Sub2/New Build - Posted by JonMO

import · May 25, 2006, 7:48pm

Posted by MMNC on May 25, 2006 at 21:27:42:

Find a new lender. They don’t know what they are talking about.

import · May 25, 2006, 7:48pm

Posted by JonMO on May 25, 2006 at 19:48:43:

I have a seller willing to do a sub 2 and stay in the home while they build a new one. The problem is with the bank. I tried to use a land contract but the bank won’t lend them money on the new house because they say their debt/ income ratio is too high. They tell me that they can’t consider the land contract as income to the seller until 12 months of payments have been made. Any ideas?

Thanks,
JonMO

import · May 27, 2006, 3:13pm

Re: Sub2/New Build - Posted by Chris

Posted by Chris on May 27, 2006 at 15:13:46:

Or you could always prepay 12 months of payments. It may be a little too much out of pocket, but if its a good enough deal…