bank-owned winterized home: inspection and mortgage questions
Would love anyone's experience/comments on the following:
- inspecting a winterized house: need to de-winterize, inspect, then re-winterize: pricey, risky (what if it had not been winterized properly)
(Note: the inspector we hired to do inspection strongly recommends AGAINST buying a foreclosed home as he's done many inspections on those and found that they're not worth the value).
- mortgage question (chicken and egg): this house may be considered NOT liveable right now, since the furnace looks like it doesn't work (can't tell/been winterized), so until the furnace is replaced and proof that there is heat, we won't be able to live in there. if we don't live in there, the mortgage company may NOT give us the mortgage for the house. but until we close on the house (thus get approved for a mortgage), how can we replace the furnace?
Would the mortgage lender allow us to borrow $ for the mortgage and then an equity loan to fix up the house while we live somewhere else (an apartment)? I thought banks only lend $ if you live in the house.
- are foreclosed or bank-owned properties worth their cost and effort?
We are looking in very expensive towns for their school systems for our 2 young children. So any house (normal or bank-owned) we can actually afford needs work, like updating (or gutting) the kitchen, new carpet, update the bathrooms, etc. So we thought if we get a bank-owned home for a lower price, we would do all the updating that we would have to do on another house anyway.
thank you for any help/advice,