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Foreclosure in Hobart : Real Estate Advice

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  • Home Buying16
  • Home Selling1
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Activity 4
Thu Feb 11, 2016
wankeek asked:
Tue May 28, 2013
answered:
Hi Melissa, typically with cash only sales the property more than likely will not be able to obtain financing because of the condition and/or so forth. Sometimes there could be other issues with the property as well. This is a property that I would highly recommend getting an inspection done. There are more homes being put on the market every day, I would suggest taking a look at other homes with the same characteristics that you and your family are looking for. Feel free to contact me with any further questions Melissa, Good Luck! :)

-Ed Stojancevich
219.973.6644
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Tue Nov 9, 2010
Rain Silverhawk answered:
Hi, You want to talk to the lender about this. Banks typically will not loan on a home that has mold issues. They may however allow for mold remidiation and certification that the home is mold free before funding and the close of escrow. Another option is to ask about the HUD 203k program. You can find information on this HUD site. http://www.hud.gov/offices/hsg/sfh/203k/203k--df.cfm
Good luck,
Rain
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Tue Apr 7, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
Mold is a tricky thing. It depends the type of mold and how bad it is. FHA will have nothing to do with mold. I have heard of the buyer doing work on properties to make sure the condition meets FHA , this would be a personal decision and one you have to understand after you do the work it might be at your own cost or risk. If you do not close you did the work for the bank or another purchaser.

The bank will not remove the mold because of liability issues. You might also have some issues with conventional loans closing on a house that has mold too. They will want a inspector to indicate why they think the property has mold and what needs to be done to resolve the mold issue. Then the loan company will want a guaranty that you will address those issues before the closing or right after the closing.

As indicated before a FHA 203k loan might work but need to find a company that will issue it and that may be difficult.

Good Luck!
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