100% financing lessons learned - Posted by john
Posted by john on March 12, 2001 at 17:08:34:
I recently placed a bid on a 6 unit apt building for 330000
I talked to a Mortgage rep who told me he could do a 100% loan. I sent him all the paper work on the property, and he told me he would be able to do it.
In the mean while I paid for the home inspection, the loan application fee, and the deposit on the contract.
I was unsure of the mortgage reps service, as the only way I could contact him was via answer machine, so I checked him out thru the better business burea and he I thought was ligitimate.
So I went through with the attorney review and the inspection and all the costs.
Until today monday when after several attempts to contact the rep with no result, hence just an answer machine.
The dead line for the commitment is march 15.
I have tried in vein to get or seek 100% financing and so far have been told that it doesn’t exsist.
Question does it? I have also tried to get the owner to do some of the finance , but he will not.
Can anyone help?