creative financing - Posted by dhull

Posted by Ed Copp (OH) on February 03, 2001 at 13:58:59:

As I read your post you want the bank to just give you $40,000 for fix up, or to reduce the price by $40,000

This as I read it is a $40,000 price reduction in either case (a long way from a full price offer).

As for your question about what the bank can do. The bank can do anything that they want to do. Your job will be to get them to do what you want.

Practice your arithmetic…$40,000 price reduction, and a full listed price offer are not the same.

creative financing - Posted by dhull

Posted by dhull on February 02, 2001 at 22:21:39:

I am interested in a home in NJ that is bank owned and vacant. The home needs substantial work and updating to be livable. Listing price is 189,000. I was wondering if the owning bank would finance a mortgage for me in which I would finance, pay interest on and make payments for the entire 189,000 yet have the owning bank give me $40,000 back at closing for repairs. Or if they might give me a first mortgage of 149,000 and a second mortgage of 40,000 (for repairs). In either case the bank will still be getting full list price for that property. Can either scenario be done? Do you have any other suggestions for creative financing?