Asked by Tony, Indiana • Fri Jul 30, 2010
This home has mold damage in the basement that will cost around $8,000 to gut the intire basement. I have $30K to play with. This home is in short sale. I can place a bid and if they accept my offer the morgage company requires the "problem" to be fixed before closing. This is normal fixed rate loan that I have been pre approved for. But if I win the bid then pay 8k to fix the problem and something happens that I don't get the property, I am out the 8k. I say this because I heard that in short sales all kinds of things can happen and the buyer might not end up getting the property even if they have work done prior to closeing. So what would be the best option to protect my money? This 203k that I am hearing about? Or 203k Streamline? Or something else I dont know about with loans and short sales? I am also looking for someone in my area that can help with this.
Thank you in advance. And I will probably respond quickly.
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