Posted by Jon H. on March 11, 2002 at 22:38:40:
I had this problem once and the bank would not finance me because the selling price set the “actual price - what a willing buyer will buy at and a willing seller will sell at” . Now when you refinance they take appraised value, even if you refi’ a week after the purchace. I got the owner to carry a contract, my ratio was 100k with a conservitive appraisal of 130K.
I would knock on a lot of doors to see if someone, even hard money might make the loan.
One warning, I had a friend buying a business and was trying to get financing form this guy. At the last minute the loan fell through and guess who bought the business after my friends option had ran out…You bet ya the guy that could not make the loan bought the business.
Just my two cents worth…best of luck.