Posted by GerryH VA on March 19, 2002 at 10:50:01:
I already got slammed in the Mobile home discussion group. I guess I was coming from an engineering standpoint (which I am) not a lender or even investor standpoint. If the dang thing is worth more than what I bought it at, and the bank wants 80% LTV, than what really is the value, what I bought it at or what the street value is. But now I understand from the lender stand point. No need for further discussion.
And no I don’t really want to lie and cheat anyone, just legally bypass the system if it was ethical. It would be ethical if the bank was still getting thier 80 percent LTV if the value was the street value not my investment value, but I understand now it is my investment value not street value. Honestly, I never have been exactly sure how this works before as I have only bought with cash before this. Now I also understand that an appraisal is insurance for the bank not necessarily the street value of the property. I have been enlightened.
PS: By the way, I called and emailed you regarding another issue and not have received anything back from you. If you could call me that would be great. 434-941-7563.