I want to buy a house which has a very cheap price like $ 35.000 but I'm not living in Orlando FL ,now I'm living in Iowa. What can I do ?

Asked by fudjo2010, Iowa City, IA Thu Jan 16, 2014

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, ,
Fri Jan 17, 2014
From Financing perspective

You can buy it as a second home, you will have to quilfy for income to show that you can support the payment in Iowa ( for rent or mortgage ) and the house here

if you buy it a primary residence then you have to be living and working here


Tom Bawany | Mortgage Loan Originator | NMLS #519971
Real Estate Mortgage Network, Inc.
500 Winderley Place, Suite 112
Maitland, FL 32751
F: 866.552.6351 | C: 407.924.2759
E: tbawany@remn.com | http://www.remn.com
0 votes
Joan Lorberb…, Agent, Boca Raton, FL
Fri Jan 17, 2014
Like others have said a home in that price range would need major repair. Additionally, they are usually bank owned properties and your offer would have competing offers and all cash offers at that.
You should look to develop a business relationship with an agent in the Orlando area because they will keep an eye out for you.
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Fri Jan 17, 2014
As Tony says, you are three years too late. Sorry.
0 votes
Trung Nguyen, Agent, Winter Garden, FL
Thu Jan 16, 2014

You still can buy a home for $35k in Orlando, but most likely the repair costs is almost the same as the purchase price. Realistically, for you to get a decent home in Orlando, you would look at around $50k to $60k. I am a Realtor / Investor and I rehab an average of 5 homes a year for my personal investments. I can tell you that the cheapest repair for a home at this price is about $15k and it can go up to $30k easily.

You don't have to be here for the closing. We can coordinate the closing wherever you at. If you pay cash, we will send you the documents and you can have them execute and notary at the bank and email back. If you are going to use a mortgage, we can coordinate with title company to send a mobile closer to your office or home. There is an extra fee of around $150 for this service.

Please do not hesitate to let me know if you have additional question.

TN-Trung Nguyen
Real Estate Professional
La Rosa Realty LLC.,
Licensed in FL
Cell: 321.946.1403
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Thu Jan 16, 2014
You don't have to be in town to purchase a property, the complete process can be done over mail and e-mail. The problem comes with your price point. There is nothing left in Orlando with such a low price, that market ended about 3 years ago. Sorry.
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Don Shippey, Agent, Orlando, FL
Thu Jan 16, 2014
As Jay says below, you could expect homes in Orlando at that price to be in need of major repairs. Have you considered other areas in Florida or do you need to be in Orlando area? I have a listing in Melbourne for 35.9k in move in condition. It is a little small and a little older.
If you are interested, please send me an email and I will send you the listing.

Thank You !
Don Shippey, CDPE, REO, SFR
Broker Associate/REALTOR

RE/MAX Properties SW
6985 Wallace Rd. Orlando FL 32819
Cell 407-925-2318
Office 407-857-7600
0 votes
Jennifer Bar…, Agent, Winter Park, FL
Thu Jan 16, 2014
Hi Fudjo,

Small world! My mom & dad grew up in Iowa! The first thing you should do is get in contact with a REALTOR. I have worked with several out of town buyers where I take video and pictures more detailed than the MLS. From there once we have a good idea of what you like, and you can schedule a trip to make your final decision. I purchased my own home this way before I moved to FL. I also have several other tools that can assist in the process for out of town buyers. Of course Jay is correct unless you plan to flip it or are super handy a home that is in that range is most likely in need of Repairs. In this price range it is usually an all cash deal. Take a minute to view my profile and endorsements to see if you would like to work with me.
I look forward to earning your business.

Jennifer Barker
Exit Realty Central
0 votes
Jay Shakur, Agent, Orlando, FL
Thu Jan 16, 2014
Thanks for your question. You can contact me directly. Please keep in mind that houses in that price range are generally in need of great repair. Rarely do you see a $35K home in move-in condition, unless of course you are looking for a mobile home. I hope this helps.

Best Regards,

Jay Shakur
Coldwell Banker Orlando
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