Buying first short sale - MD Have some questions. (appraisal, mortgage, mortgage company)

[boomerzed]

We are buying our first short sale to be our live in home. Here are the stats:
House built 1995
Conventional Loan
First and Second have signed off on sale.
Title clean , Closing set for April 8th
Purchase Price $115,000
Closing Costs $6,000
Mortgage will be around $863.00 per our good faith estimate
Rehab cost: Low $7,000 High $10,000 (carpet and paint and tile only, plus seeding lawn and pressure washing deck) We will do all work ourselves with cash.
Recent Sales Comps (3 months, same developement,same# rooms etc, 5 sales) $215,000 to $227,000 .
Appraisal due next week
Rentals for developement are $1,300 to $1,425 per month with 1 month average on market.

House is in great shape, appliances were maintained by warranty company and are 5-6 years old. Other then paint and floors (no rugs in bedrooms and stairs)

Our questions are:

With a conventional loan will having no rugs in bedroom delay closing ?
Once we close is it possible to get a home equity line ? if so what amount do you thing is possible ?
There in another home (vacant) in the neighborhood that has been winterized by a "Mortgage company" . We would like to try to purchase it and start the process again. How can we find the lender with only knowing the address of the house ?

[davecj]

By rugs you mean carpet? Doubtful that's a deal killer. Home equity lines can be had through your lender or via 3rd party. If you're in Maryland, you can search for the owner on sdat and deed on landrec.

[boomerzed]

Yes, carpet. Is it possible to set up a home equity line at the time of settlement ?

Thanks for the reply

[davecj]

Depends on the lender and the appraisal. For the last several years, many would not do a HELOC at settlement but things may have changed.

[boomerzed]

Looks like we will have to escrow a couple of hundred bucks at closing , which we will get back after closing when the carpet is installed.