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Anyone looking for a FREE house? I found one yesterday in Dixon. A big house too.
does it need work, of course but it is FREE if you move it to your site. This can be done with the FHA 203k loan program, not a Streamlined k however. This would be a Full 203k loan. This is "perfect for a 203k" and if you think there aren't more homes that you can get for FREE you are clearly mistaken. Appraising a 203k property is a challenge some times. Can you imagine this one being appraised and measured here and then moved to another site, hopefully in town but possibly anywhere in the State. House are moved for many reasons, in this case it is in the way of a subdivision. I've seen them widening highways where blocks of homes had to be moved. The easiest way is the 203k.
Do you have a residential lot in the Dixon area? If so, how would you like to sell it with this house on it?
Front Scene. Hey what does that sign say, you ask?
It is all the contact info. Sell your local lot with this home on it. FHA wants to inspect the home while it rests on it's original foundation to verify it is adequate for moving. The lot or new site can close escrow before the move happens. Then once the moving company is identified they, the moving company that is and their insurance company, is responsible along with their insurance company to move the home to the new site. Once the home is bolted to the new foundation all the transportation costs can be included and paid. In the meantime, before the move, the new foundation is installed, a draw inspection and payment can be made to the contractor. This way once the home is set on the new foundation and bolted down the cost of the home or $0.00 can be paid, the cost of the move, the cost of the securing it to the foundation, all that can be paid then the renovation of the home begins.
Whenever I tell anyone about this feature of the FHA 203k loan program they laugh and say "there aren't any homes to be moved in my area... that is likely because you never looked.
I have a client in Berkeley who has been buying houses and moving one back on the lot, and the other one around the corner to the front of the lot, installing a parking garage under the front house to serve both houses, and then renting them out SRO. (Single Room Occupancy) and making a mint.