Official Carleton H. Sheets^® Website

I am currently in the process of buying a foreclosed home. We are now in the process of waiting for the FHA inspector to be scheduled by our bank and see what he has to say. The foreclosed owners left the home in a bad condition. They kicked in doors and broke door jams. They ripped smoke detectors out of the ceiling and left the wires hanging. They left the carpet completely nasty. The _base_ment is by far the worst! The sump pump was left disconnected and water entered the _base_ment and collected. The home was sealed up for about 5 months in this condition and mold/mildew formed in the joists in the _base_ment. I have shop-vac'd all the water up and got the sump pump running. The furnace works, however, the previous owners ripped the humidifier off of it and ripped the wires out of the furnace. I re-wired the furnace so I could get it running but it will have to be re-wired correctly to be up to spec. My question is this. The home is only 10 yrs old. The outside and cement fixtures are okay. I'm wondering what the FHA inspector will have to say. What things will he find in this house? My private inspector said the house only has cosmetic issues and that the mildew in the joists in the _base_ment can be cleaned with anti-bacterial soap and bleach and then covered with "Kilz". There is no more "ponding" of water in the _base_ment, but the floor is still wet because it is winter and it's hard for the floor to dry. I know I will have to fix things before my loan will be approved. But how long typically does the FHA give for repairs?

Hi Jen,
Congratulations on buying! What an excellent opportunity for you!
I have found a _link_ for you... no affiliation to me or the owners of the website, so I cannot make any claims on the authenticity of information, but I've seen other websites say the same thing. I guess an FHA inspection is not the same as a home inspection, although they may mistakenly lead you to believe that it is.
http://www.sunnations.com/mortgagelibrary/fha_appraisals/fha_home_inspection.asp
FHA has guidelines that a property must have, in order to insure the loan. Not sure how long it takes. Try to google "FHA inspection" and see what you come up with. There was a nice sample one from Alabama that I found, but not sure what state you live in, or if there is any difference between the state requirements.

I woul like to own my own home.how can I buy foreclosure home do I have to pay down money or could i make month to month payment? Could I own my home in my state taht I live in?Is there someone out htere could help me of making this to come true?

You can buy a foreclosure in pretty much any town in America right now. However, if it is a foreclosure, it means that they are bank owned. Many times, the bank will want you to get a new loan and take the foreclosed home off of their hands. But sometimes they will finance you, if you qualify.
If you can qualify for a loan, buying a foreclosure can be a great opportunity. However, if you can't qualify, consider looking into "for sale by owner" (FSBO) home, where the owner may be motivated to finance the property, do a lease option, or a wraparound mortgage where you could make monthly payments.
Check out the free Real Profits in Real Estate program on this website for more information.
Good luck!