Question about local banks?? - Posted by Carey_PA

Posted by Carey_PA on January 30, 2002 at 12:03:28:


There is NO new banker yet. I’m trying to work w/ my old banker in a NEW area and he is uneasy w/ working in an area that he doesn’t know.


Question about local banks?? - Posted by Carey_PA

Posted by Carey_PA on January 29, 2002 at 21:18:50:

Hey Ed and everyone!

I have been working with a small local bank to try and do my deals. My last deal they financed the whole thing including rehab costs and like 8 months of mortgage payments…anyway, i recently moved out of the county where that bank is (about 40 min. away) and I found a good deal in my new area…the problem is that my bank that i usually use is uncomfortable w/ doing the deal and probably won’t do it because they’ve never done a deal in the area and they don’t know the values of the properties.

My banker told me to call him so we can discuss the #'s and such, but he said his gut feeling is that he won’t be able to do the deal, because they don’t know the area.

Do u have any advice for me??? Here are the #'s in case you are interested:

FMV $80k
Listing Price $57k
Repairs $5k (but w/ fudge factors and whatever else, I say $8.5k)

My offer $47k

any suggestions?? please help


p.s. I know, I know, I am going to look at other banks too.

Re: Question about local banks?? - Posted by JoeS

Posted by JoeS on January 30, 2002 at 10:47:43:

My first suggestion would be to get a referral from you original banker to someone he has done business with. Many times these bankers know and communicate with others close by. He would be able to tell the new banker what your track record is, and alleviate the new banker’s fears.