Free Mortgage Guid eBook

Free Mortgage Guid eBook » Dry Rot http://www.freemortgageguidebook.com Wed, 30 Dec 2009 23:42:21 +0000 http://wordpress.org/?v=abc en hourly 1 http://www.freemortgageguidebook.com http://www.freemortgageguidebook.com/wp-content/plugins/maxblogpress-favicon/icons/favicon-26.ico Free Mortgage Guid eBook First Time Home Buyer – Tips? http://www.freemortgageguidebook.com/227/first-time-home-buyer-tips/ http://www.freemortgageguidebook.com/227/first-time-home-buyer-tips/#comments Sat, 19 Dec 2009 09:15:38 +0000 admin http://www.freemortgageguidebook.com/227/first-time-home-buyer-tips/ My boyfriend and I are in the midst of bidding on a home in Warwick, RI. We love the set up of the home. There are some problems with the property, though. The furance is dead, the house needs siding, there is some dry rot on the window sills, and there is mold in the basement because of a burst pipe, and the yard is in terrible shape. The home was built in 1955. The home is also right now a bank owned property, foreclosed on a few months ago. It is also very dirty, some of the floor and carpeting must be replaced. The home was put on the market for $229k, and another home a street over was priced the same, but has no issues whatsoever, sided, beautiful. The home is assessed for tax purposes at $204k. The last mortgage on the house was for $207k total. Because of all the work, we bid low, at $190k. What are the chances the bank would accept, or counter with a similar price (under $210k). The house has been market 32 days, and there are tons of other foreclosures in this area.
I am just looking for some some info, what people think we could get the house at, etc. We are also putting $5k down, and put that we were willing to close in 30-45 days.
A Little More Info, We have been pre-approved for our mortgage, and were qualified for a 100% financing, but want to put at least the $5,000 down.

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