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#67285 - 06/09/05 11:31 AM Bank Owned Properties
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Is there a way or someone who can single out which banks will contribute funds for repairs?

Not a list of banks but is it possible for a listing agent to segregate listings in which the banks will help.

Reason I ask is if the buyer does not have funds to repair it would be nice to show them properties we would know the bank would help.
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#67286 - 06/21/05 12:53 PM Re: Bank Owned Properties
Carla in Colorado Springs Offline
Veteran Member

Registered: 06/08/05
Posts: 899
Loc: Colorado Springs
Why don't you take a look at some HUD listings. They will provide an escrow on repair for many properties. The same company that deals with Colorado's HUD properties also deals with Ohios:

http://www.mcbreo.com/
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#67287 - 06/23/05 11:45 AM Re: Bank Owned Properties
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Thanks. Good idea.
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#67288 - 06/23/05 02:30 PM Re: Bank Owned Properties
ky realtor Offline
Major Contributor

Registered: 04/21/05
Posts: 1879
Loc: kentucky
Thats not exactly the way the HUD properties work. I am listing agent for HUD homes. If the buyer is getting a 203b loan, and the lender will agree to do an escrow (nobody here will do it), then if the home is "insurable with repair escrow",the buyer has to borrow the repair funds and add it on the loan. HUD will not repair the home. In seven years, I have never seen one of these work.
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#67289 - 06/23/05 07:00 PM Re: Bank Owned Properties
Kthor Offline
Member

Registered: 05/16/05
Posts: 100
Loc: CA- East Bay
I don't think hud will repair any homes in any state ..
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#67290 - 06/23/05 11:26 PM Re: Bank Owned Properties
Paul Oaks Offline
Major Contributor

Registered: 06/23/04
Posts: 3370
Loc: Central Illinois
The 203B has an escrow provision builtin as part of the loan. The property is appraised based on the as repaired value. Work must be completed by a licensed contractor and the borrower has 6 months to get the work fully completed. It is a good program and I have done 2 so far this year.
If nobody in your area will do them I suggest you talk to someone at countrywide. There is also an investor version of this type of loan.

 Quote:
Originally posted by ky realtor:
Thats not exactly the way the HUD properties work. I am listing agent for HUD homes. If the buyer is getting a 203b loan, and the lender will agree to do an escrow (nobody here will do it), then if the home is "insurable with repair escrow",the buyer has to borrow the repair funds and add it on the loan. HUD will not repair the home. In seven years, I have never seen one of these work.
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Oaks Real Estate Group

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