Code violations should be determined in your inspections prior to the purchase. At that time you can determine who will handle any repairs that need to be made. Some loans will require repairs, and some issues may be taken on by the buyer after settlement, it just depends what it is and the area the home is in. It is not uncommon for homes to have code violations as the codes are constantly changing. Many issues are "grandfathered" in if the home was up to code at the time it was built. If it is not a safety factor then it is often allowed to stay in the current condition.
In Pa the keys are handed over at the settlement table, once the papers are signed.What are the terms in your contract? All that should be in there?If you do not have a real estate agent to call then contact your attorney to assist you. Real Estate agents are an important part of the home buying process and protect you in situations such as this.
I would suggest a great home inspector, you can test for mold as well.. If mechanicals are old, then either negotiate that into your offer, or be prepared to put some money out for new systems. Many investors will not replace the mechanicals when flipping homes. If you have it checked out well by a great home inspector you should be ok..
Typically you must wait the two years.. I would suggest looking for a home where the seller might hold the financing for you until you are able to finance from a bank, sort of a lease purchase option.
Short Sales can be difficult, but they are not impossible. First you need an agent with a lot of experience handling short sales, and someone who will stay on top of all the details for you. A cooperative seller is also very important who will work with the bank requests in a timely manner. Buyers just need a lot of patience! Often the short sales can drag out for months, and you need to be prepared to wait for that great deal!
You surely can! The USDA loans are 100% financing and they allow a seller assist to help with closing costs. The USDA loan however will not apply to every property on the market, the guidelines are defined by geographic area as to whether or not the property is qualified for the USDA loan. Your mortgage lender can assist you in checking property addresses for you once you find a home you like.
You should be working with your own agent in searching for a home. Calling the listing agent of each property is not in your best interest at all. Find an agent that you want to work with .. They can set up appointments to show you any house, and they will work in your best interests, their fiduciary responsibilty is to you.
If you are working with a Real Estate Consultant, they most likely have a lender they can refer you to.. one that will work well with them in ensuring your transaction goes smoothly from beginning to end. Once you are approved the fun part begins in picking out the perfect home!
USDA loans are determined by the property location not only buyer credentials. A buyer should check with their lender to verify if the property they want will qualify for this loan.
When you put an offer in on a property, you are obligated to that price unless one of two things happens. You put in the offer that the sale is contingent upon the appraisal being no less than your offer price, OR if you are obtaining financing, then your mortgage will not be approved if the appraisal is lower. Once this happens, it is up to you if you can afford and want to pay more for the property. There are some instances when people will pay more if the property is worth it to them.