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Old 12-19-2016, 02:22 PM
 
1 posts, read 638 times
Reputation: 10

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I am trying to purchase a HUD property. I do not know if this is a good way to do it.
The house is $35,000. Need lots of repairs
Do not know if there is a problem with electrical and water lines.
I can see that it needs a new roof
It did not flood but the wall in one bedroom was stripped because the roof leaked and they need to make sure there wasno mold.
in other words, the property needs lots of work. about $30 plus thousand to get it liveable.
thefees on this type loan was a shocker.
Is this normal?
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Old 12-21-2016, 12:52 PM
 
Location: San Diego
1,200 posts, read 867,314 times
Reputation: 1498
I think part of the process involves a contractor estimate of repairs? The funds are paid out to the contractor with fund control. Nobody gets the money up front.

Maybe Smartmoney will chime in if they know.
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Old 12-21-2016, 05:49 PM
 
429 posts, read 313,427 times
Reputation: 1184
What area? Age of house? Value of the lot? Would it be more cost effective to raze and rebuild?
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Old 01-25-2017, 01:54 AM
 
Location: Slidell, LA, USA
1 posts, read 502 times
Reputation: 10
You should ask for experienced contractor for this job.
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