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I went and looked at a house yesterday, it was perfect. I was interested in submitting a bid. Needed a lot of work but I am into that.
When I returned home, I viewed the listing, the house status is now "auction" and the terms are cash and rehab loan only. I did some research on 203k loans, etc. but what if I have enough cash to do it?
Assume that I put a bid at 350 so like 365 with the 5% auction fee. I currrently have a little around 160k in my savings for my purchase. At that price for the mortgage let's assume I put 80k down to bypass PMI, and then 80k left over since the house with those financial terms appears uninhabilitable (didn't seem like it to me, but I think its mold). Which also brings up the question how does one find the required repairs?
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