Asked by Clarence Clay Dickson, Memphis, TN • Wed Apr 9, 2014
Real Estate Tip: when considering to make a purchase on a House that has been foreclosed on; here is what to consider.
1. Although you can purchase the House "As Is." The lender will not finance it "As Is." If needing repairs.
2 Repairs, cannot be done on your own or a friend or Joe Blow. Repairs are to be conducted by a License General Contractor who has been approved by the Bank or License in good standing.
3. What type of loan will you need to make this purchase possible ? It's called a 203K loan. Some lenders have steered away from this form of lending, because of repairs.
4. If you are seeking downpayment assistance; getting this 203K loan will be unlikely to do. In fact be prepared to pay 5% down towards your purchase. (5% of the sales price) What Have we learned? You can buy a Foreclosed House, but you can't repair it on your own and expect financing. #Mythbuster for more Real Estate services or needs. Contact me.
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