HomePlumbing TipsRepairs on foreclosed home purchase?
Posted in Plumbing Tips on 13th April 2014
home repair

Repairs on foreclosed home purchase?
We are about to buy a foreclosed home in a good area of Chicago for about $ 80,000. What would be the best way to pay for those repairs and invest in this property so that we can live in it in a couple months?
We have the time to work on it, I was just wondering about what ways we can go about getting money to repair it… loans-wise.

Best answer(s):

Answer by Than64
Look into getting a 203k loan, also called the FHA rehab loan. You borrow the money needed to make the repairs and pay back the extra money with the mortgage.

Answer by A Yahoo Answerer
If you were looking for repairs to be fast and easy, don’t buy the foreclosure. Forclosed homes usually come with a lot to clean up. However, if you have the money and the time, the investment is worth it. I recommend that you first hire a professional to inspect the home to make sure that there are no problems from the bottom to the top of the house. That’ll cost a couple hundred, but it could bring up some problems that you couldn’t have seen just by touring the house (the foundation, mold/mildew, pipes..). And go from there, whatever you think needs work. Not all foreclosed homes are in the same condition, so I can’t go into specifics. Sometimes, because of time and labor and costs, you won’t always have time to repair things yourself. You might want to consider hiring professionals or doing some things yourself.

Answer by My Take on It
203k loan. Ask your lender.

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