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re: Real Estate Question: Haggling a Foreclosure
Posted on 11/21/14 at 12:25 pm to AUtigR24
Posted on 11/21/14 at 12:25 pm to AUtigR24
Thanks for the response. The house I was attempting to do the 203k on was a foreclosure in high demand. I was too skeptical about having to make a quick offer and be locked down with a contractor. After hearing your experience I may look into it for the next project when I have more time to get my offer together. Did you have to consult an architect or anything? Or was it just the lender, appraiser, and contractor?
1
Posted on 11/21/14 at 8:53 pm to Creamer
No architect once you agree on a price with the seller get a few estimates on the work. Pick the guy you like and submit his estimate to your lendor. Your lendor will then call your contractor make sure he's legit and send out the appraiser. As long as the house appraises good youll be on your way to closing. If the renovations are under 35k the contractor will get two draws. One up front for half and the other when the work is completed. If your project is over 35k they can get up to 5 draws. The lend or does all the paying to the contractor so you don't have to worry with any of that.
This post was edited on 11/21/14 at 8:54 pm
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