Been out looking at started homes? Finding out that the nicer, lower priced, homes are getting so many offers, its hard for you too get your offers accepted?
Well there is a FHA loan called a 203K that will allow you to get money to fix up a fixer. You know, the homes where you go in and the carpets are filthy and the kitchen and bathrooms are a mess?
So,l now instead of passing them up (as others are doing) you can make an offer on one that is basically sound and only needs cosmetic work. Get the extra money and have it remodeled. You will have an easier time getting your offers excepted as everyone is looking to buy the homes that are already remodeled. Also you can pick your carpet, tile and counters and will be able to move into a clean newly revamped home……
For more information on the 203k loan program, visit www.hud.gov or www.re-buildusa.com.
I have a listing in San Jose. The seller hired a handyman to remodel the home for her. He is a non-licensed contractor, who after 4 months of working on the home, talked the seller into letting him stay at the house (for free) while he worked on it. She agreed. BIG MISTAKE! We received a accepted offer on the property and he decided he did not want to leave. After giving him verbal and written 60, 30, and 3 day notices we were forced to do a unlawful detainer. I was able to help her with the unlawful detainer saving her the expense of an attorney, she had spent all her cash on the remodel. If the property you are listing has a tenant I recommend that you start the removal process as soon as the contract is signed. I was lucky and the buyer wanted the house enough to wait out the eviction, but we had to remove him before she would agree to close.