Real Estate Gurus! NEED HELP! I WANT THIS HOUSE!

[theGibber1]

Need some help here boys and girls.. I have been going round and round for 3 weeks and im at my wits end!.

My wife and I are buying our first home. We found a our dream house in a perfect neighborhood..

We both have 722 credit scores and no bank will let us buy the house cause it is not quite finished yet.


<a href="http://s39.photobucket.com/albums/e193/dgibbey78/?action=view&current=IMG_4415.jpg" target="_blank"><img src="http://i39.photobucket.com/albums/e193/dgibbey78/IMG_4415.jpg" border="0" alt="Photobucket"></a>

<a href="http://s39.photobucket.com/albums/e193/dgibbey78/?action=view&current=IMG_4413.jpg" target="_blank"><img src="http://i39.photobucket.com/albums/e193/dgibbey78/IMG_4413.jpg" border="0" alt="Photobucket"></a>

<a href="http://s39.photobucket.com/albums/e193/dgibbey78/?action=view&current=IMG_3880.jpg" target="_blank"><img src="http://i39.photobucket.com/albums/e193/dgibbey78/IMG_3880.jpg" border="0" alt="Photobucket"></a>

As you can see from the pictures its about 90% finished. A 400k home and it only needs 23k to finish... All hardwoods downstairs are there.. All wiring, electricity and plumbing are intact. It needs carpet upstairs, appliances, and a garage door, the rest is touch up paint and shit..

Every loan officer tells me that "They dont do loans like this anymore" This doesnt make any fucking sense.

The house needs 23k to finish.. I have 23k Why cant I buy this fucker and finish it out out of my own pocket?

I even said I would pay the 23k to finish it out and then buy it.. They still said NO! WTF

This makes no sense to me. Can anyone help?

 

[vinnie]

why won't the the contractor just finish it should take a few days :shrug:

 

[theGibber1]

why won't the the contractor just finish it should take a few days :shrug:

This was a Southerby home. Southerby is out of business. This is a bank owned home. We have contracted a contractor but the bank wont let him finish it..:sadwave:

 

[loudog]

Is it a short sale/bank owned/ or for sale by owner...

How much cash do they need for you to get the mortgage. You could go to a hard money lender. They can give you up to 60% of the value of the property. Interest rate is around 15-20% though..with a default of up to 30%. The house you are buying becomes collateral. Its an alternative to getting it financed by a bank.

 

[loudog]

ok bank owned..ask them what percentage of cash that they want down.

 

[theGibber1]

ok bank owned..ask them what percentage of cash that they want down.

They said they would only do it with 20% down plus the the 23k to finish it.. Plus closing cost. Sorry dont have 70k on hand

 

[gardenweasel]

was it actually listed?...if so,why aren`t they willing to sell it?..inspection issues?...

400 k for that?...they must be taking a huge loss at that price..... what`s the general location(if you don`t mind my asking)?.....


hope you get it...that`s an awful lot of house for 400 k...

maybe check with a real estate lawyer...would be worth it...

beautiful place..

 

[gardenweasel]

They said they would only do it with 20% down plus the the 23k to finish it.. Plus closing cost. Sorry dont have 70k on hand

o.k... disregard my post...good luck..

 

[theGibber1]

was it actually listed?...if so,why aren`t they willing to sell it?..inspection issues?...

400 k for that?...they must be taking a huge loss at that price..... what`s the general location(if you don`t mind my asking)?.....


hope you get it...that`s an awful lot of house for 400 k...

maybe check with a real estate lawyer...would be worth it...

beautiful place..

Its amazing..

4 bed 4 full bath, office with stone fireplace, and a huge media room upstairs, Entire downstairs is handscrapped hardwood floors..

Its in the Tribute Lakeside Golf and Resort Community

Check out how beautiful
http://www.thetribute.com/index.php

Two 18 hole golf courses, lakes, community pools, Plans for a marina and even a hotel.. The equity i would have makes my mouth water..


This is BS

 

[LA Burns]

if you were going to close the loan with me it would have to be a renovation to permanent loan - basically you would put down minimum 15% based on sales price + cost of construction (423K so 63,450) - we would lend $ for purchase and renovations and then refinance the loan into a permanent mortgage once complete


how much were you trying to put down?

 

[theGibber1]

if you were going to close the loan with me it would have to be a renovation to permanent loan - basically you would put down minimum 15% based on sales price + cost of construction (423K so 63,450) - we would lend $ for purchase and renovations and then refinance the loan into a permanent mortgage once complete


how much were you trying to put down?

