I am guessing that you may be looking at a property in Parkland Golf and Country Club where there was a huge Chinese drywall problem. I had a client purchase a property in the community and did the remediation and the lender and contractor seemed to work very well together through the entire process. No doubt it was not inexpensive but adding up the purchase price, remediation expense, length of process they ended up with a magnificent home.
If you are interested please feel free to contact me and I will be happy to provide you the lender and contractor information as in the end the entire process was a success
The very best of luck to you and I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
If you are financing and qualify for an FHA loan, then Yes, a 203K would be the way to go. Keep in mind that yoou need to know exactly hown much it will cost to remediate the problem and you will have a limited time frame to complete the job which can only be done by licensed contractors. Usually 6 months. And it is a good way to get a bargain on a home and if you have the payment for the repair rolled into the loan it won't hurt as much as if you came out of pocket with $20 or $30 thousand. ... And I'm not sure but I think some of it can be written off, ask your tax accountant.
now, If you already purchased a home that you did not know had Defective drywall, Well, That's the issue I'm researching now for someone. What I've found out so far is that there is help from the Gov't in the form of a tax write off for part, .... big help, and There is also money in the form of Grants that you can apply for. There are also Class action suits and local law suits. I Highly recommend seeking an attorney's advice, especially if it was not disclosed to you prior to closing. And If you have had no experience with this drywall and did not get an inspection, because you were led to believe that you were buying as is, seek legal advice.
My issue and problem now is that I have a guy who bought one from Fannie Mae, and I know it was known that the house had bad drywall whan they sold it to him. Can't proove it except by my nose.... He wan'ts to re-sell but I know he'll have a problem because of the drywall. I feel for the guy. I feel like he was taken advantage of by fnma. So now I'm researching ways to help him. If you know any, please contact me thru my website. thanks.
Some Drywall reading: http://www.cpsc.gov/info/drywall/remediation091511.pdf
You gotta have it inspected to figure out if it is just the drywall or electrical and other systems that the chinese drywall corroded
Also there are tax issue with chinese drywall.
I write about ALL this stuff in my chinese drywall blog, here's the link... http://www.trulia.com/blog/monirmamoun/2010/10/chinese_drywa
Closing costs can vary all is estimated till an executed sales offer is presented to mortgage broker.
Without reading doc's provided to you all based on hear say PERHAPS in your comparison shopping have other loan officer explain why their rates are different than other competitor
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors