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BigDaddyPin said:
In PA, a house MUST have a oven/stove/range to get FHA loan.
It can't have any peeling paint either.

Unless the house is a total gut and going to be purchased by an investor with cash, the bank must get the property in FHA condition.

The most common repairs we typically do are repaint, install handrails, fix steps, install range. There are others but that is most common.


Our HUD's here are sold as is. Many are sold on a rehab loan. I would guess that 80% of the repos that sell here do NOT have appliances. I like sales cleans with no appliances as the kitchen takes the longest to clean........
 
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Discussion Starter · #62 ·
FHA loans normally always require appliances but we never do them since there is no $$ in this since they use the Whirlpool Appliance call-in center and they deliver and setup--they don't hook up the electrical on an electric range (they leave the cord in the stove) due to liability and we would charge $150.00 to do this and they always approved :)
 
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Discussion Starter · #63 ·
mtmtnman said:
Our HUD's here are sold as is. Many are sold on a rehab loan. I would guess that 80% of the repos that sell here do NOT have appliances. I like sales cleans with no appliances as the kitchen takes the longest to clean........
I guess it's different everywhere.

Most of my work is in Philadelphia where they don't do any cosmetic repairs, only the stuff I listed to get it to FHA standards. Actually the number 1 repair is installing meter couplings and fittings so the water company can install a new meter for settlement. (crackheads steal the copper)

Outside the city it's a different ballgame. Almost all properties are rehabbed, unless they are in very bad shape.
 

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FremontREO said:
FHA loans normally always require appliances but we never do them since there is no $$ in this since they use the Whirlpool Appliance call-in center and they deliver and setup--they don't hook up the electrical on an electric range (they leave the cord in the stove) due to liability and we would charge $150.00 to do this and they always approved :)
This must be state specific? We have closed on literally dozens with no appliances. Many of them are 203K rehab loans so maybe that is the difference??
 

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mtmtnman said:
This must be state specific? We have closed on literally dozens with no appliances. Many of them are 203K rehab loans so maybe that is the difference??
These are the kind of things I am noticing. No state to state consistency.

How can that be?
 
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Discussion Starter · #66 ·
mtmtnman said:
This must be state specific? We have closed on literally dozens with no appliances. Many of them are 203K rehab loans so maybe that is the difference??
Well with a 203K, the bank already knows that it needs work and that's the reason for that type of loan so obviously they don't require appliances.

I think it may just be loans backed by FHA that require it.

When the property is under contract and the loan is in underwriting the lender sends out an appraiser and he usually turns in a list of things that must be corrected before they will issue the loan.

That's the way its done around here anyway.

There is never an allowance to buyer because they will never do it, the lender makes the seller (bank) do the repairs or they won't process the loan.
 

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mtmtnman said:
Again, Your lucky. There really is no work around. We had a total of 154 building permits issued in this county of 90,000 residents in 2010, 1/3 of those where municiple projects and only 2000 in the entire state. Who are we supposed to sell ourselves to? Every contractor i know is struggling cept for plumbers and they are doing a TON of re-plumbs on repos.

Here is some data here. See the downward trend? All the folks that where building are now out of a job. New starts are down 500% since 2004.


Single-family new house construction building permits:

* 2004: 389 buildings, average cost: $164,200
* 2007: 278 buildings, average cost: $182,000
* 2008: 189 buildings, average cost: $216,800
* 2009: 78 buildings, average cost: $212,800





Like I've told you 100 times on the phone.......... your area cannot be as bad as you claim to have the bank owned houses going under contract with in days like you say they are.

If that market is booming there should be some signs of activity in other places as well.
That is how it works.
 
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Discussion Starter · #68 ·
Looks like things have calmed down but a warning nonetheless. Keep it civil or the thread will be closed/edited.

Thanks
 
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Discussion Starter · #69 ·
Funny that the housing market crash created this new market. In my experience it is filled with characters of a special sort.

That is me being nice btw angus. :D
 

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BPWY said:
Like I've told you 100 times on the phone.......... your area cannot be as bad as you claim to have the bank owned houses going under contract with in days like you say they are.

If that market is booming there should be some signs of activity in other places as well.
That is how it works.

Not always. This is a resort area. Lots of California money drove up prices above where the average Joe working the average job could afford to buy. People that where renting because of the outrageous home prices brought on by the "rich" folks from California, Texas, Western Oregon, Western Washington Ect. are buying now that the prices have fallen. For the 1st time in a LONG time, the average Joe with a stable job can afford to buy. I have met some of the people buying these homes. They are Nurses, Cops, Small business owners, Teachers Ect. This year per one of my biggest clients, 65-70% of homes sold where foreclosures or short sales. The rest where people who sold flat or at a loss. Unemployment here is still around 10%.................
 
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Discussion Starter · #71 ·
Stimulus money's been spent

Face it, the Obummer stimulus money has all run out . The banks are out of the poeples tax money to spend.
 

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JHC said:
Funny that the housing market crash created this new market. In my experience it is filled with characters of a special sort.

That is me being nice btw angus. :D
This is very true. Those that HAVE- in this case the contacts for the work prey on those that HAVE NOT- in this case a job or means of making a living so they are willing to do just about anything to feed their families.

We work very hard to do a good job for our clients and to pay our guys fairly. It's not always easy!
 
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