Jan
22
Average Value Foreclosure
Filed Under Foreclosure
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Here's one for all of you financial people … Financing a foreclosure?
I am looking to buy a foreclosure. It will take about $ 50,000 in repairs. I said I could get 100% financing on the house, but I can take out another loan for repairs? What is the best way to do that? Are there any difficulties in doing this? Once settled, the house will double in value. I am an average consumer with average credit with the average income stable and a little above. It is not an investing or real estate agent.
There is no guarantee the house will double in value, and much has to do with comparable self-assessment within 5 miles of you. If you are being informed by the real estate agent or loan officer of the house double in value, and you can get that in writing, you can probably sue one or both of a process fraudulent and deceptive practices. Given that you have stable income and a half, the risk is greater for the failure in comparison with the savings that could have covers repairs without adding to your monthly payment total. If the loan officer is telling you that you can get a mortgage loan they need for repairs, based on your credit scenario, we wonder what kind of crack that is putting in his pipe. You will be financed up to 100% of its stage, and there is no collateral loans unimproved (That is, the state of the house before it is repaired). If you can get a loan for repairs to an acquisition of a foreclosure, which will to be a loan is not subject to the house (ie not guaranteed) and the loan will be at a very high rate of interest. I would say to stay away from this speculative type of agreement based on his lack of experience in this industry and based on the statistics of foreclosures redevelop the way you describe. Statistics show that over 60% of them end up back home in foreclosure or end up as a short sale (selling for less than the purchase price plus the money you put into the home), when the resources of the buyer for repairs is another loan compared to the wealth stored. Even then, statistics are not large, and be careful. Good luck with whatever you decide.
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