Cash Back At Closing Needed-what Are The Steps
I am purchasing a home 50% below market value and would like some cash back at closing how should I structure this deal with the lenders?
Should i use a hard money lender or Conventional? How much can I take out to do repairs, purchase other properties etc.
Excellent reply Ralph! I guess some people just don’t realize they’re committing loan fraud. And if they get caught, the penalties are harsh.
Reinvestorca – You’re right. If a seller does do it, they would be liable for the additional taxes on that amount. But that should be the least of their worries.
: )
if the house needs work, there are lenders that will give you $$ to fix the place up with a short term loan based on the price being significantly below the value fixed up (backed up with an appraisal)
Unfortunately, My husband and I got taken when we purchased our home a year ago. We were told, by the seller, who is also a lisenced relator and the broker, that it was ok to get money back after closing because the house was appraised for more than the asking price. Needless to say we found out a few months after that we had been had. We have recently hired an attorney here in KC Missouri an have reported this to the attorney general. I hope they get these guys and make them pay monetary and prison.
[addsig]
What if it was on the HUD? I have heard mix comments..
Merry Christmas
With the new laws in effect, my understanding is that you can not take out a HELOC on investment property until the loan is seasoned no matter how much equity you have in the home. My bank told me "seasoning" is anywhere from 6 mos to a year.,( usually a year)
how would a LLC get financed? Is it with or w/o a personal guarentee?
To my understanding, the advantage of putting Title into an LLC even if you are personally guaranteeing the loan is for asset protection. If someone injures themselves on your property and sues and title is in the name of the LLC, your personal assets are protected from the lawsuit. In other words, any judgements can only be claimed against the assets of the LLC and not your persoanl home or other assets.
One is in Kelseyville California, which is in Lake County. I am asking 450,000 and it is appraising for 490,000. The other is in Eagle Idaho where I am asking 699,000 and it comps for $838,000. I am moving to Europe and need to unload them before I leave.
maybe a loan broker can help. Most can do next day refinancing at new appraised value. So the client can buy it at 699K, you have the appraisal to prove the 830K value, and then they would refi and take that out. Of course they are financing that amount, but it sounds like no matter what the "100K" is actually coming out of there pocket. normally you would just need them to have over 620 credit score. hope this helps