Posted by JohnBoy on April 19, 2000 at 24:29:56:
First of all, there is a difference between a property deeded over to you Vs. a Land Contract. On a Land Contract you do not have the deed until the contract is paid off. When a property is deeded to you, you have title to the property.
To answer the question on refinancing on a property that is non-seasoned and non-owner occupied, the answer is yes! This does in fact exist.
Not only can you refinance with no seasoning and being non-owner occupied, but you can also get cash out at closing also!
Here’s an example:
We took title to a property that was in foreclosure. Before recording the deed we got preapproved to refinance and pay off the underlying loan that was in foreclosure. The pay off was about $65k. We refinanced at 80% LTV which was $80k. We got a check for almost $15k at closing from our lender that wrote the loan.
If you can show the property will cash flow and have good credit you can get this done. We used a B, C, Lender that holds most of their own loans. The rates are higher even with good credit, but if the deal makes sense, who cares?
I’ll take $15k cash up front with a positive cash flow and $20k in equity all day long on deals like that!