My fiancé and I want a fixer up. Any suggestions? We both know we want a foreclosure.
(0) | asked by: Caitline Noto | share | 25 months ago | Report
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1. Get preapproved for a mortgage, unless you intend to purchase with CASH. 2. Find an agent specializing in foreclosures. 3. Know how long it takes to sell a home in your price bracket. 4. Study the sale prices of comparable homes in your area. 5. Remember the sale for the home is "AS IS".
Hello Caitline, I work with investors here in California mostly in the Contra Costa County. Programs like FHA 203k, are good for this type of purchase or projected vision also card cash loans are used frequently. Feel free to contact me as if is my pleasure to assist and share my knowledge.
Send me you email so we can talk more...Debbie Cunningham
If you're not able to pay ALL CASH and are hoping to buy under $150k then you will need to line up with the hoards of retail buyers competing for the same property. There sometime date good deals on Short Sales so that may be a better target. On a fixer upper you can get a HomeStyle Renovation mortgage or FHA 203k Reno. Mortgage.
As long as you can pay cash for it that will make it fairly easy. Stay away from homes that have mold or structural damage unless you don't mind spending alot to get the end result you want. Most fixer uppers will not qualify for a loan. If its not in too bad a shape you may be able to get a conventional loan, but no FHA, VA or USDA,
Hello Caitline, Lots of great responses to your question. I can only add that I am a Realtor as well as a State Certified General Contractor here in the Tampa Bay area. I can give you advice from both sides of the isle. If you're still looking please allow me to be your real estate advisor and your construction consultant.
Foreclosures are not for all buyers. It sounds like you want a home you can put a little sweat equity in and doing this while you are starting out is a great plan. Foreclosures can be a good deal but there are risks involved when buying one. Select an agent experienced with foreclosures that can give you good advise. You may find a great deal on an owner sale as well so don't rule them out. Good luck with your search!
Find a local realtor with knowledge of bank owned properties and short sales and let them guide you through the process
You can get a list of foreclosed homes by searching for Fannie Mae or Freddie Mac.
You can easily search for bank owned properties, nationwide, by going to Fannie Mae and Freddie Mac's websites Good luck!
Hello Caitline, A foreclosure does not necessarily mean a home will be a fixer upper and it doesn't always ensure that you are getting a deal either. You have to be careful if you are looking at this from an investment stand point because just because something is ugly, does not mean it is a good deal. If the price is right at the market value for something equivalent that is in good shape then you may be in for rude awakening after you complete the work. With that said, if you looking to finance this rehab then you have options. Programs out today include FHA 203k, both full and streamline, and the HomeStyle program. Both these programs allow you to finance the purchase of the home as well as the renovation in one home loan. If you would like to discuss the differences between the programs, feel free to contact me as I would love to educate you further and assist you with your home loan needs.
I can get you financing for a rehab loan. It is very easy and you can finance, new roof, kitchen etc. as long as you qualify for the end amount being financed with the repairs in it....
When buying a fixer upper you need to be sure of the finished value and what your cost will be to put it there allowing a margin of profit if your fliping and if you're making it your primary residence a foreclosure may provide the funds for the rehab but still must be sure of you overall cost finished value. Remember when reselling you have seller closing cost to factor in to the deal that must be considered.
Plan to pay cash, difficult to get financing on a true fixer, unless you go with a rehab loan, then expect to have contractors do all the work. Nothing magical about a foreclosure, plenty of good opportunities out there that aren't. Lots of off market opportunities too.
Hi Caitline, There are various foreclosure single family homes, condos, and townhouses in Cleatwater which might appeal to you. I'd be happy to help you narrow down your search to find the homes which best fit what you both are looking for. Please feel free to contact me with any questions you have. Best of luck to you on your home search! ~ Richard Blake
St Pete. Investor’s Special. 2/1/1.5 c gar 880 heated sqft, 441extra sq ft under roof waiting to be enclosed. $59,900. 2660 26th St N. Ed Inglesby, Lic. Real Estate Broker. EJI & Associates. This property was won at auction(foreclosure) and is being wholesaled. Let me know if you have any interest.
You need to be pre-qualified, or have the cash ready, just like purchasing any property. Also, you should have some knowledge of what repairs and replacement costs would be. Vangie Pappas Pappas Realty & Management Co. 727-501-3268
Please call me so that I can help you find what you are looking for. 727-480-2811 Kim Sobecki/Remax
I would be happy to find you investment properties. Please call me so we can discuss what exactly you are looking for. 727-480-2811 Kim Sobecki/ReMax
Hello, I would be pleased to work on your behalf with reference to finding you guys a foreclosure. Please give me a call when it's convenient with your schedule. Wishing you well:) Cheers, John John Nowicki
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