How am I supposed to buy a fixer upper when the lender has these requirements?

With the market the way it is, I was considering purchasing a home that I would occupy for a few years, rent out when I get stationed elsewhere and then move back into when I get stationed back in the DC area. The best deals seem to the fixer-uppers and "as-is" that are increasingly available.

When I talked to the loan officer today, she said that the house had to be "100%", meaning that if the appraiser goes to the house and say that he says that the roof needs to be replaced (or something else needs to be done to the house). The lender would require those items be completed before closing on the house.

If the house is being sold as-is or the house is bank-owned and the owners aren't around, how is that supposed to work? I don't want to put any money into fixing the house until I have the keys in hand.

Did I misunderstand the loan officer or is something wrong here?

Are you talking about VA loans? (You mentioned being stationed in different areas.) VA loans have extra requirements for the property to meet.

Hi,

I don't understand what is your exact issue.

Well, can buyers agent help you?

__________________
Sam Thomas
Real Estate Agent (http://www.buyersagent.net)

The best way to buy homes that are in poor shape is to pay cash. If you can't then you have to buy a house that has cosmetic issues or minor issues that the lender will consummate the loan on, or have the owner repair the issues that will prevent the lender from lending.

Joe