A Winter gettaway for uder 50K (Cape Coral, Port Charlotte: foreclosures, HOA, condo) - Fort Myers - Cape Coral area - Florida (FL) -Lee County - Page 2 - City-Data Forum

equalrightsforeveryone · 01-25-2011, 08:39 AM

Thought I should mention that our home was 15yrs. old when we bought so no problem with Chinese Drywall. Also you can search for the one's that have CD they usually are listed for $20000.00 in Cape Coral if there is proof that CD exists. Don't pay more for a home with CD than $20000.00, but you can get a big housethat has CD if you are willing to fix it up, But remember that you have to gut the place down to the studs and block walls and start over. To do the job right.

nhkev · 01-25-2011, 09:08 AM

I did a search yesterday (in cape coral) and there were 84 homes under 55k. So they are out there. a lot were short sales so not a definitive price, some had chinese drywall disclosed, some were fannie mae homepath properties which means you have to have as a primary residence. But even backing them out there were some that were available in that range that looked decent and in ok areas.

So as long as you're not expecting a 2000 sq ft home brand new with a pool, it is doable.

bbnmom · 01-25-2011, 10:43 AM

If you are over 55 you can find small (2-1) homes in retirement communities. We bought one last year for 32,000. The maintenance fees are extremely low. There is a club house with a pool and they cut the grass and paint the homes forthe maintenance fees. Taxes and Ins are your responsibility but are reasonable. This is in SE FL.

Florida Paradise · 01-25-2011, 02:42 PM

You can find a nice condo/townhome in a VERY desirable area of Ft. Myers, and not in N. Ft. Myers or Lehigh. (South Ft. Myers to be exact) BUT... (and that is a big BUT)... you will have significantly higher HOA fees. There are 2 bd/2bath condos (right now) in Summerlin Woods,Tuscany Gardens, Venetian Palms ...under 50 or right around 50 grand.

hiknapster · 01-25-2011, 03:39 PM

Just to correct a previous statement, you can be an investor or second-home buyer and get a Home Path mortgage from Fannie Mae. I worked with an investor that only utilized Home Path mortgages. The down payment is 10 percent, though.HomePath - HomePath Financing

There is some controversy regarding Chinese drywall and rehab. There are folks that claim that even going down to studs will not be enough to remedy the situation. Be careful of agents that take you into a CDW home to show what to look for. That is all well and good but there have been instances where there is CDW present and no obvious signs or smells.

On this forum there is a long, detailed thread on CDW. If nothing else, Google for more information.

nhkev · 01-26-2011, 06:58 AM

Quote:

Originally Posted by hiknapster

Just to correct a previous statement, you can be an investor or second-home buyer and get a Home Path mortgage from Fannie Mae. I worked with an investor that only utilized Home Path mortgages. The down payment is 10 percent, though.HomePath - HomePath Financing

There is some controversy regarding Chinese drywall and rehab. There are folks that claim that even going down to studs will not be enough to remedy the situation. Be careful of agents that take you into a CDW home to show what to look for. That is all well and good but there have been instances where there is CDW present and no obvious signs or smells.

On this forum there is a long, detailed thread on CDW. If nothing else, Google for more information.

good catch, thank you for correcting me. I didn't realize that. I wonder if all realtors know that because i have seen in descriptions "this is a fannie mae homepath property only 3% down no investors or 2nd homeowners." Maybe they meant to be qualified for the 3% but I took it the other way.

I tried to rep point you but it says I have to spread around

actually I just went on that link that you provided and it mentions something called first look. this is to apparently give owner occupants the first chance of making offers without competing against investors. It looks like it is only 15 days So I guess people that are looking at one of these properties need to work fast when the properties come available.

hiknapster · 01-26-2011, 03:14 PM

Quote:

Originally Posted by nhkev

good catch, thank you for correcting me. I didn't realize that. I wonder if all realtors know that because i have seen in descriptions "this is a fannie mae homepath property only 3% down no investors or 2nd homeowners." Maybe they meant to be qualified for the 3% but I took it the other way.

I tried to rep point you but it says I have to spread around

actually I just went on that link that you provided and it mentions something called first look. this is to apparently give owner occupants the first chance of making offers without competing against investors. It looks like it is only 15 days So I guess people that are looking at one of these properties need to work fast when the properties come available.

That's true. There is a 15-day period called First Look and investors are not invited, so to say. But it's not too bad. And it really is a good idea, I think. It was intentionally created because some investors do this 24/7 and the average Joe misses out a lot.

Another thing that most people don't realize is that if you put less than 20 percent down, you do not pay the monthly PMI fee. FHA doesn't call it a PMI fee, but they do charge a fee. Home Path is the only one that does this, as far as I know. It often makes it the best bet. Of course it is only for Home Path homes. I think a lot of people under-utilize the program and it is a shame.

I wouldn't be surprised if there are "professionals" out there, such as agents, brokers, lenders that assume the program is not for investors or vacation home buyers. You may have not taken it the right way; true, but you'd be shocked at how many in the biz don't stay up to date on things.

justNancy · 01-28-2011, 04:02 PM

Quote:

Originally Posted by hiknapster

That's true. There is a 15-day period called First Look and investors are not invited, so to say. But it's not too bad. And it really is a good idea, I think. It was intentionally created because some investors do this 24/7 and the average Joe misses out a lot.

It depends what you mean by the "average Joe." I mean HUD can buy any of these properties and so can about 400 other agencies.

If you read the First Look rules, those who qualify for the First Look program are (from the official site)

[FONT=Trebuchet MS]Owner Occupants and people using the property as their primary residence [/FONT]
[FONT=Trebuchet MS]OR entities using public funds (non-profits, local housing and community development agencies) [/FONT]

This is why many owner-occupants make an offer and learn there are multiple offers. Fannie Mae is also under no legal obligation to accept an offer, even if it's close to the asking price. If they get offers and think, "Hmm, maybe we should see if investors will offer more" they can wait and ask for the highest & best which includes all bidders.

gandalfthegrae · 01-30-2011, 03:42 PM

I purchased a condo in Cape Coral in April. It was a lot more than 55K but it is on the river. I looked at several nice units for FAIR prices in nice areas. A friend of mine is purchasing a nearly new unit in Concordia Lake cir for 60K (2br 2 bath with a garage). It comes with fees but if you are not a year arounder you'll need to hire out the outside maintenance anyways. I would not buy there as there are over 200 units in the community (potential for too much politics) for me. If you don't mind the size they are amazing looking. The place bankrupted and the bank now owns it.

justNancy · 01-31-2011, 01:50 AM

If you purchase a home in a community with an HOA (condo, villa or single family) make sure it's financially stable. If there are a lot of unpaid association fees, the additional costs can be passed on to the residents. I don't know about any specific associations in this area, but there are cases where the HOA is in default and the bank is seeking foreclosure on the property.