I am a first time buyer looking to get a relatively inexpensive home in Florida. I found a nice home in town that is in pre-foreclosure (meaning the previous owner has no money for repairs on the home). I am working with FHA to find out my loan qualifications before i shell out an escrow, but the home has some major problems that must be sorted out first. First off, it has a flat roof over the rear sunroom that is shingled (not to code) and the overhang above the carport is sagging. It is safe to say that it will need some major roof modification and that I will most certainly have issues finding a way to insure the house in its present state… My question is whether or not i can find a loan that this particular house would qualify for. There is no way to set contingencies with the owner on getting things fixed as he has no money and wouldn't be able to afford any repairs. Is there any way to beat the system… I really like this house!!
a loan on a house in shambles?
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Offer a price that has the cost of repairs factored into it if the owner won't fix anything. Beware though–if the house has these obvious problems just how many other problems are there that are not obvious and will only become apparent after you have went in and lived there awhile? I would bet there are a few and the owner will not be forthcoming and tell you about them.