All Forum Posts by: Gary Sweeney

@Angal Faria please don’t flood this discussion with irrelevant content. I am seeking advice on the items mentioned in the original comment. Anything not related to my question or situation is not necessary. Please start your own discussion if you are seeking information of your own, I’m sure the community will respond. Thank you.

@Russell Brazil thank you sir. It’s been a baptism by fire I must say.

I am looking to purchase a bank owned property here in NJ. It's ARV is $325-340k, the bank was asking $234,000 originally and is now $199,990 (reduced 35k after septic failed). it needs 120-140k in necessary renovations including the septic (cant get CO without the repairs). Following the %70-75 rule I should offer anywhere from $86-115K. I am planning to use a Fannie Mae Homestyle loan with %20 down. The home has been on the market for 80 days. I am going through a divorce and this will be my primary residence. So my questions are: How do I prove what it needs in repairs to be habitable and the cost involved to back up my low offer and when do I do this? Would I qualify for a first time home buyers grant after my divorce and my name taken off the current mortgage? We didn't get that when we bought our home together and I've never owned a home prior. Also, what has been others' success rate with offers similar to this scenario? Thanks in advance. I forgot to also mention it's ranch w/ 1440 sq/ft living space on 4.5 acres.