Cash buyers seem to have the upper-hand these days when it comes to purchasing Fort Lauderdale foreclosures. Many Fort Lauderdale foreclosures are in rough shape or have quite a bit of deferred maintenance from bad roofs to gutted interiors. Disgruntled home owners are not only packing up their personal belongings, but they're taking everthing from the A/C unit to the kitchen sink with them.
This phenomenon has left many Fort Lauderdale foreclosures in a condition that no lender will make a loan on the property due to health and safety concerns. That leaves buyers needing a Fort Lauderdale mortgage to purchase these properties on the outside looking in. Cash buyers seem to be getting the best Fort Lauderdale foreclosure deals these days. What's a non-cash buyer to do?
Buyers can now join "the party" by considering an FHA 203k Renovation loan to purchase and repair the property. An FHA 203k Renovation loan is a specialty Fort Lauderdsale mortgage that can provide the funds to purchase a Fort Lauderdale foreclosure and finance the cost of the repairs or upgrades to the property into the loan. An FHA 203k Renovation loan can create a level playing field for non-cash buyers and provide Fort Lauderdale Realtors a much larger inventory of homes to show a buyer.
If a buyer is looking to spend $250,000 to purchase a home, why not look at Fort Lauderdale foreclosures that you may be able to purchase for $175,000 and with $50,000 - $75,000 of repairs and upgrades have a great house that meets all the buyers needs and wants. An FHA 203k Renovation loan may be just the solution for a non-cash buyer to get a great deal on Fort Lauderdale foreclosures.
Harvey Collier - First Trust Mortgage - FHA 203k Renovation Loan Expert
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