Home Buying in 23502>Question Details

bordeauxcons…, Home Buyer in Norfolk, VA

I am looking for a fixer upper in which the owner will subordinate till the house is ready to close. i am capitalized for all the repairs.

Asked by bordeauxconstruction, Norfolk, VA Sun Jan 27, 2013

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April Ford,
Broker 735-7771
0 votes Thank Flag Link Wed May 15, 2013
Investing in a home that you in fact don't own could put you at a risk of losing your monies for the upfront repairs. It would be better to close on the home. That way you are protected for the investment you have made in the repairs. Sellers might in fact be willing but without any controls, it coud be a major loss for you..... something to consider.
0 votes Thank Flag Link Fri Feb 1, 2013
Ive done this before. Thats why it is important to have an attorney involved. Risk free.
Flag Fri Feb 1, 2013

So, you are looking for someone to agree to sell to you while you do necessary upgrades prior to closing.......this is not the normal course of events involved with purchasing property. There are any number of possible issues associated with this scenario that should be processed with an attorney prior to giving this action serious consideration.

Good luck,

0 votes Thank Flag Link Mon Jan 28, 2013
yes Bill I have done this several times I always use a real estate attorney
Flag Mon Jan 28, 2013
You mean a fixer upper where the homeowner will finance you until you resell the house? Subordinate is the wrong word in this situation unless you're looking for the homeowner to take back a second position loan to a new (or existing) first mortgage.

I've done quite a bit of these. Moreso than not sellers would prefer to get cashed out, but many are open to other options to sell their property.

Drew Hitt
0 votes Thank Flag Link Mon Jan 28, 2013
I guess your right Drew that was the wrong wording but you get the idea.
Flag Mon Jan 28, 2013
I can see where this could be helpful to would be sellers who cannot do the repaired needed to maximize the resale value of their property. I know several home owners who might benefit from this arrangement. Let me know when you have some free time & we can explore the opportunities.
You can call or text me at 757.339.2327. My Email address is JackBlake.Realtor @ gmail.com
0 votes Thank Flag Link Mon Jan 28, 2013
I would love to talk, I have some questions about your question. Can you call or email? Colleen
William E. Wood & Associates - Norfolk
0 votes Thank Flag Link Mon Jan 28, 2013
Let's talk. I will be honored to discuss this with you. My direct number is 757-809-2525. Call me at your convenience or email me at info@callclaudine.com
I'm up now.

Claudine Ellis, Broker
Keller Williams Realty
0 votes Thank Flag Link Sun Jan 27, 2013
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