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Old 11-12-2011, 04:59 PM
 
5,150 posts, read 6,639,298 times
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Quote:
Originally Posted by DHFisher View Post
Seeing the inside of the property in person and reviewing the detailed property report should always be done before submitting an offer. You should also get an independent title search and full home inspection if you are the successful high bidder.

As a HUD authorized agent, I've seen inside a lot of these homes in the Charlotte area. We see bad carpet and paint, some deferred maintenance and occasionally missing appliances or fixtures, but we don't usually see owners intentionally destroying cabinets, counters, doors, walls, fixtures etc. as they leave. Homes built in our area in the last 20 years are generally in fairly good shape.

If there are some required repairs or if condition is a concern, there is special 203k financing that can be used to buy the home and put it back in like new condition prior to moving in.

The other thing that protects a teacher, firefighter, law enforcement officer or EMT EMS buying a GNND home in Charlotte is that they are paying half of current as-is appraised value. It is hard to go wrong buying a $180,000 home for $90,000.
Since your account isn't flagged as agent I assumed you were buying. Good to hear what things are left in pretty good shape. A lot of the reports I've read are horror stories including taking garage doors and my favorite a second floor condo owner that took the first floor HVAC.
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Old 11-12-2011, 06:10 PM
 
7 posts, read 7,119 times
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Originally Posted by GCharlotte View Post
Since your account isn't flagged as agent I assumed you were buying. Good to hear what things are left in pretty good shape. A lot of the reports I've read are horror stories including taking garage doors and my favorite a second floor condo owner that took the first floor HVAC.
Just registered. Still trying to determine how to flag self as an agent.
As-is appraisal generally compensates for any missing items and habitability issues through a lower price. It is very rare to see garage doors missing in our market. We see some damaged garage doors and hardware, but many are doors are padlocked when the property is secured. A repair loan can be used to replace the HVAC and can bring things up to code and safe operation - usually within a week or two after closing.
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