2006-08-15 15:55:18 · 6 answers · asked by Meeko 1 in Business & Finance ➔ Renting & Real Estate
Not a prayer. Condemnation is public record, and the title search that all lenders require will pick it up. They might give you a lot loan, based upon the value of the land less demolition and haul away. They won't loan on the value of a condemned structure.
2006-08-15 19:03:14 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The answer is "YES"
But it is not a simple as getting a regular "conforming" mortgage.
So don't call some mortgage company advertise on the radio, but build a relationship with a local private bank or co-op bank.
Why do you want to buy a condemned house? You need to get a certificate of occupancy to move in. Otherwise, do you plan to tear it down?
How much money do you have to make a down payment? Have you considered getting a loan from the seller? That can be the best option in a case like this. If not practical, then you will likely be required to put a minimum of 25% of the appraised value down.
NOTE: the *purchase price* should be based on the land only, and you will not get a mortgage for the condemned building.
2006-08-16 06:40:21 · answer #2 · answered by nathanielgpalmer 2 · 0⤊ 0⤋
It depends on what you are planning to do with the property. Now if you are planning to fix the property up, repair it and make it livable again for re-sell, there are some lenders that will allow you to borrow and repair the property.
You have to find a mortgage broker that deals in sub-prime lending or investor funding as well as construction lending.
The loan-to-value (LTV) will be around 50-60% and it is normally for a short period of time, like say 6 months to a year with a possible roll over of approximately 6 months in the event you run into some trouble with the fix up of the property.
Most lenders will normally require a schedule of the time it will take to repair the property, permits from the various city governments as well as the city's occupancy approval once all the work has been completed. As always an appraisal will be required to secure a loan.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-08-15 20:56:55 · answer #3 · answered by Skip 6 · 1⤊ 0⤋
Nope.
The mortgage company will want pictures and the will send someone out to take them.
2006-08-15 15:59:55 · answer #4 · answered by John M 3 · 0⤊ 0⤋
Read some tips and articles on mortgage and loans on this site
2006-08-15 15:59:57 · answer #5 · answered by Elite female 3 · 0⤊ 0⤋
Bank will have to look at it and see if its worth the risk, now if you can fix it up and turn it into a showplace then maybe...good luck
2006-08-15 16:11:20 · answer #6 · answered by melanietersigni 2 · 0⤊ 0⤋