Is it going to be hard buying a 'as is' bank owned home with a FHA loan?

Asked by Jeff Ranta, Sacramento, CA Wed Apr 30, 2008

I absolutely love the house and it looks to be in pretty good condition. Any advice?

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Vicki Downey, Agent, Garden City, KS
Wed Apr 30, 2008
No. There is an instrument called the 203K, 203K streamline that works with FHA financing that allows you to borrow money to make repairs or remodel. You will need a lender, however, that is familiar and works with 203K financing. It is a wonderful tool! Good Luck.
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Jay Emerson, Agent, Fair Oaks, CA
Sun May 9, 2010
Don't get tricked by the words "As Is". All California real estate is sold "as is" at time of recording. But EVERYTHING is negotiable up until you have a fully signed agreement, and even thereafter if you have mutual agreement (and a good agent).
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Erin Stumpf…, Agent, Sacramento, CA
Wed Apr 30, 2008
The FHA appraiser will note items like a missing stove, obvious pest issues/dryrot, obviously leaking roof, chipping paint on a pre-1978 house, fallen fencing, exposed wiring, missing or vandalized heating, strapping of the water heater, missing doors, broken windows, etc.

Those items may send red flags to the underwriter, who will then mandate certain repairs be made prior to the close of escrow.
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