I found a house that has been foreclosed on that the people were in the process of remodeling. The house is about 85% complete, and now the bank wants a cash deal in order for anyone to purchase because the property isn't finished 100%. Is there a special loan I can get to make the bank happy and allow me to finish the property?
2007-12-09 05:25:40 · 6 answers · asked by Steve 1 in Business & Finance ➔ Renting & Real Estate
Why not ask the Bank?
2007-12-09 05:28:33 · answer #1 · answered by Scouse 7 · 1⤊ 0⤋
No, because if it's not complete, you won't have a traditional bank to finance that option...at least not as a mortgage.
You will have to get a personal loan or a private loan, and then refinance to a conventional loan at a lower rate when the property is 100%.
2007-12-09 06:32:58 · answer #2 · answered by Expert8675309 7 · 1⤊ 1⤋
Hi.
I am Clara and i saw your question about needing a loan,In the internet they are alot of scams out there.I decided to answer your question to prevent you being scammed.
I got a loan of $150,000 from an agency online and i was lucky not be scammed.
Contact them at email:globaly_aquinted_org@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier
2007-12-13 01:52:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you can get a cash out loan package from a different bank after purchase if the house has enough equity. meaning one payment and not a second mortgage.
2007-12-09 05:36:18 · answer #4 · answered by happygirl 6 · 0⤊ 1⤋
Check with the forum on some websites that specialize in this.
2007-12-09 05:29:06 · answer #5 · answered by Anonymous · 1⤊ 0⤋
In this city there are agencies that will give you money to finish if your income is low enough
2007-12-10 03:44:00 · answer #6 · answered by Classy Granny 7 · 0⤊ 0⤋