HOW MUCH CAN YOU FINANCE ON A $1 HOME FORECLOSURE AND ACTUALLY MAKE IT LIVABLE?
There are so many rescue and bailout plans for foreclosed homeowners, but the foreclosed homes, when the foreclosure does go though to its ultimate end, resulting in a sheriff’s sale, often (38% of the time) is too damaged to qualify for mortgage financing of any type for a new buyer who will needs funds to fix it first.
When this occurs, the property simply sits, vacant, abandoned and an eye sore, often vandalized for its copper plumbing, cabinetry or any other fixtures that can be stolen and resold.
So in effect, about 1,216,000 homes will sit as abandoned eye sores.
So much for the usual government help.
The issue is how much of the financing for such a home can include some added funds to fix the home, making it salable and habitable?
The government programs do not provide for that, and in fact they would discourage any such project financing, since the standard method of obtaining financing is by having the 
home APPRAISED as to its lendable value.
What do you tink will be the value of a stripped and damaged home to be submitted by the appraiser for financing? How about literally nothing, or a token $1.
How much home financing can one get on an appraisal of $1????
Do you see the point now? We need a different level of appraisals to clear out the glut of abandoned homes which can be fixed up and purchased for a reasonable amount.
Is there nobody out there to figure this out?
