"Buyer" sorry.Thanks for your reply. I'm guessing seller will pay off all liens with the sale proceeds, correct?Then the mortgagor will remove the lis pendens?
We are interested in a home where I found out in the county records that seller has been served a notice of Lis Pendens by mortgagor (Wells Fargo) in 10/2012.Listing agent told us it is a regular sale (not short sale etc..).I see that taxes have been paid and the house have plenty of equity looking at original mortgage amount and current home value.So as the buyer, am I at risk? I am assuming seller will pay what is owed to mortgagor at closing? And if yes, do I want to see something in writing from mortgagor that state they will remove the Lis Pendens?Thanks!
Also is it better to go with a construction to perm? And if yes who offers that?
Any lenders here that offer construction loans?Also can someone explain the requirements to get one? I know I qualify for a regular conventional loan with 20% cash down but I want to buy a lot and have house built.Should/Can I buy the lot cash (with the money I had for 20% down) and use that equity to meet the LTV requirements? Will they count my current home (no equity ) that I plan to rent when moving in new house in the DTI ratio? (will qualify anyways)Thanks!
Thanks for all the replies!Went back and checked on the house with a remodel pro.Made an offer at $160k subject to propriety appraising for purchase price and will see how it goes.
Thanks for the Permit lookup suggestion.I see plumbing,electrical and building permits that all show "Status Permit Finaled"
Thanks all for your answers.I'm using an agent but he knows only what he gets from seller.I'm going to walk through the home again with my father-in-law who is in remodeling business and ask him what he think of the work.
Need your help/advice, please.We found yesterday a house that we instantly fell in love with.House was build in 1987 and bought in 2011 as a Foreclosure for $80k.It has been totally gutted to the floor,wall studs and ceiling joist and everything has been replaced and is new except for the roof and windows.All replaced with above grade components.Owner planed on staying there for a while but he is coast guard and got new assignment out of the area.(I verified this info and it checked out)Size of the house: 1700sqft.Looking at comps, houses go for max $80sqft in the area (all houses built in 90's and up).They are asking $179k = $105sqftNow, I have no idea how much they spent and how much they are trying to recoup and I'm wondering how much above market value it is safe for me to go since its almost a new house. I cant compare it to anything in the area.I paid too much for our current house in 2007 and I don't want to repeat that with our new house.Any inupt will be greatly appreciated!
We are looking to purchase a FNM HomePath home that is "HomePath mortgage" eligible.We currently own a home and we will convert it to a rental once purchasing this propriety (going to be our new Primary).Question is: are we eligible for this program based on our situation? (keeping existing home and turning into rental).And if yes, will we need to provide a rental agreement or something of sort? We live in our current home and be moving out as soon as we close on the new one.We qualify with both home payments without taking any rental into consideration.Thanks!
Well, the house we are purchasing shows a construction quality rating of 1.0 so I wouldn't trust this scoring system lol.