Perry Wellington 4.5 – Fixer Upper Do’s and Don’ts

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4.5% Commission!

Perry Wellington Realty is a full service real estate brokerage based in Hollidaysburg with offices around the region. They offer mortgages through Circuit Mortgage, real estate for buyers and seller, as well as, a real estate training school. Plus, they only take 4.5% commission! For more information visit Perry Wellington Realty. 

Office Phone Numbers: 
Hollidaysburg: (814) 695-5323 
State College: (814) 273-1446 
Johnstown: (814) 619-0256 
Huntingdon: (814) 251-9725 
Bedford: (814) 310-0099 
Scranton: (570) 309-6136 
Lewistown (717) 363-8631 

“The cheaper the better” might be a true statement for a lot of things, but what about a deal on a fixer-upper house?

If you feel that the way to go get your dream home, buy it cheap and fix it all up, you might want to think twice. The Perry Wellington Realty team talks all about it in the video above!

5 FIXER-UPPER QUESTIONS

1. WHAT’S MY MOTIVATION?
– TO SAVE MONEY?
– TO FLIP IT?
….EITHER WAY IT’S A LOT OF WORK

2. WHERE DO I GO DURING RENO?
– WHERE WILL YOU LIVE DURING RENOVATIONS?
……RENT, MORTGAGE AND RENO COSTS CAN ADD UP SO… BE PREPARED

3. WHAT’S MY REMODELING BUDGET?
– HAVE CONTRACTORS GIVE YOU AN IN PERSON ESTIMATE

4. HOW AM I GOING TO PAY FOR EVERYTHING?
-TAKE OUT A HOME IMPROVEMENT LOAN
FHA 203K LOAN – REQUIRES 3.5 PERCENT DOWN
FANNIE MAE HOMESTYLE LOAN – SIMILAR TO 203K BUT REQUIRES YOU TO PUT DOWN 5 PERCENT 

BOTH LOANS HAVE RESTRICTIONS:   
A.)  HIRE APPROVED CONTRACTORS   
B.) SUBMIT BIDS WITH LOAN PAPERWORK

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