This information is intended to explain to home buyers and Real Estate Agents all the possible solutions for appraisal required repairs. Everyone’s situation is different, so don’t hesitate to call and run the scenario buy us. Most of the time we can find a way to make it work and get the transaction closed. There shouldn’t be any transaction that falls apart because the lender can’t accommodate the repair situation. So, let’s address our options on these homes deemed un-financeable by other agents and lenders.
This is the preferred option because it typically costs the buyer little to no money, repairs are done prior to closing, and the property is re-inspected prior to closing. For bank-owned homes (foreclosures), often the bank will not do any work to the property. It can’t hurt to ask, however if the bank will not complete the repairs there are other options.
With this option, repairs are done after closing. Here’s how it works: More Details
With a renovation loan you can finance in both the appraiser required repairs and many other things you want to do to the home.
HUD homes are foreclosed homes. They are homes that the previous owner took out a FHA loan and were subsequently foreclosed on. HUD/FHA then takes those homes and resells them. Not only are HUD homes listed for sale on the local MLS but they are also listed for sale at hudhomestore.com. While many real estate agents and lenders run from them, we run to them! Yes, it is true, HUD homes can pose there own set of challenges when it comes to trying to finance one, but they also have there own set of unique financing options. The following is a presentation on HUD homes. We dive into the nitty gritty. We cover problems that come up and the ways to solve those problems. If you are a buyer looking to finance a HUD home you can apply here. Realtors with questions feel free to call Jeremy at (269) 488-9494.Visit Jeremy's Blog