Purchasing a Foreclosure

You have found the prefect affordable home on the Coast, it needs a little work but that’s okay you have family and friends with building backgrounds.

The home is a three bedroom two bath 1200 square foot house on a large lot with a sunny porch overlooking a front yard filled with weeds protected by a white picket fence.  You can see a rose & herb garden.  Inside the previous owner has stained the original hardwood floors a rich brown and has added skylights in the living room where a fireplace adds warmth to the room.

The bright and sunny kitchen is open to the living room and you can visualize entertaining friends and family here.  The French doors in the kitchen takes you out to the patio and fenced yard where summer barbeques will be a must.

The home is not in prefect condition, it needs work but you are willing to complete the projects and make this home yours. 

You have met with your lender and have a pre-approval letter in hand, when you then sit down with your REALTOR® to write up an Offer.

Your agent has a concern regarding the loan and the underwriter guidelines because the kitchen is lacking appliances; the previous owner has removed then including the kitchen sink!  Not usual we have all read the stories and you don’t mind because you want to pick out your own energy efficient appliances. 

A phone call to the lender verifies that the kitchen appliances need to be in place prior to the close of escrow.  Lenders must be more careful insuring that their clients have a safe home to live in and not in need of additional funds for major repairs in some cases this can be a Health & Safety issue.

When you have your prequalification meeting with your lender, ask them their policies regarding Foreclosures & Fixers it will prevent heartache.  It’s better to know the rules before making an Offer.

“If this is your kind of town…let me show you the neighborhood.”®   Live the ‘slo life’ in San Luis Obispo County.  Shirley Hulin is a full-time REALTOR® and manager for Century 21 Hometown Realty she works with a team of professionals who are ready to help you with all of your Real Estate needs in San Luis Obispo and Northern Santa Barbara Counties.  Thank you, for your referrals.

Contact Shirley at ShirleyHulin@gmail.com www.ShirleyHulin.com    

 Rentals or Property Management: Rent@c21Home.com     To receive information on Short Sales, REO’s or Foreclosures: Foreclosures@c21Home.com

Advertisements

The URI to TrackBack this entry is: https://slodigest.wordpress.com/2009/04/06/purchasing-a-foreclosure/trackback/

RSS feed for comments on this post.

6 CommentsLeave a comment

  1. […] Original post by Shirley Hulin […]

  2. […] Original post by Shirley Hulin […]

  3. […] Original post by Shirley Hulin […]

  4. […] Original post by Shirley Hulin […]

  5. […] TSNUMI – Article Central put an intriguing blog post on Purchasing a ForeclosureHere’s a quick excerpt…and sunny kitchen is open to the living room and you can visualize entertaining friends and family here.  The French doors in the kitchen… […]

  6. […] Violence UnSilenced put an intriguing blog post on Purchasing a ForeclosureHere’s a quick excerpt…kitchen sink!  Not usual we have all read the stories and you don’t mind because you want to pick out your own energy efficient appliances.  […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: