Posted by Jerry-WA on May 24, 2007 at 17:13:10:
Sorry for being unclear. It is a pit set home with pier blocks. We are buying it as a l/h deal for a rental and I wondered what a bank would typically want as it relates to financing or refinancing one that doesn’t have a perimeter block foundation. It seems that there is a lot of conversation about block foundations (skirting) in order to get a bank to finance, thus the products that Steve has used ( I have a call in to Steve as we speak). Being somewhat new to the business, I’m not familiar with how one would, or if one would, set a foundation under a pit set home. We are not going to move the home, I meant that after the purchase, we would like to refinance and move it off our line of credit (loc). Thanks for your help.
Jerry
? for Tony regarding pit set vs foundation - Posted by Jerry-WA
Posted by Jerry-WA on May 24, 2007 at 16:11:17:
We just looked at a WAMU repo dw, the worst house in a nice neighborhood which is pit set on piers. We are considering an offer on this but wondered how this type of set up is viewed by the banks? We’ll rehab and hold this property as a rental but will want to move it off our loc and wondered what you may have experienced regarding this issue? Looking forward to boot camp.
Jerry
Re: ? for Tony regarding pit set vs foundation - Posted by Tony Colella
Posted by Tony Colella on May 24, 2007 at 16:18:32:
The banks have never asked us how a home is set, they do however like to see doublewides with a “block foundation” which is little more than block skirting since it does not touch much less support the home itself.
Not sure I understand all of your post since you plan on moving the home, does the current set up matter? Perhaps I misread.
Steve-WA would be your best source regarding the customs of set up in WA.
See you in August.
Tony