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I am so excited for you that you found a home you want to pursue. It looks like you are armed with good information. MANY of my buyers do a
PRE inspection BEFORE approval and if you go 203 K you MUST do this prior as ,they take longer to approve AND you need to get bids to know what kind of money you would need to borrow .For one buyer,it was enough early information to walk away from the home and hence they bought another one they like better..so the money was well spent.For another buyer,we used the information as a means of negotiation when the bank countered the offer.We were ready and prepared for them.Even though ALL short sales are As-IS you always have inspection contingency.BEAWRE though,when you do it early ,especially with a constantly leaky roof,the condition you see now can drastically be impacted in 4 months from water intrusion and other factors.I would NOT sign off on inspections now,NOR would I lose the contingency to revisit the condition AFTER short sale approval.Leaky roofs can wick themselves into many places,MOLD can be a serious issue as well.If the conditions are right that can cause thousands of dollars of remediation with an ongoign water intrusion.You mentioned the higher cost of the 203K ,what did you allow for as an estimate for insurance? I would check that as well.You hate to go through this to find out the roof MUST be installed prior to closing or 30 days after to keep or even acquire insurance.Then they premium is double just until the replacement is done.That could throw your budget off big time.Make sure you have someone protecting your interests,this is alittle tricky ,only it can be done successfully.best wishes Suzie
Actually, a better location to find a good primer on rehab lending...search > "203K Loan Possibility"Or the following link:http://www.zillow.com/advice-thread/203K-Loan-Possibility/433665/
I just answered a similar question to this in a four-part response, please go to the main zillow site --> advice --> search --> "FHA Construction" and click on the first link. (I'd post the link but the site prohibits it).It'll tell you a great deal about what you'll need to do to proceed with a FHA rehab loan.
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For Sale: $89,900
For Sale: $50,000
For Sale: $179,900