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Old 09-02-2008, 09:06 PM
 
136 posts, read 364,844 times
Reputation: 59

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Quote:
Originally Posted by lildevil01 View Post
I am getting an FHA loan and also the Ameridream program. I knew nothing about this FHA 203K Program wish I would have know that ! I am buying a bank owned property it is empty They turned the power back on so we can inspect it and its still on . The house I am TRYING to close on is actually not bad at all new appliances newer tile floor but could use carpting. the AC unit is on 2 yrs 0ld according to my home inspector. The bank is also paying for the home warranty. When I made my offer they accepted it and I later got the results on what the Appraiser set the value of the home at. That is when I started having trouble getting it closed. I think that after they signed the contract they found out the house was worth way more than I am paying them. My closing date has been changed 3 times and i`m due to close this friday .
Wow lildevil01! I read your post and it could have been writen by me. I am in the exact same situation. I am buying a bank owned property in Maricopa and I too am using the Ameridream and FHA programs. I have also had my closing changed a few times and am not planning on closing on Friday. Crazy!
Ok...I guess this is kind of a pointless post, but I just thought it was strange when I read your post.
Good luck to you with your new home!
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Old 04-19-2009, 11:46 PM
 
13 posts, read 113,960 times
Reputation: 20
Default Where are you getting the equity loan on an investment foreclosure??

Quote:
Originally Posted by flmom28 View Post
We buy foreclosures all the time. The length of time to close depends on if you are financing the home or paying cash. We always pay cash and then take out an equity loan on the home to recover the the money paid. The last foreclosure we closed on in less than 2 weeks, also depends on the motivation of the banks too though. If they are going to be at a tremendous loss they usually don't move as quickly. One thing that we have experienced with buying there properties is that when it comes inspection time, the banks are not willing to fix anything. All homes he in Florida come as is, but we have never really had to invest too much beyond the price of the home. All the cosmetic stuff is up to you depending on how much money you want to make off the home.
I purchased a foreclosure with cash also and subsequently tried to get an equity loan on the home. It was a no go, multiple banks told me they have a 6 month period of ownership requirement before they will cash out finance. Please share how you were able to get such a loan.
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