by John Beagle
Question by (mimi): House buying?
Lets say you want to buy a house, but it needs some repairs and don’t have the money for them…… if you get a loan from a credit union will they only give you the loan for the amount of the home? I’ve seen those house flipping shows where the person buys a home and they fix it up, but do they get a loan to fix the home on top of the loan to buy the home?
Answer by tim
You should make sure your contract offer is contingent on a satisfactory appraisal.
For example, you submit a contract for some value, it could be the asking price or some value less that that. You should make the contract contingent on the house appraising for at least equal to your offer. You should also make the contract contingent on a home inspection, by a professional inspector to identify that there are no major problems in the property such as plumbing, heating and cooling, and so on. If the house doesn’t pass the inspection, you can ether cancel the contract or try to negotiate a resonable compromise with the seller.
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