Zillow Advice: Buying Process - Seeking improvements on a short sale http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Zillow Advice | Zillow Real Estate What Sharon said.&nbsp; Then ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ What Sharon said.&nbsp; Then find a lender that will do a 203k loan.&nbsp; Done deal. Wed, 09 May 2012 16:52:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-09T16:52:00Z I am so excited for you that ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ <p>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</p><p>PRE inspection <em>BEFORE</em> 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 .<br/><br/>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.<br/><br/>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.<br/><br/>Even though ALL short sales are As-IS you always have inspection contingency.<br/><br/>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.<br/><br/>I would NOT sign off on inspections now,NOR would I lose the contingency to revisit the condition AFTER short sale approval.<br/><br/>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.<br/><br/>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.<br/>That could throw your budget off big time.<br/><br/>Make sure you have someone protecting your interests,this is alittle tricky ,only it can be done successfully.<br/>best wishes Suzie</p><p><br/>&nbsp;</p><br/><br/> Fri, 15 Jun 2012 17:46:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-06-15T17:46:00Z Short sale fraud is rampant ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Short sale fraud is rampant right now, not only here in my home state of Florida but all across the country.&nbsp; If you buy that short sale home as is, then you'll be responsible for whatever you find there.&nbsp;<br/><br/> Please[Hotlink deleted by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for more information.]that thought her short sale was a great deal, until after she closed and then the kid's bath water wouldn't drain.&nbsp;<br/><br/>[Hotlink deleted by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for more information.]-- too much to type in this reply on Zillow.<br/><br/> Please be very careful here. Fri, 15 Jun 2012 16:17:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-06-15T16:17:00Z Actually, a better location ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ <p>Actually, a better location to find a good primer on rehab lending...<br/><br/>search &gt; "203K Loan Possibility"<br/><br/>Or the following link:<br/><br/><a href="http://www.zillow.com/advice-thread/203K-Loan-Possibility/433665/">http://www.zillow.com/advice-thread/203K-Loan-Possibility/433665/</a></p> Tue, 05 Jun 2012 13:41:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-06-05T13:41:00Z I just answered a similar ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ <p>I just answered a similar question to this in a four-part response, please go to the main zillow site --&gt; advice --&gt; search --&gt; "FHA Construction" and click on the first link.&nbsp; (I'd post the link but the site prohibits it).<br/><br/>It'll tell you a great deal about what you'll need to do to proceed with a FHA rehab loan.</p> Mon, 21 May 2012 15:04:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-21T15:04:00Z Small update: Talked with ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Small update: Talked with the lender today and a FHA 203k sounds like the best route. First I'll have a contractor or two make some estimates, then maybe an offer. I was pleased to find that I could even use the improvement funds to finance a washer and dryer since the home doesn't come with them. Still tentative, but it looks like a FHA 203k is the best way for someone to do this. Thu, 10 May 2012 16:26:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-10T16:26:00Z My loan officer has mentioned ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ My loan officer has mentioned the possibility of a FHA 203k loan to include improvements, however, I'll then be paying mortgage insurance and have a higher monthly payment. I haven't ruled it out, but it isn't really the path I want to take.<br/><br/>Why am I interested in this home? It's just the one that speaks to me. I was a Realtor some years ago (not for very long; it wasn't for me) and one thing they told me to watch for with buyers is when they start arranging furniture in the home and picking colors for walls, that's when you know your client has found the home for them. Of the seven I looked at, this is the only one I started to do that with.&nbsp;<br/><br/>Making an offer contingent on a home inspection sounds like it is more common in some areas more than others. It happens here often with so many homes being sold as-is. Wed, 09 May 2012 22:55:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-09T22:55:00Z Is this the only property ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Is this the only property that you can buy or want to buy?&nbsp; With so many homes on the market why are you so interested in this one in particular?&nbsp; If you want to pursue the purchase then try to obtain an FHA-301 loan that allows you to build-in the cost of repairs into the loan.&nbsp; Personally I would save myself the headaches and look for another property, but if you want to continue on with this short sale offer, then make your offer contingent to a Home Inspection, meanwhile you can obtain estimates from a few roofers.&nbsp; You said that the water leaks through the wall in the kitchen, if that is the case, there may also be mold on that wall.... Wed, 09 May 2012 22:24:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-09T22:24:00Z Who in their right mind spends ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Who in their right mind spends money on an inspection on a house they don't own yet?&nbsp; Not any of my clients.<br/><br/>You absolutely can ask the bank to provide you with repairs or negotiate a lower price based on any material defect.&nbsp; <br/><br/>In FL, a roof like this will prevent you from getting insurance.&nbsp; Whether you are paying cash or getting a mortgage, no one is buying a home they can't insure.&nbsp; And a bank that lets you go because they won't fix a roof will encounter the same problem with the next potential buyer.<br/><br/>Ask for a price reduction or for a repair credit and get estimates from licensed roofers. Wed, 09 May 2012 20:25:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-09T20:25:00Z Focusing on the roof issue ... http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ Focusing on the roof issue may be premature.&nbsp; You are assuming that the lien holder, or holders, are going to approve the short sale. There is absolutely no guarantee that will ever happen.&nbsp; You should first look ath teh seller's hardship to see it is sounds like there is a possibility that the short sale will be approved.&nbsp; Find out who the lien holder (s) are and see if they approve many short sales.&nbsp; Some lien holders are very difficult to get an approval from.<br/><br/>Neither the lien holder(s) nor the seller are going to pay for a repair and very few conventional lenders are going to fund a loan with a leaking roof.&nbsp; You might want to look into an FHA 203K loan which may deal with your roof leak problem.<br/><br/>As Maria says, it will be much easier to find another home without the built in roadblocks to a purchase. Wed, 09 May 2012 18:48:00 GMT http://www.zillow.com/advice-thread/Seeking-improvements-on-a-short-sale/442148/ 2012-05-09T18:48:00Z