Thread Number: 87462
/ Tag: Air Conditioners
Mortgage home without working heat or a/c? |
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Post# 1120190 , Reply# 1   6/13/2021 at 20:50 (1,047 days old) by luxflairguy (Wilmington NC)   |   | |
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HOw about some pics or the listing info? |
Post# 1120194 , Reply# 2   6/13/2021 at 21:44 (1,047 days old) by Dermacie (my forever home (Glenshaw, PA))   |   | |
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I know from my years of working for a bank, it is very difficult to get a mortgage on a home that is not functional. If the home is under construction they will not approve the loan. I do also know that many banks offer energy efficiency loans for siding and heating equipment. Of course one would have to own the home to get that kind of loan.
My advice would be to get a pre-approval for a mortgage first and then worry about the mechanicals of the home. It is very difficult to get a foreclosure home without cash or a letter in hand. Good luck! |
Post# 1120208 , Reply# 4   6/13/2021 at 23:24 (1,047 days old) by qsd-dan (West)   |   | |
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A scrapper probably recycled the HVAC unit after the house was evacuated. God forbid they made their way inside the home.
Be sure to look over the house carefully, there's probably something wrong with it if has has been up for sale long enough to initiate a price reduction in this hot market. Pass on it if has any mold, too much work and money to properly rectify that so it doesn't return. If it looks fine, have EVERYTHING inspected.... electrical, HVAC, plumbing, well if applicable, same if goes for a septic tank. Factor in other stuff you'll eventually want like a whole house generator, BG transfer switch, and propane tank if it doesn't already come with that. Don't let a realtor push you into buying the house without inspections from foundation to roof peak. Don't fall for bullshit fear tactic games realtors play, like claiming other offers are on the table so pull the trigger ASAP. Most people in sales like to prey on the young. |
Post# 1120211 , Reply# 5   6/13/2021 at 23:56 (1,047 days old) by petek (Ontari ari ari O )   |   | |
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Post# 1120219 , Reply# 6   6/14/2021 at 03:41 (1,046 days old) by chachp (North Little Rock, AR)   |   | |
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I agree. I recall a friend of mine bought a foreclosure a few years ago. Seems they were able to get the mortgage, but the closing wouldn't be scheduled until the work mentioned in the inspection had been completed and proof provided. I don't recall if they had to have it inspected again for proof or if they just provided the paperwork that it was done. Seems there were a few other things like the electric and plumbing that had to be working.
The deal breakers for me would be Mold, Foundation Issues or Termites. Just too much work and too much money to repair in my opinion.
Be advised, a purchase like this could easily become a money pit. If your motivation for this purchase is a lower price you may find yourself paying just as much as you would otherwise (and maybe more), but in bits and pieces after the fact. Does your budget support that vs. buying a house that is a little more and spread across a 30 year mortgage? Just some food for thought and not intended to discourage you from the purchase. |
Post# 1120297 , Reply# 9   6/14/2021 at 16:37 (1,046 days old) by Awooff (Peoria, Illinois)   |   | |
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