Homepath.com question

[Scott W.]

I have notice homepath offers a deal for investors where you can put down 10% & not pay PMI. Sounds like a deal too good to be true? Their prices seem rather comparable with other foreclosure comps.

Is their deal too good to be true?

[Scott W.]

from the info i've gathered, by contacting the lenders listed, it's 10% with no PMI. You can get a rehab loan for most work (including appliances but not the roof), but the contracters are paid 45 days afterwards. some won't do this but a lot will - especially in this economy.

they also dress up the places too - put in tile, new interior doors, carpet, etc - in order to get them off the market more quickly.

it seems some come back on the market though, after being sold. i'm not sure why. maybe too high of repair costs or didn't qualify for a loan?