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Cece Fox
CENTURY 21 TWIN OAKS
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Cece Fox's Answers
Viewing Answers 1 - 9 of 10
Answered: Feb 12, 2011
In answer to: property taxes?
this property sold 2/4/2011
Answered: Jan 28, 2011
In answer to: what do the banks generally look at when you are trying to buy a foreclosured home?
The bank that owns the property wants proof of cash and/or a copy of your loan preapproval. If you are referring to what your bank will lend on, it depends on the loan product you want to use. For an FHA loan, the house has to meet safety and sanitary criteria, have all utilities on, and appraise for the sale price. For conventional and FHA 203k, a rehab loan, the house must appraise and meet the lenders other criteria. If you need a loan in order to buy, before you even start looking, get a loan preapproval from your lender and continue to shop other lenders while you are looking. The banks generally will not lend on their own foreclosed assets. In many cases, an average to good owner occupied home is a better deal.
Answered: Jan 13, 2011
In answer to: I thought about buying a foreclosure home and renting it out. What is your advice about it in this area?
It's a great idea and one that will pay out well in the end. just buy low enough so that rent can cover both your mortgage payment and repair costs. or buy with cash and fix with cash. also check your local rental market. if there are a lot of vacant homes that are NOT foreclosures, it may signal a lack of renters in your market. you have to be able to attract good paying tenants!
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