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Asked by Ron, Los Angeles, CA Mon Dec 29, 2008

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JANE WHITTEN, , Long Beach, CA
Fri Jan 16, 2009
RON: If the seller is a Bank and owns the REO, most times they are not interested in doing repairs. They might however, offer you a credit for the repair to offset your closing costs which would result in you needing LESS cash to close escrow ... it would have the same affect as you takng cash back for the repair work. REO properties are usually "as is" but they (the bank owner) also usually would not want to risk losing a good buyer, so give it a shot, ... ask for the credit. The other poster mentioned a FHA 203(K) loan, these loans are for purchasing AND fixing up the property. It is almost like two loans in one. As a mortgage broker, I have two good lenders I use for these types of FHA loans. If you would like more information, please feel free to contact me.
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T.E. & Naima…, Agent, Dallas, TX
Mon Dec 29, 2008
The only way you can get cash back at closing is if your mortgage company allows it. There are few programs out there such as FHA 203K that exist where you can escrow money for repairs. However, it is difficult to find lenders that are doing it these days.

May be you can renegotiate with the bank to lower the price now that the inspection reveals more than you expected.

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