Depends on the numbers, but yes it is possible to get cash back at closing.
After rehab value is easier to determine. Just find out what the normal, already-fixed-up houses are selling for in the neighborhood.
Most of the lenders I deal with are individuals. They simply pull coparables and do a drive by or walk thru inspection. Very rarely do they need an actual appraisal.
Posted by JA (AL) on January 22, 1999 at 21:19:46:
So is this the situation when an investor receives money at closing? And when looking for a loan on a rehab, how can you determine what the property will be worth after rehab? Must I have an appraiser value the property as if it were already improved to get the loan?