acquisition vs. appraised value - Posted by Doug

Posted by Buddy on January 25, 2000 at 18:43:40:

If you are going to live in the house as owner occ. you have several options. I did a similar deal with a lot of equity but couldn’t get financing on appraised only on purchase. I found a private investor, let them buy the house all cash, and purchased from them a year later paying them 20 % on their money. This is not the best way to do it, if you can find a way to get the title in your name and refi after a year or so you can easily save 8-10%. If your credit is not totally shot, use one of the banner above that link to the companies that buy mortgages and crate a mortgage and sell it at closing.

Good luck.

Buddy

acquisition vs. appraised value - Posted by Doug

Posted by Doug on January 25, 2000 at 14:05:59:

Seller is being foreclosed. Buyer has damaged credit and no money. Non-conforming lender will lend based on the acquisition cost and not appraised value. How can the buyer take advantage of the considerable equity before the property is foreclosed and auctioned?