All Forum Posts by: Nina Ibrahimbegovic

Hello everyone, I am under contract for a HUD property and the appraisal came back as C-5 (not financeable). Since this is a HUD property they won't do any repairs. Does anyone have any advice for me please.. getting a conventional loan. I believe the appraiser was biased, the house needed a real good cleaning to be habitable, but it definitely wasn't a C-5. Had new Roof. Appraiser said no functional or external inadequacies were noted. No updates in 15 years. Subject was in overall average to fail conditions. The floors were stained and cracked. The utilities were not turned on for time of inspection (lender said utilities did not need to be turned on). Multiple baseboards are missing. Stains on the ceilings (obviously HUD replaced the roof before it put it on the market, but they’re not going to repaint it). There is a crack in the block (this was settling which inspector said is normal). What do I do ? Is there anything I can do except get a Reno loan? We are doing a conventional loan now.

Is there a software that analyzes deals for you? If someone wanted to analyze hundreds of deals fast , how would that person do that ?

Michael Biggs What do you do after you talk with the owner ? How do you stop the auction process ? Do you go through an attorney ? Thanks for the advice :)

How long will it take you to save the 5 percent down payment ? If the house was (hypothetically) 100k. The 5 percent was 5k. How long would it take you to save the 5k ? If it would take a while then go with the 0 down payment option. In all reality, I think the higher interest compensated for the PMI. Also look at how long you are keeping the house for. If it’s a conventional loan, the pmi goes away after you hit 20 or 25 percent equity on the loan.

Where did you get the graph from ?

The  Tampa Bay Area is hot. But keep in mind that salaries in Florida are much lower than they are up north. I’ve had people tell me that it was harder for them to find jobs in Florida, that it took longer. I would suggest that you find a job before relocating, unless you are in the medical field. There are always jobs in the medical field . That’s the same mortgage (only principle and interest) you would be looking at in Pinellas county. 

Looking for a wholesaler in the Pinellas (Clearwater, Largo, Seminole, Pinellas Park, St Pete, Palm Harbor) or Hillsborough county (Tampa Bay) . Can anyone recommend one ? Thanks

Your insurance agent probably won't bind the policy , so closing might be delayed.

I'm taking photos of inside and outside of rental for insurance purposes. Also, taking anything that can turn into a flying object inside. Are you doing anything other than that ?

What are you doing to prepare ?