What would you advise this borrower to do? We've been working on a purchase mortgage in which the customer is buying a home from Fannie Mae (foreclosure). The home, although newer is missing a few large items items & will need a few repairs that will total about $20,000 more than the appraised value. In his pursuit of securing a home for his family, this is the 4th house the buyer has contracted on. Inventory for his price range on a regular resale is low right now. Should the borrower continue in this transaction? What do you say? Add your comments below.
- JoAnn Young
-People's First Financial Services (321)-243-4917
