Owner carry contract: balance owed aprox. $97,000.00...assessed value last year: $120,000.00. If property
were to be financed through regular financing means, would the difference in balance owed vs assessed value, help obtain the alternate financing?
Answers (1)
FIRST ANSWER
I'm no Attorney or a Mortgage Lender but, I believe if you get a conventional loan the assessed value of the home or property has no bearing on how much the lender is willing to lend. The lender will call for an appraisal and that will determine the amount the lender will finance and the amount, if any is necessary, which you would ask the owner to carry.
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