Posted by JPiper on February 12, 2001 at 24:29:07:
Your post is very confusing. You’ve got a condo that the owner bought for $70K 11 years ago, that is offered I guess at $65K, that have been selling in the $50Ks recently. Is that it?
If you want to buy on a land contract and then refi immediately…most lenders will not do this. You’ll need to be in your deal for 6 months to 1 year.
The way around this is to buy at 65% of market value…I guess in this case at 65% of something in the $50Ks. Then you might be able to do so with a hard money lender. 65% of $50K is $32,500.