2720 Timber is a 41 year old 1900 sq ft home in South Lake Charles LA near Prien Lake Park. The convenience of the location and price of $144,000 made this home attractive to many home buyers. This house was only on the market for 5 days before going under contract!!!
This Lake Charles home was a Fannie Mae foreclosure in surprisingly good condition with recent updates! When home buyers purchase a Lake Charles foreclosure, the buyer should be prepared that the Seller is not going to do any repairs. This particular Lake Charles home has a water well and a mechanical sewer both which are required inspections in order to close with a lender. During the home inspection it was noted that the water pressure was low. Luckily Fannie Mae agreed to replace the tank to the water well and did repair that item. However, The buyer was responsible for his own termite certificate and sewer inspection.
Buyer’s often find themselves jumping through hoops in order to get final loan approval. This home purchase had a technical block with an IRS tax return from 2010. The buyer had been working with the IRS for 2 years to clear up the problem which was really just a flag on his name due to a similar name on a return from someone else who had turned in a fraudulent tax return. Guess who caught the IRS flagged account??? The lender!!!
Home buyers should take note that if they have any discrepancies or name similarities, it could slow down the loan process and explanation letters will be required. The buyer had to go above the heads of the local IRS and obtain explanation letters from the IRS that the lender would accept.
Sometimes when purchasing a home you will face challenges but persistence and patience will pay off. We made it to the closing table and not only did this buyer get a great house that was a low priced foreclosed home, he won his fight with red tape and piles of paper from the IRS!
As your Lake Charles Realtor, I am here to guide you and help you find your dream home and assist you with inspections as well as work with your loan officer to see the process through to a successful close!