Will I lose out on money I paid inspector on a house I am interested in buying?
I paid $410 on an inspector I was required in contract by my Realtor and also to put a down payment towards the house. mold was found. sellers will not test it. or fix others issues inspector found. sellers said they will credit me on the price of house. if I walk out of this deal, I know I will get my deposit back, BUT will I lose my money I paid inspector? even if it was part of contract?
As the Seller can I refuse to make repairs as required by a USDA apprasial? Like painting the house?
If this is a condition of your buyer being approved for a USDA mortgage loan, unless you paint the house this loan for this client would not be approved in the purchase of your house. You might decide to refuse this condition. If this is your option, this deal would fall apart and not be approved. You would be required to fiind anew buyer and hope this condition would not be part of any new contract of an appraiser. If your house is obvious in need of painting, you might find this condition on any subsequent appraisal, especially if your buyer is being approved for any government mortgage loan such as a USDA, VA or FHA mortgage loan. I hope this has been of some benefit to you, good luck. "FIGHT ON"
Will fannie mae pay for repairs on a foreclosure?
Generally speaking FannyMae will make the needed repairs so that a lender will make a loan on the property. Fannie Mae tries to make the needed repairs to a property so that a buyer can obtain financing before the property goes on the market. But sometimes they miss something like in your case. This is from the Fannie Mae HomeSteps website: Additional repairs to the property may be required, depending on the type of financing, such as FHA products. When this happens, the lender typically contacts our listing broker to communicate these requirements. Fannie Mae then reviews the offer to determine if we are willing to re-negotiate the existing contract to account for those repairs. There are instances when Fannie Mae will not accept certain types of repairs and the buyer will either have to obtain other financing or choose another home I've seen both Fannie and Freddy state that the property is for sale for cash only, because they know that no lender will make a loan in its current condition and they are not going to make any repairs.
We made an offer on a house, but some significant repairs that we cannot afford turned up on inspection. Now he is threatening to get an attorney to enforce the “contract.” Does he have a leg to stand on?
Like so many issues and questions involving the purchase and sale of real estate, the first answer is: “It depends”.How was your purchase offer written? Did it include language that your purchase offer was “subject to a satisfactory home inspection” (which is very common language in any offer to purchase and one your real estate agent should have recommended)?Re-read your purchase offer in detail to see if a box was checked in the pre-printed form that would have included this phrase which is meant to protect a buyer in the event unanticipated repairs turn up in an inspection report or if your agent had written in such a phrase on your offer.You need to make an appointment with your real estate agent and the manager of his office to discuss this issue and what options are available to you.If an “error or omission” exists in how your offer to purchase was written and you are legally obligated to complete this purchase, your agent’s Errors & Omissions insurance may have to compensate you for any losses you incur in this transaction. I hope this is not the case and that you are exempted from completing this purchase at the agreed upon price.If the seller is willing to re-negotiate the terms of purchase and either lower the purchase price or offer you a credit to cover the cost of these repairs, would you still purchase this home - or do you want to cancel the contract entirely and not purchase this home?
I'm planing on buying and fliping houses. can you use a morgage to buy a flip house?
I'm planing on buying and fliping houses. can you use a morgage to buy a flip house? Do you use the loan to pay for the rahab? What happens to the morgage after you sell the house? Do you pay it back in one payment?
Can I buy a house at an auction then immediately flip it to the "We Buy Ugly Houses" company?
Yes, but . . .Usually there won’t be enough profit in it for you. Depending on the auction, the location, and type of property, here are some of the folks you may run into:Rehabbers (and this usually includes the “We Buy Ugly Houses” company): They’re looking to buy a property at around 65% of the after-repair value of the property minus repair costs. Example: A house that, fixed up would sell for $300,000 and needs $30,000 in work wouldn’t sell for more than $165,000 ($195,000 minus $30,000).Contractors: They follow the same basic formula as above, but because they have their own crews they can save some money on labor costs. Plus, sometimes it can make sense to do a job with no profit just to keep a crew busy. So let’s say a contractor might pay $200,000 for the same property.“Retail” buyers: They plan on living in the house and doing the repairs themselves. A retail buyer might pay $250,000 for the house.All these people are going to pay more than you can afford to. If you want to buy and then sell (or assign the contract) the house to the “We Buy Ugly Houses” company or its competitors, you’ll have to get the house for, say, $155,000 (if you’re looking for a $10,000 profit. And that’s assuming you can assign the contract without actually purchasing the house. If you’re required to purchase the house, your transaction costs may be in the range of $10,000. And if you don’t have the $165,000, you can borrow it from a transactional lender for about $3,300 more.The value of those auctions, in most cases, is to make contacts. Find out who’s actually buying the properties. Then you find some on your own, put them under contract, and assign the contract. But if you actually attend the auction with the intent of buying simply to resell, you’re going to discover that you can’t afford to pay as much as the other folks there.