Lindenhurst NY REO Property Sold!
I sold this home to my buyer and we closed on it yesterday and it took only six weeks thanks to Walter Villalta of Mid Island Mortgage!
This was also my first REO property on the selling end. I have to say, it's been an education. I also have another buyer buying an REO property in a different town.
My buyer took out an FHA 203K streamline mortgage to buy his first home. This home needs a new heating system so the bank is giving him money for a new one. With this type of mortgage, he has to install the new heating system within a certain period of time. Then it has to be inspected to make sure the work was actually done.
We put an offer on this home back in August but someone else had a higher offer so my buyer was bummed. I still kept an eye on it just in case the deal died and obviously it did. I knew he was meant to have this house and I'm so happy that it worked out for him!
For a Lindenhurst NY REO property, there literally were no title issues. His attorney did what is called a title chain. This is where the buyer's attorney did a title search far into the past to make sure no one in the future can claim it is their house. My buyer also took out extra title insurance which is the smart thing to do.
Not all REO properties need a ton of work or even a full gutting out. The home above really needs aesthetics. Even all the appliances are working and in great condition. My buyer can even keep the kitchen cabinets! He did very well all around including the price. I can't wait to see when he is done fixing it up on the inside. This REO house is going to turn into a home!
His parents were an integral part in helping my buyer buy his first home. They came with us to see every home and since his Dad is a home inspector he was able to see how much work the houses would need. The one he bought was by far the best repair-wise.
I have to say, I miss them already! When you work with nice people like them, it makes it all worthwhile.
In closing, this is what a happy first time buyer looks like:
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