Can't you get a rehab loan from a hard money lender? You said it would be worth $400K after rehab right?
Otherwise, I would only conclude that one of the parties you are dealing with is interested in the property for himself whoever that is.
Ernie
tripn88 <tripn88@yahoo.com> wrote:
tripn88 <tripn88@yahoo.
It isnt 100% its 90ltv. Yes payment was to be paid at time of auction and so it was. We consulted our own attorney and she said, since the Attorney General approved sale as is, it can be carried out as such. County attorney does the closing and rules are if you cannot pay the balance by date given, then you forfeit the property back to county. No extensions allowed. I can put it in a mortgage with a bank once we close on it. It is in my partner's name and she has great credit. Banks we consulted would not accept driveby, partial or online appraisals...we tried all those. Value is there its a great piece of property. Even the banks called the county and tried to get them to cooperate.
Martin Bail <ambisfree@yahoo.com> wrote:Hard money will be tough when it's being purchased at 100% of retail value. Even with 10% down, it's still a 90% loan. Was the down payment made directly to the county? If it was, and the county is refusing to allow access to appraise the property, then the county is not acting in good faith. What were the terms of the agreement? Did it state that you would be seeking financing? If so, then the county was aware that you would need an appraisal, but is deliberately refusing to allow it now. You might try to speak with someone in higher authority there and explain the situation. Maybe ask for an extension to allow for the appraisal and completion of financing. If that doesn't work, I would let them know that you will seek legal counsel for help. Then get a referral to a real estate attorney in your area and ask for an initial consultation. If you call your local bar association, they will often refer you, and the attorney may offer a discounted consultation fee.Good luck!Martin
Crystal <csbeauty@yahoo.com> wrote:Why can the contractor go in and not the appraiser? Why not use HM?
--- In CREI-Alliance@yahoogroups. , tripn88 <tripn88@...com > wrote:
>
> Hi all. I hope you had a good holiday season and ready to make great
investments and prosperity in the new year! I have a situation I need
help with. My business partner and I got a house at a tax foreclosure
sale. We bought it for $289k. We paid $28,900(10%) down on it.
Problem is we need to close the deal with the county by Jan 14th or lose
our down payment. My partner's ficos/credit is good. Problem is the
county will not allow us inside the house to do a full appraisal. WIthout a
full appraisal we cannot get the mortgage done by an institution. I need
a short term loan of $260,100 so we can close the deal. Once we close I
can put it into a mortgage and pay off the shortterm note. Can anyone
help me out with this? Time is of essence and I need to do this quickly.
We had an appraiser to do a onsite appraisal and the value without
them going inside is $290,000. I had a contractor wo was inside the
house to give me a professional opinion and she said the house is a
> great rehab project and there was no apparent damages to the
inside. The house has been empty for 3-4 years. Can someone help me
out with the shortterm loan please?
>
> Thanks
> Eva
>
>
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