Posted by Chris Vaught on September 19, 2003 at 21:24:30:
Dont freak out its gonna be ok. if you would like to email me with a few more particulars as far as what kinda of money were talking here so I can figure out how much borrowing your gonna need most banks will allow a remodeling loan rolled into to the mortgage as long as your still under a certain ltv. If your going to live in it you should be able to borrow more to cover cost.
Help!! We’re freaking through our first deal! - Posted by Debbie
Posted by Debbie on September 19, 2003 at 20:19:12:
We found an REO listed on the Public MLS. It’s listed for less than 10K under the Market Value given by the Tax Appraisal District, but 30K under the FMV based upon Comps. We estimate that it needs 20K in repairs. Should we bid UP to get the money for repairs or DOWN and worry about getting the repair money elsewhere? Our plans are to live in the property for 2 or more years and lease the property we currently live in.
Help!! The property has been listed for less than 2 weeks and we want to make an offer on Monday.
Thanks in advance for your advice,
Freakin’ Debbie