Buying A Home
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Follow up to Getting Frustrated with ???
My DH and I were out today and we came across a home that we really like. The first we've found worth putting in an offer. It's in a good location and a great school district. The best part is it's way below our budget. It is a foreclosure and the kitchen has been stripped. I thought I heard somewhere that if you want to buy a home without a kitchen, you have to pay cash. Is this true? Is there anyway around this?
Re: Follow up to Getting Frustrated with ???
This can be true, yes. It's because most mortgage lenders require a home to meet certain livability criteria in order to be treated as a primary residence, and a working kitchen is one of them.
I think you will have to speak with your lender about whether it's okay to work a new kitchen into your mortgage contract, or alternately you can always ask the bank to install the basics. Ours was a HUD home and because they are required to try and sell as primary residences before selling to investors, they replaced our entire circuit breaker and water heater when we asked for them as basic requirements.