Financing in 85087>Question Details

Marcelo, Home Buyer in Arizona

Hi! I need to purchase a home with 7 aces with hard money ! value of the house $370.000

Asked by Marcelo, Arizona Sat Jan 10, 2009

My question is can I get hard money loan if the house that I want worth between $350.000 to $370.000 and I am getting it for $260.000 with a huge potential in land subdivision? what is the maximum LTV allowed? I also can buy it back from the hard money lender at higher price so they can make a profit in less then 60 days, I will refinance the property, and put a loan on the acres.

I need to buy this property with the PARTIAL RELEASE CLAUSE in order to get a loan on the acres and refinance to paid off the loan to the hard money lender.

If somebody knows an investor who want to make money real fast and also be flexible to work it out with me.

This property will be my home and I am not an investor I want it for my family and horses.
The land is already subdivided in 5 1 parcel acres , but the deed right now is in the whole 7 acres with the house $ 260.000

Credit is good but I do not have enough income to qualify with regular banks.

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Lucinda Tkach’s answer

It is difficult to qualify with out enough income, however you may be able to get a co-signer.

I have a comlete list of homes available in that area with acreages.

Feel free to contact me if you have any other questions.

Lucinda Tkach
Windermere Central LLC
0 votes Thank Flag Link Sun Jan 11, 2009
If something seems to good to be true, it usually is.. In that zip code you have a lot of floodway. There are plenty of hard money investors around, however at that price if the property were valued as low as you think it is, someone else would have grabbed it by now. I strongly recommend you do more due diligence to find out why there is 7 acres and a house for $260K. Prices have dropped in New River, but not that much. If you have the Assessors parcel number, check the maricopa county web site or FEMA and look up the floodplain/floodway status. You can build on floodplain but not floodway. Dividing a property is easy and cheap,and does not require any approval other than it follow the R-43 zoning in that part of the county. There may also be deed restrictions that you don't know about that prevent you from building on the other acreage. For instance, in Sabrosa, you can divide all you want, but those parcels are deed restricted to 5 acre mimnimums for building. Buyer be ware... If you can't do the due diligence yourself, get a realtor who works the area and be happy to have him/her on your side.
Good Luck.
Elaine Lekas
0 votes Thank Flag Link Sun Jan 11, 2009
the house is worth 260,000 that is why it is for sale for 260,000 otherwise it would be for sale at a higher price.
0 votes Thank Flag Link Sun Jan 11, 2009
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