I have found a house that I am very interested in, but it needs foundation repairs. It is a bank foreclosure being sold as is. Is there someone (bank, HML, etc.) that will finance this before the repairs? Or is there a way to have a legal, iron-clad contract with the seller that if repairs are started before closing, they cannot back out? Any suggestions would be greatly appreciated! Thanks for helping a newbie.
I did a deal just like this one. I put an offer in with an agent that listed this for the bank for 72k and it was comming in with comps around 118-122k and the contract was excepted.
I had not seen the property and put in the contract that I had 3 days to do a final inspection.
well we had a foundation proplem water was flooding the basement. We had a water intrusions specialist give me a bid it was for $4,000 to fix it
we wanted to renegoiate the contract for 68k to cover that cost well what the bank did instead was at closing give us a credit for the 4k and we finished the foundation.
I used hard money to acquire the property and get rehab money and use some of it to do other repairs other than the foundation, we put in a new kitchen, tile,carpet, bathroom.
we ended up selling the property for 55k profit.
Thanks for the info. I really appreciate it.
Now if I can just get my partner to get off
his tail and decide to really do this deal. :