I'm not going to tell you what you want to hear, or tell you its a great home and I will sell it like yesterday. Let's start with the truth. It honestly depends on where the home is. You say it is in a desirable school district, which makes me think of Union. The shifting issues seem similar to something you would find in East Tulsa. There is no guarantee that your home will sell. With visible cracking in the walls and a potential for serious structural repair, you will scare off most buyers. Investors will not pay that much for a home that is in need of repair. For investors who flip homes, there needs to be a potential for profit. You owe $87K, by the time you pay closing costs and repairs, there is no money to be made. There are Realtors who will tell you what you want to hear, but this is the truth. Buyers are visual. Fix the structural and cosmetic issues first. This is going to be your best bet, and will keep your home from sitting on the market forever. I wish you the best!
It would be a concern for the future of your investment. If the HOA reserve account is empty, how do they expect to keep up the common elements and take care of obvious things like Roofing, Painting, Paving, Pool Plastering? Not to mention the not-so-obvious like Treework, Landscape Renovation and Safety Inspections (elevator, fire sprinklers and alarms, tripping hazards). Although these things may not specifically affect your property, you have to ask yourself how big of a role the HOA plays in your particular subdivision.
Give the underwriter what they are asking for. A pre-approval does not mean that you are fully qualified. The Closing Underwriter is the last person to sign off on your loan. They review and verify everything from your credit, employment history, financial statements, proof of funds, debt to income ratio, and they even assess the property itself. You must meet the conditions of the Underwriter no matter how frivolous they may seem, if you don't they can & will deny your loan.
There are a few options, but it depends on what you are looking for. We have access to some properties with owner financing options. It really depends on your price range, what location, credit/rental history and how much money you have to put down. For example, I have a 4/2.5/3 in Broken Arrow available, but the owner is asking $19K down & $1900/month. There are also options for a lease with option. This is where you put down a larger down payment to "buy" time to clean up your credit. At the end of the lease term, the owner credits that money towards the purchase price. I'd be more than happy to help you find something or point you in the right direction. [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
It depends on the Inspector. They may not have received the report yet. In this case, you may not here from them until Monday. Once the buyers receive the report, they will go over it (usually with their Realtor) and put in a written request for repairs. Once they sign that request, your Realtor should receive a copy and get it to you. If your Realtor doesn't hear anything by Monday afternoon, I would ask him to follow up with the other agent. It doesn't take much to make a phone call and find out what the status is. Just another case of "Hurry Up and Wait"...
I am not sure about VA, but I have a client that recently applied for a FHA loan a year after her short sale. She was told that she cannot re-apply for 3 years after the official closing date of the short sale. VA regulations stipulate a two year waiting period following the short sale before a borrower can be considered for a new VA mortgage. You can try and find a lender that will overlook the stipulation, other than that, I would suggest to wait 6 more months.
You can apply for the 203K loan if you are looking to finance the rehab into the loan. If you are simply wanting to purchase the home and fix it up yourself, then you may be able to go Conventional. If the property is uninhabitable FHA and VA are not an option. You will have better luck with a Mortgage company than a bank, because they usually have more options. Good Luck!
If you are listed with an agent, check the comparables that have sold in your neighborhood. Make sure that the numbers you are working with are sales withing the last 6 months. If you are trying to sell your home FSBO, your exposure will be very limited. Your best bet is to hook up with a knowledgeable agent in your area. This will ensure that your home is an option for buyer's agents to show. As Realtors, we don't really go out of our way to work with FSBOs. A lot of times, the seller is inexperienced and this means we have to do twice the amount of work for half the price. So my advice to you is to check your price. Make sure that you are listed with a knowledgeable and reputable agent. Get your property listed on the MLS, Realtor.com, Zillow, Trulia, and any other local website that they advertise on. Most people begin there search online, if your photos are fuzzy, discolored, or just flat out bad, people will pass up your home. Hope this helps.
Purchasing a home shows creditors that you are a stable investment. Creditors know that since you have a mortgage, you will more than likely hold onto a stable job. This gives them confidence that they can count on you paying your debts on time. Most mortgage companies report to the credit bureaus on a regular basis as well. With revolving accounts, that are being paid on time, your credit score will shoot through the roof. Just be cautious not to take on more debt than you can comfortably afford. Too much debt can hurt your score.
Using a professional real estate agent is very important, especially for a first time buyer! The process of buying a house is complex. Paperwork can be overwhelming. The contract language alone looks like a foreign language to someone who has never bought. There are many aspects to a transaction, such as, hiring inspectors, negotiating over who pays for needed repairs, keeping up good relations with the sellers (through their agent) and more. Experienced real estate agents usually have contacts with good inspectors, mortgage brokers, and others who can make your buying process easier. And you will have the security that someone is looking out for your best interest. Buying a home without an agent, is like going to court without a lawyer. Go with a pro!