Friday, August 10, 2012

How To Buy Dyersburg Hud Foreclosure That Needs Work

Have you ever wondered how you would buy a Dyersburg HUD foreclosure on a long term loan if the house needs work?

There is a loan product out there called a FHA 203k loan that will allow you to escrow the money for repairs that HUD has set aside for that particular house. You would close on the sale of the house and then begin the repairs.

If you will click on the Hud foreclosures link over on the right side 4-5 properties will pop up(today is Friday August 10, 2012). Looking at the property at 665 Andrea it says that the repairs escrow is $3850. HUD will give you that repair money if you are the winning bidder and you purchase the house using a FHA 203k loan. If you pay cash or use any other mortgage loan they will not give you this repair money.

Currently no Dyersburg bank or Dyersburg lender has this mortgage loan available but we have an out of town  lender that can do this special loans.

We just closed on a HUD foreclosure on Powell Road in Roellen and have an accepted offer on a HUD foreclosure at 2010 Beasley Road in Newbern(they are doing a FHA 203k). As you can see we have lots of experience selling Hud foreclosures!

Call Mike at 731-589-7841 to look at any Dyersburg area foreclosure and let me help you to negotiate to purchase your next home.


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