another questions about real estate

[hsanchez]

here's the story,
a buddy of mine purchased a home a while back, the current balance on the

[hr]
is 31k, he asked if I would like to purchase the property. All he said he wants is 10k in his pocket. So I would be looking to finance the home for 41K. The homes in the area go for 125k+. But the home needs some major repairs.
So my question is, is it possible to buy the home and get a 20K advance included in the

[hr]
for rehab cost?
Would I go through a regular mort company like Countrywide?
Any ideas or referals would be great!
Thanks in advance.

 

[rayraypico]

Sanchez
I do mortgages. and it really matters what the property appraises for. If your numbers are right than it should not be a problem getting a little extra cash out. If you need some good advice you can email me at rayraypico@yahoo.com. I can get you prequalified for whatever amount you want and as long as the houses appraises for what you expect you will have no problem
Rule of thumb if you loan is 80 percent of the value of the property and you have a little credit you will get approved

 

[scubadoo]

There are several oppurtunities on the net for home financing. I suggest you surf for the best rate. You can work with lenders outside your area and have no problems. Shop around...... you could save thousands over the life of the loan.
I also suggest you inspect the home thoroughly or have a professional do it. The great deal you think it is may not be a deal at all...but could be a BIG HEADACHE.

 

[beth]

If the home is actually worth more than your purchase price, 41K, then you would have equity in the home for the value minus what you owe. In that case, you could get a home equity loan and use it for the repairs.
Before buying any home, it would be very wise to first get a home inspection and then get an appraisal of the property, being sure to show the home inspection to the appraiser. Most banks will ask for the appraisal.

 

[mytank]

I work for countrywide and personally I would NEVER obtain a

[hr]
from them. They are messed up and as my hubby would say "they could mess up a wet dream".

 

[reefreak29]

id like to know were u live , because u cant even get a tear down for under 350000 here

 

[pegandgrif]

Originally Posted by mytank
I work for countrywide and personally I would NEVER obtain a

[hr]
from them. They are messed up and as my hubby would say "they could mess up a wet dream".

I HAVE A

[hr]
THREW THEM HERE IN S.C. AND I HOPE TO REFINANCE, AND GET THE EX OFF THE LOAN, AND GET MY PARTNER ON BUT GET THE RUN AROUND. THOSE PEOPLE ARE JUST SOOOO ..

I WON'T EVEN SAY IT.

 

[tangman99]

This is just my opinion on real estate:
1. Never buy any house without an inspection. It's money well spent.
2. Find local financing. There are legitimate online companies but I like the personal attention you get from someone local. I have never had trouble finding a rate as good as the best internet offer locally but you may have to look around.
3. It would be damn hard for any house not sitting on a nuclear waste site that would not appraise for 41K, but I would alway buy on the contingency that the house appraises at selling cost and have an exit clause based on the home inspection.
Just my .02. Value of advice worth price charged.