No, unless specifically mentioned in the contract for such a scenario. Typically, if a property is appraised below (not slightly below) contract price, the lender would ask the buyer to come up with the additional funds only if the lending ratio exceeds the guidelines under which the buyer was approved. Buyer can 1) Review the appraisal report for errors, omissions and provide comps to revise the appraisal, 2) Request a re-appraisal at his own cost, 3) Negotiate the price or incentive with the seller to cover the shortage or 4) Do nothing in which case the lender will back out and the deal will fall through.... more
Thanks for the post. For the most part most Lenders will not do a home equity loan and so its left up to local community banks. Given the situation i would suggest you call and interview at least 3 local Realtors and have them tell you what your home would be listed for post renovation and then get a few quotes from local contractors to see what would be the cost to cure. Then list the home if the number are in your favor with you the seller paying the repairs and some closing cost. So do factor in a 3% closing cost 6% listing cost max and the cost to make the home a gem. This will give you an idea of what you will net after the transaction.
Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from a Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.
I look forward to working with you! And making your dreams a REALITY
5700 Granite Parkway, Suite 200 Plano, 75024
Office: 469-347-3572| Fax: 484-685-7757... more
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This is not un common with these so call investors. I would send him a cease and desist letter and get with a local Realtor and have the property listed correctly. If you have to sell it yourself and need my assiatnce let me know and i will provide you with a a complete how to guide and also help you qualify any potential buyers.
Lowell E. Sterling
Ph | 469.347.3572
Fax | 484.685.7757
5700 Granite Parkway, Suit 286
Plano, Texas 75024... more
If you are borrowing part of the purchase price make sure the lender knows it will be a rental property. Big brother is watching, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
I would love to help you find your new home! I have lived in that area myself until last year and I know the area really well. Please contact me and I will send you the list of properties that match your criteria as soon as they hit the market.
RE/MAX Real Estate Associates
c. 713-534-3018... more
You need to discuss this with your agent right away. It may come down to consulting with a real estate attorney which is I highly recommend you do especially if you still want to finalize the purchase of the condo.... more
Go with the one showing the most RESULTS!
Anyone can promise you the moon but not everyone can show you the the evidence that their process works by simply allowing you to see the RESULTS.
Most brokerages operate on the business model that "IF you pay the fee you are ok with me." They will take anyone on board. One brokerage here in the Tampa area has 3,000+ agents and the brokerage does a whopping number of transactions....untill you ask the right question, one would think this mega broker is at the pinnacle of the real estate industry. Not so.
The right question for those who intend to make money, to be in business beyond two years is, "What is the average annual agent transaction for this office?"
Those brokerages who practice 'accidental' real estate will average around 9 transactions annually. Productive offices, the one you want to be a part of, average 17, 21, 35 transactions annually per agent. These results ARE the validation the system, compensation, training, infrastrucure and support actually WORK and produce RESULTS!
When you have identified the productive offices, beg, borrow, steal...do what you must to join a team or be assigned a mentor. Share your businesss vision/plan with your mentor then simply follow the directions provided. You will learn by doing and earn by completing and all done under the supervison of your mentor.
Be aware, you neither learn or earn warming a seat in a classroom. If you are ready to "hit the ground running" your choice should not be too difficult.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
If your client is looking to do a flip on a property, he can refer to hard money financing. It's used as a short term loan with high interest rate. A lot investors will use this to avoid having to put too much money upfront. The basis of the loan is based upon the ARV (after repair value) of the property. Usually you can get an LTV of 70% on Hard Money loans. In his case he may have to hold onto the hard money loan until he has flipped the property.
Serve Realty Professionals, LLC
If you are shopping for a local Houston lender, please keep CodeMark Financial, LLC in mind. We are experienced in all the available loan products, including USDA. And we work with some of the best Realtors in Houston and the surrounding areas.
Anna Maria Durr, NMLS 266699
CodeMark Financial, LLC
4500 Highway 6, Sugar Land, TX 77478
281-592-0667, firstname.lastname@example.org... more
Come by and see me, Saturday December, 28th or Sunday December, 29th from 1-4pm Bring in the New Year in this beautiful estate! Listing Price $1,125,000! Award Winning Builder, Elite Custom Homes!
Will you continue to work for the same company?
If not, you will need a paystub from here.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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9yr Veteran navigating Mortgages for wonderful clients.... more
I recommend you approach the decision much the same as you would a marriage proposal from a boyfriend that all your friends and girlfriends have bad things to say about....in other words, try to resist the romance of a model home and trust your research.... more