It's been a challenge in the multiple offer situation but every once in a while there is a lone property that sits collecting dust due to the number of repairs needed to make the property livable.
The FHA 203K loan may be able to help here. The streamlined is the quickest, which allows up to 35k in repairs without having to jump through major hoops to get it.
Simple calculations for you:
Purchase Price $200,000.
Cost of Repairs $35,000.
Must get appraisal value of $235,000. ~ "valued as repaired".
Buyer has to be able to qualify for the 235 purchase price & two appraisals will be done.
For more information you can go on the HUD website here:
Some homes for sale in Santa Clarita Valley may qualify for this program.
Don't forget about it. Ask me any questions and what I don't know, I'll find out for you!
FHA203K Loan ~ Is it right for you?