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Tampa Bay's #1 Realtor, Andrew Duncan, talks to Richard Vasquez of Artisan Insurance and Arnie Diaz of Waterstone Mortgage about tips and advice for buyers who plan to purchase a fixer upper.
To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
If you are thinking about buying a fixer upper, you need to be prepared to pay for repairs. You also need to plan for competition because there is a lot of competition among investors when it comes to fixer uppers and foreclosures. You need to make sure to hire an inspector or contractor who can give you a dollar amount of the repairs so you'll know what you're getting yourself into.
From an insurance perspective, Richard talks about some obstacles a buyer will encounter when it comes to this type of property. Insurance companies don't want to insure homes that have existing damage or have potential hazards. Fixer uppers are good bargains but there are some insurance considerations you need to factor in.
From a mortgage perspective, Arnie talks about some programs they offer for fixer upper homes like renovation loans that can be put on top of the purchase price. They also offer an escrow hold back program.