20 Jul Options for purchasing home that doesn’t currently have a kitchen
My wife and I found a property that we are both set on. The main issue with the home is that the main living unit doesn't have a kitchen, it's been gutted down to the studs. The seller, who also happens to be the realtor for the property, has been adamant that financing really isn't an option, due to it being assessed too low, with one building being "uninhabitable". The kicker, however, is that the property also has a fully finished apartment in an outbuilding, and the two units are deeded together.
Has anybody ever worked with a seller to go in to the home, prior to closing, and finish a project? Our idea is to approach the seller with a contractor who will finish the kitchen to the bare minimum standards for appraisal, and then finance the property with a standard FHA or 100% ARM through Navy Federal.
Are there any other options that you all are aware of for a situation like this?