Did you know that if a home has water spots on ceiling tiles, broken windows, is missing a stove, or missing cabinets or countertops, the lender may not lend on the property? There may be ways to overcome these deficiencies and still get a loan on the property. There are many properties that are very well priced, but they are in disrepair or missing pertinent household items. If this is the case with your property, make sure you work with your lender. This post will discuss some of these options. One way is for the parties to negotiate the repair...
Category: Distressed Properties
LENDING ON DISTRESSED PROPERTIES IN ARIZONA, PART II
By John R. Rapasky You comment, we listen. Since the last post, many of you commented that you wanted more information regarding this topic. This post discusses 3 different loan programs for the purchase of distressed property. We work with lenders who provide all 3 programs and would be happy to help you with your scenario. The first is the use of an escrow holdback. An escrow holdback can be used on an investment property, primary residence, or second/vacation home. An escrow holdback is where the cost of the repairs are kept in an escrow account at the title company...
June 28, 2009June 28, 2009john