sesame street deal......... - Posted by clint

Posted by John Smith, IV on October 10, 2003 at 12:02:39:

Look hard for a bank/lender. I am not currently in need of it, so why should I look for you?

There are plenty of lenders, especially hard money lenders that will do this.

sesame street deal… - Posted by clint

Posted by clint on September 30, 2003 at 15:58:15:

need some creative solutions here:
i found a home i would like to live in.
situation:
home is a forclosure:(6 months on the market) tax asessment of 306k
bank is asking 279k which is:
loan balance of 256k plus agts commish/fees etc-
A.my problem is - how do i get in w/o cash or as little as possible ?
B. how do i present it to the agent and the lender?
this cant be that hard to do…

Relatively easy - Posted by John Smith, IV

Posted by John Smith, IV on September 30, 2003 at 23:17:14:

What is the actual market value of this property?

Is there an appraisal?

Tax assessments are usually under the value of the property.

But presumming that 306K is the appraised value you could do this:

1- Find a bank that will lend you 80% of the property value withou a down payment.

2- Offer 245K for the property once you have secured a the 80%.

You could also find someone to lend you 35K for 50% equity in the property.

Re: Relatively easy - Posted by Acounting

Posted by Acounting on October 10, 2003 at 05:48:48:

“1- Find a bank that will lend you 80% of the property value without a down payment.”

…Please give us the name of one bank that will do this.