How to buy a Fixer Upper and Fix it Up…Cheap!
Wednesday, December 9, 2009
Nearly everyone wants to do this so, Why don’t you?
The purchase of a fixer-upper house is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased. Fixing up your new house is a costly idea in Los Gatos, San Jose and the whole Bay Area, really.
HUD’s 203(k) program can help you overcome this cost obstacle by enabling you to purchase or refinance a property plus the cost of making the repairs and improvements in one mortgage.
Dian Hymer of Inman News suggests “design your offer with a 60 day close and a 45 day finance contingency.”
