Everybody wants to buy a bargain in Jacksonville. Florida. Of course, some of the best deals are foreclosures. But there may be an issue with that foreclosure that will stop you from buying it!!!
I was out looking at Duval County foreclosures with a first time home buyer. We walked into one. It had outdated cabinets, needed painting throughout, needed carpeting throughout the house and as well, it was missing the furnace. As a first time homebuyer you can’t buy a home without a furnace if you are getting a FHA mortgage or a conventional mortgage. A lender will not loan you the money to buy the home because it needs a major part of of the house.
A lender (especially in this market) will not loan money on a home that needs significant work. Here are some of the items that a bank won’t loan you money on the home. This is just some of the reasons I have seen Jacksonville mortgages turned down. Some lenders may make an exception but here is a general idea of what is not acceptable
- bad roof (if they can see curling or missing shingles)
- broken or missing windows
- broken, heavily damaged (bent) or missing garage doors
- Missing drywall, studs in the wall showing
- a majority of kitchen cabinets gone or no kitchen at all
- no furnace
- no hot water heater