Need Advice From TEXAS Investors
Texas has some strange laws about cash out refi's. So i need your help, here is the situation;
Rural property valued at approx $190K, owners in BK and foreclosure - got a contract for $140. We'd like to move into this property, but our FICO is 535 & having tough time w/new loan. Seller's Bank already knows there's a contract, and stopped the foreclosure, but no chance of Sub-2 I wouldn't think.?? At least w/o me making up 5 months of back payments, back taxes, etc.
Someone told me that in TX that appraisals have to = contract price on a purchase, which means i won't have a 'real' value appraisal for 6 months.
Any ideas on creative financing? I want this property -- yes i know the emotional thing is not good, we have reasons for wanting it but it's still a good purchase.
Any help/suggestions/advice is appreciated. Texas laws are so much diff than other states. I have been told in TX you can't get a cash out refi for more than 80% of total value of home.??
Thanks
Short answer, you can purchase it (assuming you can get financing) but you won't be able to cash out any of the equity right now. That will have to come later.
My advice, MOVE ON. You are too emotionaly attatched to the property.
Pay off some debt, get your FICO up, save some cash and then start investing RE.
CR