ST Alpha - "Though digging further I'm finding things like "Insurable with Repair Escrow"" (Reading a Post)

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In response to "I am not at all versed in this area, but my vague recollection wants to say this just means you have to buying it as a primary residence" by ty97

Though digging further I'm finding things like "Insurable with Repair Escrow"

Posted by Dano (aka dano) Jan 19 '16, 20:41

So now I'm thinking things like if it's listed $35,000 below my top budgeted price then I could spend that money for repairs. But on the other hand, I would want to be careful what I'm getting into.

Of course, I haven't even seen the inside of the house yet, but I really liked it from the outside. I think if I like it I need to be very diligent about inspections etc. and have to look into the potential of FHA loans where you can combine repair costs in with the home cost in the mortgage.

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Be sure to ask the age of these things: water heater, roof, heating/furnace, electrical amps, type of plumbing pipes. -- nm - JenBro Jan 19, 20:58
wouldn't that suggest its a foreclosure? that it needs some repairs which is why its underpriced (handyman special, are you handy? do you know any) - zeitgeist Jan 19, 20:49 2
- I think HUD basically just means that it was a foreclosure on a federally insured mortgage so now the government owns it. -- nm - Dano Jan 19, 21:03 1
  - Ummm nope - I don't think so. Modular homes are 2 types - HUD or BOCA -- nm - JenBro Jan 19, 21:06

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Though digging further I'm finding things like "Insurable with Repair Escrow"

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