I have a client looking for the home on the low end (very low). He is a good guy and single. But he is a project type person with a lot of stuff (in some quarters called junk). He wants a decent sized lot and a single family home in Brentwood or Oakley. He has been Living in Brentwood for some time.
We have actually found several homes in his price range that he likes. The problem is he is getting a VA loan, and he had to shop around to get that with the DTI that he needs. So why can’t he get the home he wants? Because the VA will not loan on a home that needs too much fixin. The FHA will loan on a home that needs some fixin via a 203K loan.
These sellers are banks. They don’t want to invest in repairs for a potential sale and are not to wild about waiting around on a 203K loan. He might be able to do it, but he cannot buy from the bottom of the barrel. It is actually going to be easier for him to buy a up a little.
Each home is unique and if you want an evaluation of your home please let me know.
If you are interested in Buying a Home or Selling a Home in Brentwood or anywhere in East Contra Costa County, Antioch, Oakley, Discovery Bay, Pittsburg and others please contact me. I specialize in helping buyers of Bank Owned Homes. For regular updates please subscribe to this blog.