SandrA9810
DIS Veteran
- Joined
- Jul 24, 2005
- Messages
- 9,392
The house is going to go into a short sale, but there's a few major things that need to be fixed to sell as move in ready.
If it's sold as is, only conventional loans and cash sales could go through. It would be a much slimmer chance for an FHA loan to be approved. The three major things that need to get repaired to be qualified as move in ready:
The glass in the sliding glass door needs to be replaced, it's completely shattered out on one side, but the frame still seems to be good.
The front bedroom window needs to be replaced, it's a double pane window and the outside window is broken, and a huge chunk missing. Of course it's the stationary side that's broken.
The garage door opener, the motor sounds like it still works, so probably just need to take the door down and put it back up so it's on track again.
There's a lot of other little things that need to get done too, but not required.
If it's listed for 165K, a conventional loan would require like 33K down, while an FHA loan could be as low as 8K down. The best outcome is to have the house sold, but which route would you take to get it sold? Obviously to me, would be to fix the problems to open it up to a larger market area. It just doesn't seem like there's that many people out there looking with a conventional loan, and this house isn't in bad enough shape to appeal to an investor to flip it.
If it's sold as is, only conventional loans and cash sales could go through. It would be a much slimmer chance for an FHA loan to be approved. The three major things that need to get repaired to be qualified as move in ready:
The glass in the sliding glass door needs to be replaced, it's completely shattered out on one side, but the frame still seems to be good.
The front bedroom window needs to be replaced, it's a double pane window and the outside window is broken, and a huge chunk missing. Of course it's the stationary side that's broken.
The garage door opener, the motor sounds like it still works, so probably just need to take the door down and put it back up so it's on track again.
There's a lot of other little things that need to get done too, but not required.
If it's listed for 165K, a conventional loan would require like 33K down, while an FHA loan could be as low as 8K down. The best outcome is to have the house sold, but which route would you take to get it sold? Obviously to me, would be to fix the problems to open it up to a larger market area. It just doesn't seem like there's that many people out there looking with a conventional loan, and this house isn't in bad enough shape to appeal to an investor to flip it.