"as is" home - have many questions . . .

[Kelly G.]

I am looking at an REO property that is being sold "as is". The previous owners apparently took out ALOT when they left: sinks, water heater, furnace?, etc etc. I intend to occupy the house - maybe sell in a few years. There are deed restrictions that don't seem terribly cumbersome (no rv's as 'permanent' housing, no houses <1000 sq ft, no hunting, no pigs . . . ). House is on 10 acres.

(btw: I do not have great faith/experience w/ realtors!)

Q1) I discovered that the agent that showed me the house - was a previous owner back in '98; and she added the covenants! The property has changed hands a couple times since then; is this a 'conflict of interest'? I don't think so, but she was less than forthright when I asked about deed restrictions - curious!

Q2) The 'handout' I got (actually from another agent - long story) says "Terms Offered: Cash, See Financial Remarks". This info is NOT on the sheet I got from "my" agent (being the first to show me the property). How do I find out what these are - the "terms" that is? My agent - again, less than forthcoming. I've asked her about this and she has simply said that I have many options to get funding.

Q3) How hard would it be to get a construction loan? Any advice on best type of loan? (always feel like I've been taken for a ride when I get a loan - not very savvy here!) I have excellent credit: 780 in Dec; low income the last 2 years (@ $35k) due to many family emergencies (3 deaths); am self- employed - will file 2nd tax return as SE this year; excellent assets.

Q4) this property seems like a dream! but has been an REO for >200 days!! What red flags should I be looking for (except the 'as is'). It's priced at $225k but probably worth >$400k once 'finished'. Doubt that I would put in half that in repairs (but don't fully know what's needed yet).

Q5) If there have been other offers, and if maybe someone did an appraisal or inspection, any way to get my hands on that?!

(Should probably create 5 posts!)

Thanks so much in advance

Kelly