Ive got a little over 40 on hand

 

[MadJack]

Ive got a little over 40 on hand

i'm surprised there are banks still taking only 15%-20% down. i heard that loans were damn near impossible to come by especially without FICO 800 or so.

but, what do i know. nice house

 

[neverteaseit]

Gibber not trying to rain on you parade but I don't think the housing bubble is over just yet. Me and the wife purchased a custom home in Florida 45 days ago with an= list price of 319,000 back in Nov of 08. It sat for nearly a year. I got it for 239,000. I wish I had waited now. I think I could have gotten it cheaper.

I had a very tough time getting a loan as well. We are still scrathing our heads on it. My credit score was 779 and I make well into six figures. I own another home but it is not even near to being under water. Did not make any sense at all. Loans are getting very strict on everything.

Beautiful home though. Little to much to furnish for me though. We just put plantation blinds in. 3 of them cost me 2700.00. Don't go broke walking into it. Not worth it in my eyes.

Good luck in getting your dream home though.

 

[theGibber1]

if you were going to close the loan with me it would have to be a renovation to permanent loan - basically you would put down minimum 15% based on sales price + cost of construction (423K so 63,450) - we would lend $ for purchase and renovations and then refinance the loan into a permanent mortgage once complete


how much were you trying to put down?

And let me clarify.. The house was going on the market for 410,000. Southerby went under and the bank owens it.

The bank accepted our offer at 310,000

We are stealing this thing... If i can just get my hands on it

 

[saint]

. We just put plantation blinds in. 3 of them cost me 2700.00. Don't go broke walking into it. Not worth it in my eyes.

Sorry to get off topic...Shop around next time. We got plantations for our entire downstairs of our previous home (3500sqft) for about 5500. Some friends recommended them and they did a great job- Just worth knowing when you get around to some others.

Beautiful home Gibbs, hope you get it.

 

[theGibber1]

Gibber not trying to rain on you parade but I don't think the housing bubble is over just yet. Me and the wife purchased a custom home in Florida 45 days ago with an= list price of 319,000 back in Nov of 08. It sat for nearly a year. I got it for 239,000. I wish I had waited now. I think I could have gotten it cheaper.

I had a very tough time getting a loan as well. We are still scrathing our heads on it. My credit score was 779 and I make well into six figures. I own another home but it is not even near to being under water. Did not make any sense at all. Loans are getting very strict on everything.

Beautiful home though. Little to much to furnish for me though. We just put plantation blinds in. 3 of them cost me 2700.00. Don't go broke walking into it. Not worth it in my eyes.

Good luck in getting your dream home though.

The houseing market in Dallas didnt get hit that hard. Its not that I dont qualify for the loan..That is the easy part. The banks simply dont offer "builder bailout loans" as they call it. If the house was 100% in tact no problem..

Just doesnt make any sense. if i pay to fix it on my own why they wont let me buy it

 

[neverteaseit]

Sorry to get off topic...Shop around next time. We got plantations for our entire downstairs of our previous home (3500sqft) for about 5500. Some friends recommended them and they did a great job- Just worth knowing when you get around to some others.

Oh trust me we shopped around. We had to get the installer out of Alabama lol. They are very nice that is for sure. They make a huge difference.

Now if could get a deal on the inground pool I would be set!!!

 

[vinnie]

Lenders struggle to unload properties, even at bargain-basement prices.

The seven-bedroom, three-bath house in this city's West Garfield Park neighborhood had once been someone's American Dream.

But at a recent auction of about 100 foreclosed houses and condos, it was just Property No. 20 -- and drawing no bids from a roomful of buyers despite its bargain-basement price.

"Any interest in this home at $7,000?" fast-talking auctioneer Renee Jones asked the crowd. "If not, we'll move on."

Saddled with swollen portfolios of foreclosed and unsold properties in the housing crisis, U.S. lenders and builders are turning to professional auctioneers to help them unload the unwanted real estate in a hurry.

It is an open question whether the auctions indicate that the U.S. real-estate market is recuperating or is still in intensive care.

But the rapid-fire, under-the-hammer sales -- usually resorted to only after every other effort to market a property has failed -- are on the rise across the United States, providing a colorful burst of activity in a corner of the weak economy that needs all the life it can get.

"Over the last two years, we've progressively seen more and more of these," said Chris Longly, the deputy executive director of the National Auctioneers Association trade group. "It's a sign of the times."

Hard data on the number of foreclosed properties being sold at auction are hard to come by. "The foreclosure market is a moving target right now," said Dave Webb of Hudson & Marshall, one of the biggest auctioneers in the market.

