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Answers (7)
Best Answer
- Nathan Wolf, "natewolf"
- Contributions:1804
Yes you can. Provided the property is still in good condition (habitable) and as long as it appraises. There is a special FHA Addendum you will need to fill out with your offer to purchase. There are even FHA Rehab Loans if the property needs work.
As a first time homebuyer, I highly recommend that you enlist the service of a Realtor / Buyer Agent to help you with your offer and purchase transasction.
Even though the bank states "as-is" don't that this is the final negotiating point with the bank. I am currently helping a client negotiate carpet and paint allowances into their offer, whereby the bank does not have to repair the property, but there is an allowance for the repairs after closing. This is in addition to the closing cost allowances.
Not structuring your offer correctly could cost you in the end. Find a professional Realtor to help you.
- smp401
- Contributions:3
mds5x8,
Thanks for the information I will be sure to ask those questions. I am looking to keep the property as my primary home.
Thanks for the information I will be sure to ask those questions. I am looking to keep the property as my primary home.
- mds5x8
- Contributions:2
I have looked at many "as-is" houses lately. I am a first time home buyer myself and I have had 3 houses that I was very interested in, not get approved for FHA. With FHA, there can be no major repairs needed. One property wouldnt pass because it had a bad furnace and some siding issues. If your looking for an investment property you can fix up while you live in it, its going to be tough to get get a straight FHA loan. You need to ask the realtor if there are any disclosures and if you like the place alot, find someone who knows about appraising to see if they think it will go FHA. It will save you alot of time.
- smp401
- Contributions:3
Thanks everyone!
Nathan - I am going to look at the property today. what are the best questions I can ask the agent?
Any tips you can provide?
Nathan - I am going to look at the property today. what are the best questions I can ask the agent?
Any tips you can provide?
yes you often can. best of luck!
Can you purchase a bank REO "as is" property with FHA
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