Updated about 8 years ago on . Most recent reply
Question on purchasing a forclosure
HelloBP Community! I am looking into purchasing a forclosure for my first rental property. If I give 20% down and do a conventional loan does the house have to be move in ready? The reason I ask is when I purchased my primary residence I bought a forclosure and went FHA. My primary residence needed some repair so the mortgage company had me put 8k in escrow. After the repairs were made they released the funds after an inspection was done. My question is do I need to escrow funds again if there are repairs that need to be made going conventional or as long as the appraisal supports the value of the house I should be fine? Sorry if the newbie question.
Thanks!
Gerardo Palacios