Posted by Dan on January 30, 2000 at 22:44:04:
Licensed appraiser performed appraisal after improvements. Will Contract for Deed allow purchaser to use new appraised value? Lease Option won’t work. Need cash out at sale.
How do you finance property owned less than 12 months? - Posted by Dan
Posted by Dan on January 30, 2000 at 16:45:52:
Running into a problem financing a home I bought 2 months ago to rehab and now want to sell. Bought it for 39,000 and now appraised at 58,000 with rehab but lender for the new buyer states they can only use original purchase of 39,000 as market value. Need advice on this quick!!
Re: How do you finance property owned less than 12 months? - Posted by Billm
Posted by Billm on February 09, 2000 at 13:52:12:
You’re talking with a lender who’s offering FNMA or FHMLC loans only. There are seasoning restrictions with conforming loans.
YOu’ll need to go to nonconforming, or portfolio lender for this.
Re: How do you finance property owned less than 12 months? - Posted by Jim Holmes
Posted by Jim Holmes on February 03, 2000 at 24:20:24:
Dan,
I don’t understand this problem. If you have a legitimate appraisal and the value is there and a willing buyer…this should be a done deal. I would suggest to your buyers that they need to go to a different lender if they want your house. I would be suspicious of any lender/buyer trying to stipulate a lesser market price than appraisal. A property’s value is what a person is willing to pay for it…no more and certainly no less.
Good Luck!
Jim from Idaho
just what is the apprasial? - Posted by RR Smith
Posted by RR Smith on January 30, 2000 at 17:20:15:
Just who apprasied it for $58K anyway? Sell it Contract for Deed or Lease Option if you plan on staying in the area.