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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Possible deal. Need help. USDA Rural Housing Loan. Posted by Mel on July 19, 2003 at 7:07 PM In Reply to: Possible deal. Need help. USDA Rural Housing Loan. posted by Ernie on July 19, 2003 at 1:04 PM USDA is very tricky with their re-capture - guaranteed they owe well in excess of the original loan amount your better off buying USDA at the trustee sale : : Does anybody have any experience with the USDA Rural Housing Service? I have what may be my first deal and I am in need of advice. The owner contacted me and wants to get rid of her house which is due for auction on 7/29. She said that she had purchased on a low income loan from the USDA. She is $4100 in arrears with a balance of $64,800. The comps are between $105-$115K. The house is in fairly good condition needing only paint and new carpet. My first question is does this deal sound doable. It is in No. California where housing prices are rising rapidly and there is very little affordable housing so I believe that I could fix it and sell it within 3-4 months. I am guestimating $4-5K for the fix up with the mortgage at $400 a month for another $1200-$1600. I figure another $6000 for RE commission if I sell at $100K. I would be into it for about $12K total netting between $15-20K. Is my addition right? The other main thing is how does the USDA Housing work? Are they different than a normal bank or do they want to foreclose? Is there any special laws when dealing with them. I would appreciate any advice you can give me. Thanks. : Ernie Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : USDA is very tricky with their re-capture - guaranteed they owe well in excess of the original loan amount : your better off buying USDA at the trustee sale : : : : Does anybody have any experience with the USDA Rural Housing Service? I have what may be my first deal and I am in need of advice. The owner contacted me and wants to get rid of her house which is due for auction on 7/29. She said that she had purchased on a low income loan from the USDA. She is $4100 in arrears with a balance of $64,800. The comps are between $105-$115K. The house is in fairly good condition needing only paint and new carpet. My first question is does this deal sound doable. It is in No. California where housing prices are rising rapidly and there is very little affordable housing so I believe that I could fix it and sell it within 3-4 months. I am guestimating $4-5K for the fix up with the mortgage at $400 a month for another $1200-$1600. I figure another $6000 for RE commission if I sell at $100K. I would be into it for about $12K total netting between $15-20K. Is my addition right? The other main thing is how does the USDA Housing work? Are they different than a normal bank or do they want to foreclose? Is there any special laws when dealing with them. I would appreciate any advice you can give me. Thanks. : : Ernie Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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