Buyers often have their “dream home” in mind when shopping homes for sale in Mission Viejo, but sometimes beauty is in the eye of the beholder!
With Low Inventory, Many Homes Have “Issues”
FHA or VA Financing on a Fixer
Many investors love a fixer home, because it provides an opportunity to buy at a discount and make only the repairs that are needed to profit by “flipping” (sell it quickly) or renting. If you’re planning to live in the home you have a little different perspective. In addition, your financing can be a hurdle when there are “livability” issues, or required repairs that the lender may not allow the buyer to pay for. With FHA, a 203k Rehab Loan is a possibility. With a VA loan, it’s important that the buyer be very clear about the cost of repairs that could either scuttle the purchase, or cause problems after the sale. Your Mission Viejo Real Estate Agent should be able to help you understand the difference between a potential big problem and a potential diamond in the rough.
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