Posted by Charles on September 13, 2000 at 19:18:07:
Try the 203k loan from the FHA. It’s a rehab loan. I fits your situation.
Home Steps financing - Posted by Kristen
Posted by Kristen on September 13, 2000 at 16:09:09:
Hi all,
I was wondering if anyone had any suggestions on financing a “Home Steps” home that Freddie Mac has now decided to auction. I thought I had financing in place, and was ready to make a bid, when they decided that they would now auction the property instead. I am now having a hard time finding financing being that I do not know what the purchase price will be.
I have seen many ads for people who do short term (6 months) financing for rehabbers. If they were willing, would I be able to get short term financing from them, do the necessary repairs, have the home appraised, and then get tradional financing for the home based on the appraised value? I would like to live in the home. The real estate agents seems to think that I will be able to purchase the home for at least $10,000 - $15,000 less than market value.
Any thoughts would be greatly appreciated.
Regards,
Kristen
Re: Home Steps financing - Posted by dewCO
Posted by dewCO on September 13, 2000 at 20:28:46:
Auctions generally want cash. You usually have to put up a minimum amount via a cashiers check, and then if you are the winning bid, you need to close within a certain amount of time.
You need to find out what the rules are, both for bidding and closing on a winning bid, and then do you have the money to pull it off with the auction required timing? DO you have the bidding cash and can a lender close fast enough to = cash? Usually it not that simple to do.