My delima is that I have several properties that were inherited but do not have any large amount of money saved up. I found a house that I want to buy right now so I must sell my inherited property. My question is what kind of loan should I get for now until I can sell my properties I have now? It will take probablly 6 months to liquidate them I am guessing. I definitely want to get the house I found so I need the money NOW. Any help will be gladly appreciated. Thanks.
2006-11-13 01:25:42 · 6 answers · asked by Collector 1 in Business & Finance ➔ Renting & Real Estate
You say 6 months? Why not just purchase an option to buy for a year? If your property moves, you'll have the money to buy and no loans.
2006-11-13 01:33:27 · answer #1 · answered by jelesais2000 7 · 1⤊ 0⤋
There are several options that allow one to finance 100% of the value of a property. You can take out an 80/20 loan, and when you sell a property, pay off the second lien and whatever you want to on the first lien. Take the lowest rate/closing cost loan you can, since you will be paying it off soon, there's no point in paying a bunch of costs to get a lower rate, etc. You can even take a rate slightly higher than the current market, which will in turn give you money back that you can use to eliminate your closing costs. Another thing you can do is ask for "seller's concessions" which means that the seller pays your closing costs for you as part of the purchase agreement. Most lenders typically allow 3% of the purchase price for seller paid costs.
2006-11-13 11:48:48 · answer #2 · answered by Justin 3 · 0⤊ 0⤋
Well there are several options you have that would take a deal of time for me to elaborate on. But in short you could refinance the the properties either via option arm which would allow you to have a payment of as low as 1% if you qualify or take out a convential mortgage either way you would want to do these with a no prepayment penalty as it is your goal to sell them as fast as possible. Also you will not be able to list the properties before you refinance them. If you would like more information or even to get a fast, free, quality approval with access to the best pragrams, low rates, and great service, log onto my company site http://www.justgetaloan.net/ . If you would like further assistance feel free to contact me at 866 530 7300 ext 7305 or email me Jenold Freeman at jfreeman@justgetaloan.net
2006-11-13 11:37:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This is an easy fix and can be handled quickly if done properly.
I run a large mortgage company and train loan officers to handle just this type of situation.
I also write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful and if you don't find what you need there get in touch and I will be happy to assist you.
2006-11-13 12:06:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Payday loan is not such a good thing to resolve your problems. I borrowed $300 a month ago and APR was very high. Be ready to pay about $10 for each $100 borrowed. If you still wanna get it I can suggest you the website I used:
http://maxbuxer.com/finance/payday-loan/
2014-06-12 08:12:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Get a regular mortgage with the best rate you can and no early payoff clause. That way, if your inherited properties don't sell, you don't get into a financial bind and when they do sell you just walk into the bank and pay off the note.
2006-11-13 09:28:29 · answer #6 · answered by parsonsel 6 · 1⤊ 0⤋