Need a little advice - Posted by Eddie

Posted by Eddie on September 24, 2001 at 12:07:06:

Thank you again for the advice, it is greatly appreciated.

Need a little advice - Posted by Eddie

Posted by Eddie on September 22, 2001 at 23:49:26:

I am currently in the process of buying a home appraised at $520,000 for $350,000. How do I go about getting 80-90% of the APPRAISED value at closing, if that is even possible. Any help would be greatly appreciated.

Re: Need a little advice - Posted by Ronald * Starr

Posted by Ronald * Starr on September 23, 2001 at 12:41:56:

Eddie-----------

Your best bet is to all some mortgage brokers and tell them what you want. Most institutional lenders will not do this. Some might. Especially local lenders, not the big banks. Call them and ask. If you already have a good relationship with a bank, you probably call them first, they may be just the ticket.

You might find that you end up paying more than most institutional lenders want for your loan, but if it buys you the property, great. Maybe a year later you could refinance with a more standard loan. If you plan to do that, you might want to be sure that you have pre-payment penalty on your loan.

You do not mention your credit record. Above assumes you have good credit.

You do not mention your plans. I assume you want the house for your personal residence.

If this is wrong, and you want to resell soon for quick profit, you might instead do a “flip” where you either assign your purchase product to a new buyer or do a “simulateous” or “double” closing, wherein there are two deeds, one from the seller to you and then another from you to the new buyer. The good thing here is that you do not need to get a loan at all.

Good Investing*********Ron Starr************

Re: Need a little advice - Posted by Eddie

Posted by Eddie on September 23, 2001 at 22:17:02:

thanks so much for the advice, it is greatly appreciated. I should have mentioned that I plan to do some minor rehabbing to the place, which would allow me to sell it at market value. Minor meaning 10k or less.

Thank you again,
Eddie

Re: Need a little advice - Posted by Ronald * Starr

Posted by Ronald * Starr on September 23, 2001 at 22:42:21:

Eddie------

That is exactly the kind of properties that you are more likely to be able to get a good loan on. You may have to leave the fix-up money in an escrow and get it out little by little as you get the property fixed up. That’s like a construction loan.

Good Investing****Ron Starr