Purchasing a home that needs repairs...what are some options?

by Laurel Grandle, REALTOR

As a buyer today, there are many homes to select from; some appear to be excellent opportunities as "fixer uppers", but sometimes it takes most of the buyer's money to PURCHASE...where does the money come from for repairs?

As a member of RE-BUILD USA and a certified FHA 203K specialist, I am in a unique position to assist a buyer with a home that needs repairs. There is a lot of planning that goes into this type of loan, because a budget must be planned ahead of time so that the loan amount will include enough money to have a repairs done. These loans usually take a few extra weeks, but the outcome should be worth it...the buyer gets the finished product repaired/refurbished to their tastes and the mortgage includes the costs of materials and labor.

ALSO an ENERGY EFFICIENCY MORTGAGE may be ADDED to the FHA appraisal amount so that additional funds can be used for energy efficiency items...your house would be "greener"!

The FHA 203K CAN the a streamlined loan, with the repairs more of a cosmetic nature. If the repairs include structural items, then the standard 203K is used. ALL repairs must be done within 6 months of the loan closing, with either type of product.

The FHA 203K requires planning and thought and working carefully with your REALTOR, your contractor and your LENDER. To discuss the details and find out if this type of financing would be beneficial to you, call me today. And don't forget about those energy efficiency items...they can really save you every month on your utility bills!

Laurel Grandle sells homes throughout the East TN Area, including Knoxville, Karns, Farragut, Halls, Powell, Loudon County, Knox County. She specializes in Lake homes, Luxury homes, Historic homes and is an expert at matching buyers with the right house, regardless of the area or price range, she has over 25 years of experience and has helped thousands of clients with their real estate needs.

Put her experience and enthusiasm to work for you now. Call her at Exit Realty Knoxville (each office independently owned and operated) 865 690 4300 or directly at 865 389 2551 She can help you find the right house for you AND she can assist you with obtaining the most advantageous financing!

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Knoxville Tn Homes for Sale Exit Realty Knoxville is your local expert in homes for sale and all your Realty needs in Knoxville and the surrounding areas, including
Farragut, Northshore, Bearden/West Hills, Powell, Karns, West Knoxville, Concord and Bluegrass. Teamwork is one of our most valuable assets, helping us to exceed expectations. We have agents who specialize in buying and selling homes and just about every Real Estate service, to better help our clients achieve their goals. We also serve Oak Ridge, Maryville, Alcoa, Loudon and Lenoir City. Visit our user friendly website to see all the homes for sale. Achieving your goals is just a phone call away. 865-690-4300


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