extra 10% on a refi. - Posted by shannon

Posted by Eric C on July 08, 2003 at 23:09:57:

extra 10% on a refi. - Posted by shannon

Posted by shannon on July 08, 2003 at 17:04:14:

I have a lady, totalling willing to do a L/O with me.She is willing to do a refi on the house to get her equity.The only thing is, she can only get 90%LTV and she needs 95%LTV. I am not willing to come up with the extra $10k and I am not willing to try to market this house with a $10k option deposit. Is there any way to get that extra 5% for the customer to cash out of the house, aside of coming out of my own pocket. I am wanting to get into this with litterally no money down.Help.

She’s not going to get it anyway. - Posted by GL - ON

Posted by GL - ON on July 08, 2003 at 21:05:15:

If she sold the property for all cash, and for full price (dream on dreamer) she still wouldn’t get 95% after she paid the real estate agent and lawyer or title company.Plus it would cost her several months payments, insurance and taxes while she waited for a prince on a white horse to come up and pay full price all cash.

What are you doing buying for full market value anyway? I wouldn’t even consider this deal if she is like that.

Don’t let her kid you. Just because she wants the whole cheesecake with whipped cream and a cherry on top, handed to her on a silver plate, for nothing, there’s no law that you have to give it to her. You deserve a little taste. After all you baked it.

If she won’t be reasonable, go look for a better deal someplace else.