re: to how to buy a house thats not new and not finshed

Asked by Penny, New Hampshire Fri Jan 4, 2008

I have the list all the repairs to move in are about 50,000 its banked owned they want it sold as is and there not moving on that part the worst problem with the house are with the pips they were stolen start of last year also damaged the fernice everything else is in little stuff bottom line i have the cheapest prices but find that line in a loan it for it and Im not willing to buy a 300000 house its not in me to do and know Im not going to find 7 br for any less its the what kind of loan becuse the person i am working with is telling me if its a house there I cant get a constution loan if it was a lot with nothing I could have one

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Scott Godzyk, Agent, Manchester, NH
Sun Jul 27, 2008
There are such loans available for this situation based on your credit, the better the credit the mor eopportunity you will have to secure financing. There are creative ways to finance and purchase using escrow services. When buying a bank owned property you should be using an informed agent who works with bank owned properties full time. You should get an inspection proper to putting in any bid so you know exactly what it will take and use that inspection and any bids to repair to asist your offer being accepted and obtaing financing. Good Luck
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Wayne Laverd…, , Dover, NH
Sat Jan 5, 2008
There are rehab loans available for this type of situation. They are very similar to a construction loan. My office does them occassionally. If you're still looking for help with this, give me a call and I'll put you in touch with someone that can help.
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Ginger R., Home Seller, Massachusetts
Sat Jan 5, 2008
It is not true that you can only get a construction loan for new construction on an empty lot. I got my house about half done before doing a construction loan. (Interest rates are higher on a construction loan and I didn't want to pay that higher rate until I really needed the funds.)
There may be other issues with getting a loan but I think you need to talk with several lenders and look at all your financing options. Don't listen to just one person - they may not know all options. The selling bank may not offer a construction loan, but another lender may. Talk to more lenders.
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Pam Winterba…, Agent, Danville, VA
Sat Jan 5, 2008
Sounds like an interesting challenge. Be sure to facture the cost of the repairs when negotiating the price so it will work for you. Good luck.
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Perry Hender…, Agent, Austin, TX
Fri Jan 4, 2008
Look for "hard money lenders". They are going to charge you 12-18% interest and 1-5 points but they'll close quickly and finance a great deal like the one you have.

Most people complain that the interest is too high or it costs to much to use a hard lender. When I hear them I always say... would you rather pay 16% interest or 50% to a partner? The numbers answer that problem.
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Deborah Madey, Agent, Brick, NJ
Fri Jan 4, 2008
This sounds like it will be a challenge to finance. You might not find another 7 bdrm for this price. They may need to price very low in order to secure a cash buyer.
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