Mid-A Random-ness Discussion Thread: the Zequel
10-27-2010, 11:53 AM
#321
Thanks for all the advices and suggestions. Here's my situation.
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
10-27-2010, 11:56 AM
#322
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Thanks for all the advices and suggestions. Here's my situation.
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
10-27-2010, 11:57 AM
#323
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It sounds like a real fixer upper E10. Maybe not the best for a first time home buyer. just my .02 You may be the most handy asian in the world and I may not know it.
10-27-2010, 12:03 PM
#324
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you dont know, you used to be able to make improvements prior to closing, but not any more.
you should research a 203k FHA loan if there are significant improvements made.
if everything is little, and you have liquid cash above your downpayment, then i would jsut pay out of pocket to get the little things fixed.
the other concern is that even if they are little things, if they make the house non-standard FHA qualifiable, you MUST go the 203k route, or buy the house with all cash
you should research a 203k FHA loan if there are significant improvements made.
if everything is little, and you have liquid cash above your downpayment, then i would jsut pay out of pocket to get the little things fixed.
the other concern is that even if they are little things, if they make the house non-standard FHA qualifiable, you MUST go the 203k route, or buy the house with all cash
Thanks for all the advices and suggestions. Here's my situation.
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
10-27-2010, 12:06 PM
#326
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E10, I think i mentioned this b4 in another thread. Most of the women at my job are single/divorced and sometimes when they needed work done [simple stuff] they'd host painting parties or whatever parties. A group of four of us knocked out painting 3 rooms, a hallway and a bathroom in one day. Something to keep in mind if you decide to buy and need assistance with simple upgrades.
10-27-2010, 12:07 PM
#327
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Thanks for all the advices and suggestions. Here's my situation.
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
The house is an APPROVED short sale and I'm willing to pay for that approved price. Built in 1957 with an extension previously done to the house. There's no HOA It's a 1 level rambler with 3 bedrooms and 2 full baths. Huge piece of land I can literally build another house in the backyard. Taking a walk into the house quickly realizing it needs quite a bit of work in the house. They put up some silly wall probably to house labor immigrants like Robbie suggested. But yea now here comes my biggest concern which is related to loan. I'm doing a FHA loan since I can't afford a conventional loan at this point. With FHA an appraiser has to come out and determine the house is in livable condition. Right up the front I know the house needs a few small things done to be considered "livable". Say if I go ahead and spend 2, 3k to make the house livable in order to get the loan. How would I know the bank or the seller won't do anything shady and back out and I'd have put money to fix a house that doesn't even belong to me?
Robbie I sent u the address via Facebook
Ill look at it soon and get back to you mang.
Do NOT put any money into something you don't own. Period.
By "livable" I assume they mean "able to be occupied". In new construction this is actually pretty loose and technically you don't even need to have flooring for a CoA (Certificate of Occupancy). Water, electric, heat and structural stability are pretty much the only "requirements" (I wont go into what some jurisdictions "require" though...meh
). In 1958 the national codes and guidelines hadn't yet been established so a hard look into the electrical infrastructure will be needed. Ill be in Falls Church tomorrow at our condos for a settlement mang and Ill give it a drive by. If need be I can also go to the city and pull what docs they have on it as well (if any).
Edit: Is it currently occupied? Can you also send me a list of what you found/know needs to be done?
Last edited by Driven1; 10-27-2010 at 12:17 PM.
10-27-2010, 12:10 PM
#328
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E10, I think i mentioned this b4 in another thread. Most of the women at my job are single/divorced and sometimes when they needed work done [simple stuff] they'd host painting parties or whatever parties. A group of four of us knocked out painting 3 rooms, a hallway and a bathroom in one day. Something to keep in mind if you decide to buy and need assistance with simple upgrades.
If they are good lookin and willing to wear lingerie, I need my WHOLE house painted, and I have a few friends who may also neen interior paint work...
10-27-2010, 12:17 PM
#329
Ill look at it soon and get back to you mang.
Do NOT put any money into something you don't own. Period.
By "livable" I assume they mean "able to be occupied". In new construction this is actually pretty loose and technically you don't even need to have flooring for a COA (Certificate of Occupancy). Water, electric, heat and structural stability are pretty much the only "requirements" (I wont go into what some jurisdictions "require" though...meh ). In 1958 the national codes and guidelines hadn't yet been established so a hard look into the electrical infrastructure will be needed.
Ill be in Falls Church tomorrow at our condos for a settlement mang and Ill give it a drive by. If need be I can also go to the city and pull what docs they have on it as well (if any).
Do NOT put any money into something you don't own. Period.
By "livable" I assume they mean "able to be occupied". In new construction this is actually pretty loose and technically you don't even need to have flooring for a COA (Certificate of Occupancy). Water, electric, heat and structural stability are pretty much the only "requirements" (I wont go into what some jurisdictions "require" though...meh
). In 1958 the national codes and guidelines hadn't yet been established so a hard look into the electrical infrastructure will be needed. Ill be in Falls Church tomorrow at our condos for a settlement mang and Ill give it a drive by. If need be I can also go to the city and pull what docs they have on it as well (if any).
10-27-2010, 12:18 PM
#330
E10, I think i mentioned this b4 in another thread. Most of the women at my job are single/divorced and sometimes when they needed work done [simple stuff] they'd host painting parties or whatever parties. A group of four of us knocked out painting 3 rooms, a hallway and a bathroom in one day. Something to keep in mind if you decide to buy and need assistance with simple upgrades.
10-27-2010, 12:26 PM
#332
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Only FI guys know about the ish Kyle. We arent cool enough. They teach it to you at the special FI meeting after you pay your $20000 entrance fee.
10-27-2010, 04:33 PM
#338
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Damn E10 you're balling once again.
Lmk if you need some work done I have some hook ups you know how I roll..lol
So you won't get raped by contractors although you probably want it.
Lmk if you need some work done I have some hook ups you know how I roll..lol
So you won't get raped by contractors although you probably want it.