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Old 08-11-2013, 01:20 PM
 
118 posts, read 379,781 times
Reputation: 95

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I hope I can get some sort of insight.

I'll try to keep it short, but I think a little bit of background info might be needed.


Dad wants to buy a house, and lease it out to me. The house he wants to buy is about 2miles near his current home. We were told he needs to get an "investor loan" because it is so close to his current house plus he would not live in it.

This house we want to buy is owned free and clear by the current home owner. However, he was in the process of renovating, ran out of money so there are unfinished projects around the home. Moulding, paint, flooring, and the hall bath was "gutted"(the toilet, tub and sink are missing but walls are still up).
I realized it sounds like a lot but the house has been VERY VERY well maintained believe it or not. The owner actually showed us the house and told us that the reason it was not finished was because he bounced around from project to project(due to boredom), and if he had stuck with one room at a time he would have had it done.

Good things going for the house are energy efficient windows, new roof, HVAC and water heater around 5-6 yrs old. The flooring has been completely sanded and prepped waiting for whatever flooring is decided on.

He wants to sell as is.

Being this is an investors loan, would the bathroom cause problems getting financed? Homes in the are are selling for more than what he's asking.

Im calling the credit union tomorrow to know for sure... but would like some insight as to what would stop them from financing the home for an investors loan...?



I was thinking that being an investor loan, the bank knows Dad wont be living in it, so would they be strict about not having a usable bathroom at the moment?


I know my dad, nor would I let him,risk making repairs on a home that is not his, pending financing approval.
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Old 08-11-2013, 01:23 PM
 
118 posts, read 379,781 times
Reputation: 95
PS home in Florida
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