 2008
In regards to your loan, you might want to discuss your concerns with your loan officer, and real estate agent. Ask which one would benefit you more, and how would it affect your interest rate, terms, payment, and if you qualify. You may also want to get a few quotes on updating your HVAC unit. Most HVAC companies will only install units directly available through there vendors, and what else is needed. (Replace duct work etc…) so prices will vary from company to company, and also get contract or handyman quotes for the staircase and bathroom project. If you go with a handyman or any company, make sure to asked if they are insured.
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Jim Mellen, Agent, Williamsburg, VA
Sun Mar 23, 2008
Corporate owned does not automatically make it a foreclosure. It might be a company relocation. Check with your local real estate agent to be sure, or you can go to the courthouse to view the deed and any recent changes to the property record.
Web Reference:  http://www.JimMellen.com
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