Need mortgage based on appraisal - Posted by Trish Martel

Posted by Dr. Craig Whisler CA NV on September 13, 2003 at 11:50:53:

I still ‘acquire’ property though. I have enough purchased property already. Now I am more interesting in learning how to acquire freebies or properties with nothing down and none of my own money EVER, as well as in teaching others how to do the same.

This slants my thinking a tad. I guess that is why I couldn’t figure out what a P&S was. “Purchase” is an ugly word around our house. Even my children are taxing their brains trying to learn how to get freebies.

Its how you get a gold star in our family.

Regards, doc

Need mortgage based on appraisal - Posted by Trish Martel

Posted by Trish Martel on September 12, 2003 at 08:27:08:

Am looking for a lender or info on obtaining financing for a SW mobile home on 15 acres of waterfront property in Lakes Region NH. Real estate agents guess value to be in vicinity of $350K, purchase price is $92,600. We have bad credit, are self-employed and require 100% financing. Currently have 12% interest rate and would like to find something lower.
Any info or ideas would be greatly appreciated.

…is pregnant with… - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 12, 2003 at 10:49:11:

A hard money loan might work if you could afford the payments on such a short loan. Bad credit is uaually OK for these types of loans and this deal is pregnant with equity.

Why not run the wording “hard money” through the archives’ search engine and see what pops up.

Hard money loans are usually based strictly on equity. They can be found under mortage brokers (not mortgqge lenders), in the yellow pages.

Regards, doc

…but is it a false pregnancy? - Posted by Chris (TX)

Posted by Chris (TX) on September 12, 2003 at 16:38:48:

Doc? Make sure you let me know if I am wrong here, but I was under the impression hard money lenders would lend a percentage of the “lesser of the two” of either the actual purchase price or the appraised value. In this scenario, if she found a hard money lender to help her, they would loan on the $92,600, not the $350,000.

True or False?

Thanks!
Chris (TX)

The rabbit dies - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 12, 2003 at 19:22:25:

Real pregnancy.

With hard money loans. In my experience it has been easy to get such loans exceeding 100% of the purchase price. My hard money lender in years past would have loaned me $245k on this deal even knowing it only cost $92,600. I have never been asked what my purchase price was. The whole point of hard money loans is that credit, job, and purchase price are inmaterial. The loan is based strictly on 70% of equity. For these benefits, you pay more interest and points and suffer a lower LTV, to make the risk taking lender secure. He doesn’t care if you make your payments or not. If not he get a property at 70% of value plus his foreclosure costs. It would be a real bargain for him, that is why he will take the additional risks.

Regards, doc

Doc, I need a consultation… - Posted by Chris (TX)

Posted by Chris (TX) on September 13, 2003 at 07:20:43:

…with your hard money lender.

Sounds like you have a good deal going there :wink:

Thanks for posting.

Chris (TX)

Re: The rabbit dies - Posted by Trish Martel

Posted by Trish Martel on September 12, 2003 at 20:52:46:

doc

Thanks for the input and advice, have looked in the archives regarding hard money. As per a later post I’ve made I may look at closing on the higher interest rate considering we already have a signed P&S. Maybe sell directly after. What do you think? This isn’t a low income area, for example the property 2 houses down sold for $275K 2 months ago, we have a horse farm across the street that was purchased for $1million 5 years or so ago, and a tiny cottage on 100ft of shared waterfront in a park down the road sold for $285K I think last month. This property was a foreclosure that was never advertised and we were the only people who ever viewed it. Real estate is top dollar in NH right now and I can’t help but think that someone out there would be interested in either financing or buying…

We will have to hold a seance - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 13, 2003 at 09:49:52:

He past away several years ago.

Re: The rabbit dies - Posted by Jack

Posted by Jack on September 12, 2003 at 22:53:39:

Purchase and sale

Unable to tell you what I think until - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 12, 2003 at 21:56:30:

…until someone explains to me what a P&S is. Sounds real serious. Does it bite?

Regards, doc

Sorry to hear that Doc. nt - Posted by Chris

Posted by Chris on September 13, 2003 at 13:40:27:

.

Thanks. I guess abreviations vary… - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 13, 2003 at 11:40:31:

…more than I thought, from palce to place.

Ok folks, see, even I, am not afraid to ask so-called dumb questions. How else will we ever learn?

I’d rather look ignorant than be ignorant.

Regards, doc

The sonogram shows: it’s a . . . - Posted by Steve-WA

Posted by Steve-WA on September 13, 2003 at 09:08:06:

Purchase and Sale Agreement, I’m betting.