The next big wave of foreclosures is coming at us in 2010. Banks and lenders have been holding back on foreclosure inventory so they didn't flood the market and drop prices further. But they can't hold back forever, and they have to clear these homes off their balance sheets.
This is a huge opportunity for you if want to get more home for less money. Can you can look past some damage or flaws (often present in a foreclosed home) to see the home's full potential? You might have a diamond-in-the-rough if the basics are all there. Three things to look for:
If the house meets these basic criteria, it's worth a look to see if you can buy it at a good price, get the repairs done before you move in (ideally), and end up in the perfect home for you. It might well appraise for more than what you put into it.
All the players on your fix-up team need to be experienced in working with the 203k program, or you could end up with a big, fat headache. Your team should consist of:
Need to find a good REALTOR® who understands foreclosures, remodeling, and the 203(k) program? Call Brian at 612-239-9636 to find a real estate agent in your area.
Here's a link to a home inspector who teaches other inspectors the ins and outs of FHA requirements.
Need to find an experienced, licensed, and bonded general contractor to give you the estimate after you've gotten your purchase agreement accepted? Click here.
Need to find a mortgage officer who specializes in the 203(k)? Click here.