Home Buying in 80130>Question Details

Judy385842, Home Buyer in 80130

HOMEPATH HOUSE. I NEED HELP UNDERSTANDING THE FINANCING AND THE FEES FOR ME TO BID ON A HOUSE THAT IS QUALIFIED FOR RENOVATING FIN.

Asked by Judy385842, 80130 Tue Oct 12, 2010

FINANCING. THE REALTOR SAYS NOTHING IS WRONG WOTH THE HOUSE BUT THE LENDERS SAY IT MAY HAVE HIDDEN ISSUES. WHAT DO I DO NOW?

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Answers

7
Hello Judy,

The Realtor cannot say there is nothing wrong with the house. Did they have it inspected? Check the plumbing? The electrcal? No, they didn't.

Your lender is right to have concerns, but that doesn't mean there are not ways around them. There are several lenders who lend on Homepath homes on a regular basis. These are regular everyday lenders. There are "things" you can do to see what is wrong with the home prior to placing a bid, but it is best to have a Realtor on your side to guide you (no cost for a Realtor to represent you as a buyer).

The fees you are talking about I'm not sure about. Are you talking about FHA203K? You can contact me directly and I'll see what I can do to help, I'm just down the street in Colorado Springs.

Best Wishes,
Kevin Olson
(719) 799-3686
kevin@liveinsprings.com
1 vote Thank Flag Link Tue Oct 12, 2010
Call me lender Korey Rozell at Colorado State Bank and Trust and he can walk you through it,
720-217-6190
0 votes Thank Flag Link Mon Jun 11, 2012
Dear Judy,

Your Realtor and Mortgage Professional that you have working for you should be able to answer these questions and ensure that your financing process goes smoothly with this Homepath property.

I really would not put any stock whatsoever in your Realtor telling you "nothing is wrong" with the house as you have your own inspection period to get your home inspector in the home to do an assessment of the home and to let you know if there are any concerns.

Through this process you should be able to get a gauge of if the home has any major problems and if your financing will go through.

Let me know if you need anything and feel free to search for homes at http://www.brookehengst.com.

Brooke Hengst
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
bhengst1@gmail.com
(720) 988-5952
http://www.brookehengst.com
Web Reference: http://www.brookehengst.com
0 votes Thank Flag Link Wed Aug 17, 2011
I think for the fees part of your question you are referring to the 2500.00 or 5 percent of bid whichever is greater fee. That is a nerve wracking one since no matter the reason, if you win the bid and do not complete you forfeit the money.
0 votes Thank Flag Link Thu Aug 11, 2011
Freddie Mac offers the buyers some incentives to help them get into a foreclosed home. HomePath is the program that allows for a 3% down payment (instead of 3.5% FHA) and they have their own renovation loan similar to an FHA 203(k) loan -- or their Purchase/Renovation loan.

While their homes are sold "As-Is", you will have ample time as an owner-occupant to have the property inspected after the offer is placed. I never recommend spending money for an inspection before you have an accepted contract. Once you have the inspection, you can decide whether or not to finance any needed repairs. I believe they allow you to finance all your repairs except structural. The mere offering of the loan does not mean the house has problems, it just means they don't know the issues but there doesn't appear to be structural issues.

Good Luck!
Mark Atteberry, Expert Louisville Realtor
0 votes Thank Flag Link Sun Feb 6, 2011
Judy, you definitely want an inspection. With a homepath renovation loan you will need to get estimates from contractors for the work that needs to be financed. You also can only borrow for up to the amount you are preapproved for, that means the price of the home AND what ever repairs needed have to be under that amount. So an inspection is important.
0 votes Thank Flag Link Sun Feb 6, 2011
I wouldn't go by either your lender or the Realtor! Get a home inspection and see if their is truly an issue from someone who is going to climb thru the attic, crawl in the crawlspaces, and test every sink and faucet! Their is an FHA loan that will pay for repairs although it has its own escrow stipulations. Thats what the lender is their for once you get to that point!
0 votes Thank Flag Link Sun Feb 6, 2011
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