I am trying to find financing for a condo I purchased, the owner is doing a carryback on the balance. If anyone knows of a company that can do the funding, I would greatly appreciate it. Thank you.
2007-01-18 15:37:34 · 2 answers · asked by jeff 2 in Business & Finance ➔ Renting & Real Estate
What state? Each state has different rules regarding loans and who can do them. I am registered in Utah and several other states. Email me, and I will see if I can help.
2007-01-18 15:41:41 · answer #1 · answered by moonman 6 · 0⤊ 0⤋
1. What state are we talking about?
2. How many units? The total number can make a difference when there is no HOA.
3. Why is there no HOA? How are the common areas dealt with? Do the present owners not want an HOA? Any reason an HOA can not be created (following the laws in the state)?
4. Have you asked people who already have loans what lenders they are using?
5. Assume that in the future when you go to see the next buyer could have problems is there is no HOA. Hence the value of the property can be impaired. This means that you should have received a large discount if the property is difficult to finance. A property's value is based on who can buy it and when financing is not available there are many fewer buyers. As the seller offered financing they might already know there is an issue.
2007-01-19 15:26:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