Posted on: 23rd Jul, 2007 09:07 pm
I have had a few posts here and decided to go a different route. I'm looking into buying an older flat roofed house the price is 320,000 and since I'm not an expierenced home buyer what are the usual but safe bidding proccedues.The house needs repairs but has potential hopefully the seller will do some of the work he wants a 60 day escrow so he can move his renter out. Would I be crazy if I said 290,000 and That way I can get the loan and do the upgrades myself
Welcome back shorty,
Nice to see you again.
The amount that you wish to take out as a loan is around $290,000 which is about 90% LTV. I guess that's because you intend to do the repair work on the property. Ya, you can surely go for the repairs yourself but have you talked to the seller regarding that. Is he not willing to it? At least if he can finance some portion of the work, I think it will help you in arranging for the rest of the funds.
Nice to see you again.
The amount that you wish to take out as a loan is around $290,000 which is about 90% LTV. I guess that's because you intend to do the repair work on the property. Ya, you can surely go for the repairs yourself but have you talked to the seller regarding that. Is he not willing to it? At least if he can finance some portion of the work, I think it will help you in arranging for the rest of the funds.
Well As for whats happening I can easily be approved without any first time home buyer assistance for 300,000 if I get the extra assistance I will get 27,100 more towards the down. My question now would be lets say the house is listed at 320,000 what would be a good bid amount without low balling myself or should I just get the house and see what repairs, upgrades the seller will do once he gets the renter out.. Thanks
"what would be a good bid amount without low balling myself or should I just get the house and see what repairs, upgrades the seller will do once he gets the renter out.. Thanks"
You can put a 3,00,000 bid and see what the seller has to say on that. And doing the upgrades yourself would be better than relying on the seller if you get to purchase for a low down value.
You can put a 3,00,000 bid and see what the seller has to say on that. And doing the upgrades yourself would be better than relying on the seller if you get to purchase for a low down value.