But Hudson & Marshall and its rivals say they are gearing up for more in the coming months, convinced that a moratorium on foreclosures earlier this year only postponed what they believe is an inevitable avalanche of new repossessions.

"The foreclosures are going to explode again," said Webb.

DREAMS ON THE CHOPPING BLOCK

The cadence and rhythm of the auctions, and the great deals that many buyers walk away with, make the events exciting to watch -- and make it easy to forget the heartache that lies behind almost every forced property sale in a country where home ownership is often equated with "The American Dream."

At the weekend Chicago event, Jones managed to race through the 100 properties up for bid in less than two hours.

When a home did not immediately attract interest or the minimum price, Jones, wielding her gavel in front of a giant tote board, wasted no time moving on.

Kendi Kiogora, a 28-year-old first-time home buyer, said she felt like she "won the lottery" when she bought a one-bedroom, one-bath apartment in Chicago's trendy South Loop neighborhood, with skyline views and heated parking, for just $105,000 -- $62,000 less than its last listed price.

Real-estate professionals in attendance were less euphoric.

Antonette Taylor, an agent at a brokerage that plans to start holding auctions this fall, said the low prices -- most sold for 30 to 50 percent below their last deeply-discounted list price -- made her "a little nervous for my sellers."

Other troubling signs: buyers passed on almost half the properties offered in Chicago and fewer than 100 bidders showed up for the event, which also attracted some online buyers.

"We're having a difficult day," said Tom Atkins of Zetabid, the company holding the auction. "There was a $1,000 property that no one bid on. You'd think a slum lord at the very least would buy it and put a (federal housing assistance voucher) renter in there for $600 a month."

Atkins said bidders at auctions are generally evenly split between first-time homebuyers and veteran investors. Zetabid has a special VIP area near the auctioneer's dais so bidders can raise their paddles with one hand even as they sign contracts with the other.

Among the investors was Thomas Smith, 48, who paid $16,000 for a five-bedroom, three-bath home in Englewood, a notoriously violent neighborhood on Chicago's South Side he called "the murder capital of the world."

Smith figured another $15,000 in repairs would render the place rentable and said his ideal tenants would be "people...who fell off the ladder a little bit. I'm not trying to make a million dollars or anything."

BETTER THAN NOTHING

Later, when the nine-bedroom, four-bath property that David Kosak's boss had been trying to sell for a year went under the hammer, it fetched just $15,000 -- less than one-third its last list price but a figure the 23-year-old broker's assistant called "better than anything we've gotten."

Asked if he thought the auction activity might be a sign the property market was improving, Kosak was less upbeat.

"If it's getting better, we're not seeing it," he said. "We only do foreclosures, and we're only getting busier."

Whitney Tilson, a managing partner of T2 Partners and Tilson Mutual Funds and the author of "More Mortgage Meltdown: 6 Ways to Profit in These Bad Times," said there is a reason Kosak's office is getting busier.

After Barack Obama's election as U.S. president last year, Fannie Mae and Freddie Mac, the two government-sponsored mortgage giants, imposed a foreclosure moratorium that lasted about four months. Many private banks followed suit.

As a result, there was a gap in the pipeline of foreclosed homes that pushed into late spring. That helped auction prices stabilize for a few months and permitted some analysts to claim the market had found its bottom.

But the moratoriums have now expired. With the mortgage modification and foreclosure prevention efforts championed by the Obama administration unable to keep pace with defaults, as many as 7 million homes and condos may eventually enter foreclosure before the dust finally settles, according to a report by Amherst Securities Group issued in September.

"There are a lot of things that have temporarily stabilized the market," Tilson said. "But those things are going away ... Delinquencies are spiking. This is going to be a mess."

 

[MadJack]

Among the investors was Thomas Smith, 48, who paid $16,000 for a five-bedroom, three-bath home in Englewood, a notoriously violent neighborhood on Chicago's South Side he called "the murder capital of the world."

Smith figured another $15,000 in repairs would render the place rentable and said his ideal tenants would be "people...who fell off the ladder a little bit. I'm not trying to make a million dollars or anything."

HE might fall off a ladder when he goes to collect rent :mj07:

said there is a reason Kosak's office is getting busier.

:00x32

 

[Woodson]

Gibber,

Best of luck to you. We've just recently started saving the necessary cash after paying off our Wedding in May (I still cringe as to why she had to have this) and it will be Spring before we are able to go to the table comfortably for our "dream home".

Can't imagine how stressful this is being so close... :shrug: