In the past, most buyers had a hard time getting financed on bank homes that needed a lot of major repairs. The best possible scenario is a FHA 203k loan. A 3.5% down payment is still required. The process has been refined into one department at Stonegate Mortgage. They do 203k loans everyday, week after week. The process still takes up to 60 days to close but is handled by a team that specializes in the process. Here is a link to their application page: http://www.stonegatemtg.com/apply.aspx?CampaignID=355
I believe that you are asking for something more specific. Typically, it depends on what type of listing it is in most cases. With foreclosed homes, starting as low as 20% under the list price is very customary in the current market. Every seller is different. Each are unique in how they respond. With new home builders and existing homes with owner occupants, 10% may be a more reasonable starting point. Every list price means something different to that seller. Likewise, each offer means something different as well. Choose a Realtor that can help you distinguish what is appropriate for that specific listing. Most of all, enjoy the opportunity to purchase a home during this market.
I would recommend contacting a lender that can provide you with all of your mortgage options in one place. There are several financing options available for home buyers and it pays to be informed on all of them. There are many lenders that do not offer every option to you because they may not be knowledgeable on that specific mortgage option. Here is a link to a recent newsletter that can give you a quick look at a few that are possibly available to you.If you are interested in taking the step to get pre-qualified, visit the following link: https://www.stonegatemtg.com/apply.aspx?campaignid=355 They can provide you with all of your mortgage options.If your Realtor or your mortgage lender has not informed you of your options, give me a call or email. I can share some insight with you anytime. www.IndyRealEstate.info
In the Indianapolis area, you can purchase a home with down payment assistance up to $7500 for first time home buyers and get a 3.99% interest rate too. It is based on the median household income for the specific area that you are interested in. The inspection has very strict guidelines, but it is geared to give the home buyer a maintenance free home for a reasonable amount of time. It is a great option for new homes! You also have the $100 down payment program available on HUD homes. Not all HUD homes are in bad condition. If you are wanting move-in-ready, you will likely have a slimmer chance of finding that perfect home, but they are out there. Sometimes minor cosmetic repairs are worth the time, if you are looking for a great deal. Here is a link to a recent newsletter that we had on your financing options:[links removed by moderator]
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I have a quick link on my website for a home value estimator. Not sure if Zillow will let you connect or not. I use it for my investor clients. It is a great tool to get a quick valuation.
Great question! Ryland builds a great home. If you are looking for quality construction at a reasonable price, Ryland leads the competition, in my opinion. Where else can you get a quality built home with the great amenities that Ryland has to offer? I only say that because I have built two Ryland homes myself. They build a great home for the price. As with any builder, we recommend that you have representation on your first visit to any builder model home. Even though they are new homes, you may have issues at anytime during the construction process. I make it a point to share my experiences in building my own homes and the 14 years experience that I have in new home construction with my clients. The Realtor commission is paid by the builder and does not affect the price of your home. Using an experienced Realtor with new home construction experience is well worth the effort. In the end, you will have a less stressful experience and you will be able to enjoy the process of building your home.Tony Wilson
As Realtors, we do not recommend knocking on the front door to talk to the homeowner. There are many misconceptions about not using a Realtor. You need to protect yourself by calling a Realtor in your area. The great thing about it is that it does not cost you anything, as the buyer, to use a Realtor. The seller pays the commission on both sides of the transaction, unless negotiated otherwise. You may contact any of us, if you need a referral in your area or have any questions.