about to loose first deal - Posted by brad

Posted by Dean on March 26, 2002 at 16:09:40:

Check with New South Federal Savings. They have a refi and rehab program, I can’t remember what they call it but I used the program to rehab and refinance a property. Bought run down damaged triplex for 25,000, did 35,000 worth of work and after rehab the property was appraised at 103,000. That estimated value was submitted prior to rehab and the bank was able to lend the entire value of the mortgage. After rehab we had an automatic 63,000 in equity. Sweet

about to loose first deal - Posted by brad

Posted by brad on March 26, 2002 at 15:53:34:

i am in the process of buying a repo from V.A. i am located in ft benning ga. the morgage guy i bought my home through is dragging his feet and not very understanding of rehab money, he is telling me that he can get the money but i have to do the repairs first, i don’t think anyone in there right mind would take it on with a deadline of apr 15 with as much work that needs done. i need a lender in alabama who understands and wont kill me on finance charges.
price 37000
after repairs 65000
2 acres
needs about 5000 in repairs
have 1500 tied up in deal
have 6000 more to put into it to get it to close

any real help would be a blessing. not interested in a one sided partnership.