How to Tell which Properties need Minimal Repairs AND .....
Those properties that will " Easily " get approved and have the least amount of trouble in getting financed and or the money in Escrow for those repairs ?
I've been looking over the properties listed on the HUD website, as well as the HomePath website, and some Properties say that they ARE Insured, while others say they are NOT insured... or Un-Insured
So for the properties that are Insured, what exactly does this mean ?
Does this mean that if a Property is Insured, that there is minimal repairs that are REQUIRED to be down... under $5,000 worth of repairs needed, based on the bank sending out an inspector/appraiser , and them giving it an Insured Passable grade ?
Reason I'm wanting to know is, that if a property is Insured and thus this means that the Bank or Lender that owns it is saying that the repairs they will require to be done before they will finance the property is under $5,000 .... Then By the pictures alone, if I can see that all else is needed / I'm wanting to do is to update it a little bit , I.E. new flooring and paint the interior, and maybe paint the cabinets and replace the countertops in the kitchen and put on some new hardware and the total of these upgrade is under $5,000 ....... Then if my Budget I have saved up in cash and set aside is $10,0000 , I should then in Theory be good to go in having enough money to pay for the MANDATORY repairs as stated by the Lender/Bank, as well as do any upgrades to the property that I see fit, and stay just under my $10,000 set aside cash reserves ... In theory :)