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MsBStallings
21 Posts |
 Posted - 07/09/2009 : 1:53:44 PM
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| How are these being funded if repairs are needed, (not structural), and they don't qualify for FHA 203K streamlines. Any banks doing these conventional, in AS-IS condition? |
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liverichly
6079 Posts |
Posted - 07/09/2009 : 2:10:21 PM
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| They get a regular 203k loan. |
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MsBStallings
21 Posts |
Posted - 07/09/2009 : 2:18:45 PM
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| They don't need anything done structurally. A realtor presented this property to me from another LO, and said they won't do an FHA 203k Streamline on it, because there are no comps in the area like it. It's a side by side two flat. The client said forget it, she'll buy it As-Is, and get the repairs done later. That's why I wanted to know if anyone had gotten any As-Is properties funded going conventional. |
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canoe
253 Posts |
Posted - 07/09/2009 : 2:24:44 PM
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| Just becaue it's conventional does not mean it will go "as is" it all depends on what the appraiser states in his/her report about the overall condtion of the property , hard-money no problem , bank america, wells farge, chase , and other major banks may not touch it , the borrower is just going to have to pay for the appraisal and see what comes back ... it's a coin toss, if the property wont go 203K streamline I have my doubts.... |
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just in kase
1512 Posts |
Posted - 07/09/2009 : 4:31:03 PM
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| why do people always badger FHA and conventional in appraisals. other than for a few items, wells, septic, power lines, distance to large water tank etc. they are about the same. "because there are no comps in the area like it. It's a side by side two flat" if there are no comps a conventional appraisal is not going to magicly produce comps. crazy....check to see if it is a Homepath REO. |
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MsBStallings
21 Posts |
Posted - 07/09/2009 : 10:45:27 PM
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Glenn thanks for your response. That's what I told her also. If repairs are noted on the appraisal, then they'd have to be fixed before the majority of banks would even touch it.
Just in Kase, as I said, in my previous post, this was taken from another LO. AND, unfortunately, some properties aren't eligible to go FHA, which means you have to look elsewhere, and conventional would be a good start. Understandably, going conventional will not magically create comps. So you can keep that "crazy...." sh%^ to yourself. Please don't insult my intelligence. That's the only reason I was told the bank the other LO sent it to didn't want to do it. Even though if the appraiser knew the area, there are side by side 2 Flats in that area which I pulled up for the realtor. Thanks for your response about Fannie's Homepath, I'd been looking at both the regular Homepath, and the Homepath Renovation Loan. It's worth a look.
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