hello everyone,
I’m new in this forum so I just wanted to say hello. I am a real estate agent, I am now looking at ways of sharing some of my experience on the Internet. I’m from the city of Bari from about 125,000 students in the province of Ontario, Canada. We are about an hour’s drive north of Toronto, just to give you a reference point
.
some of what keeps me here is a big dump of snow in the winter, each and all sports activities it offers. In fact we veil beautiful soft white stuff courtesy of Mother Nature which just arrived today. We have a few small hills to ski after only 15 minutes, and I love taking my kids to
.In any case, I’ll do my best to provide as much as I can and also talk about my passion in the business cycle, and Barry’s real estate market and customers more accurate and deal with staff .
Cheers, T. Elliott. Munkman
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Say you buy a foreclosed home in poor condition listed in say $ 20,000. You can get a loan for say $ 45,000 dollars to cover the form of removal, rewiring, and improved only in general? I tried on-line information and someone suggested that the loan streamline the FHA, but after reading more about the loan does not look like it simple and actually found a loan simplified.
You can sell the house that I bought on a mortgage, even when they did not pay the whole context?
No, you would have to pay cash or get a hard money lender at 14%-17% interest and then you would have to do each faze of the project and take a draw when completed. Conventional and FHA loans require the home to be in average condition. Lenders do not just give out $ 25,000 to anyone thinking they can redo a home. This home has some big issues.
Yes, they are called 203K loans. If you purchase a house for $ 100,000 and it needs $ 25,000 worth of work you can get the loan for $ 125,000. BUT, the house will need to appraise for $ 125,000, the appraiser will appraise the house at the “repaired” amount instead of the as-is amount. They take a little longer and you will need to have a couple of bids from contractors (I have never seen anyone get a loan based on doing the work themselves, but it may be possible)
A lot of lenders don’t like doing them because of the added paperwork but check around, you’ll find one that will do it, make sure they have done them before.
Good Luck!!
Yes, but the mortgage has to be paid off from the proceeds, which may involve paying penalty interest, or having the buyer assume the mortgage, with consent of the lender. Just be sure you do not remain committed to repay should the buyer fail to do so.
yes. ask your realtor or attorney how to do that.
The simple answer is yes. However it may depend on the offer you get and if you have enough equity to walk away at closing.
I presume you mean can a home be sold before the mortgage period is over. So if you have a 30 year mortgage, you’re asking if you can sell the home in the 5th year?
Absolutely. Probably most sellers who sell their home have an outstanding mortgage loan on the property. That balance would be paid to the lender with money from the sale.
You would not be able to sell the home and keep the mortgage outstanding.