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If I buy a foreclosure for $100k under market value what will a lender finance?

Assume the house is worth $250k and my purchase price is $150k. At the time of purchase can I borrow more than the sales prices for some home improvements or do I have to wait to close and refi or go the home equity loan route?
Wed Apr 30 2008, 02:53 - Modesto - Home Buying - 4 answers
 
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Tim
Buyer & Seller
in California
Tim, Buyer & Seller in California in California
Answers (4)
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Chris Freeman was FIRST TO ANSWER
Hi Tim, I recieved this answer from my Lending partner, hope it helps. The Coach
"No you are not allowed to borrow more than the purchase price......unfortunately.....you would have to wait until the value increased to pull money out thru either a refinance or a credit line."

Wed Apr 30 2008, 11:22
Web Reference: http://askEB.com
 
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The lender will require an appraisal of the property. Market value is a completely seperate issue. There are instances where a lender will finance more than the purchase price, but those are very few and far between. Usually a home repair credit line would be necessary. It reaally depends on the appraised value, not the market value.

Wed Apr 30 2008, 09:46
 
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Hi there Tim, I will depend on the lender?
If you like to talk to a lender to figure out some options let me know
Kind Regards
Michael Barron

Wed Apr 30 2008, 09:33
Web Reference: http://www.ntustinhomes4sale.com
 
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FIRST ANSWER
Tim,

Unless you are getting a construction loan at the time of purchase, the lender is probably going to finance you for the sale price only. At least that has been my experience.

Wed Apr 30 2008, 04:20
Web Reference: http://www.OwnGR.com
 
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