Jjjoe, Home Buyer in Oceana County, MI

i am looking at a home with property but they only exept cash deals. Is there any type of loan that i could apply for for it? jjjoe2140@yahoo.com

Asked by Jjjoe, Oceana County, MI Tue Mar 22, 2011

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8
If they are only accepting cash, most likely no. Are you working with a local agent or Realtor? If not, I urger you to as they can help you fine tune search. For example, find you a property that will allow the type of financing you are approved for. Are you pre-approved? If not, that should be your first step in the process. Best of luck.
Spirit
1 vote Thank Flag Link Thu Mar 24, 2011
yes if you want to get a Loan, can you Contact this Company and they will give it to you, they are good and lovely to give a Loan. cloancompany@yahoo.com
0 votes Thank Flag Link Fri Oct 5, 2012
Jjjoe,
Your question is in the Hamilton Heights category, though your identifying info says you are in Michigan. I am going to assume you are asking about Hamilton Heights in NYC. If that is the case, many of the answers below don't apply because they are not specific to the NYC market which is truly unique.
In NYC if there are not 51% of units in the development sold or in contract, you will not be able to get a mortgage. You can, however, have a signed contract stipulating that when they reach that threshhold, you can close. That is common. Once they hit that thresshold, everyone closes like dominoes.
There are other reasons in NYC why a bank won't lend on a specific building. One is if too many units are rented out and not owner-occupied. Another is if the sponsor has withheld too many units or any other purchaser owns too many units - no individual or entity can own more than 20% of the units.
I conditions truly exist where banks won't lend on a specific building, there are other options. One is a portfoliio loan. This is where the bank keeps the loan in-house and does not re-sell the debt on the secondary market. Your rate will be higher and you may need to deposit substantial assets with that lender.

There is a great variety of terrific buying opportunities in the city right now, so if that particular building is not working for you, there are many other great choices. I suggest you work with an experienced, skilled agent who can streamiline your search, negotiate on your behalf and overcome any obstacles along the way.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
212 381-4268
jlevy@halstead.com
http://jenetlevy.halstead.com
0 votes Thank Flag Link Sat Mar 26, 2011
The 2 biggest reasons sellers only want cash offers are, #1- the prpoerty is need of repair and will not be available for financing through a conventional mortgae. #2- the seller has had held title for a few months and that limits their options for buyer who would try to obtain a mortgage because of the anti flipping laws. In either situation have your agent look into the resons why. If it is an issue due to repairs on the property, you can get either a conventional renovation loan or a 203K. Both of these loans will give you the money to buy the home and the money for the necessary or recommended repairs in addition to any updating you would want to do.
Web Reference: http://www.best203K.com
0 votes Thank Flag Link Fri Mar 25, 2011
Interesting question I suggest you contact Jacob Letowsky of Metlife, he's at jletowsky@metlife.com or 212-329-0933. Please note I do not receive compensation for referrals, best of luck.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Thu Mar 24, 2011
Hello Jjjoe,

Did you ask why they only want a cash deal?

Regards
fern Hamberger
Sr. Asso Broekr
Citi-Habitats
fhamberger@citi-habitats.com
0 votes Thank Flag Link Thu Mar 24, 2011
Are they only accepting cash deals due to any permit/co issues.....what is your agent advising...
0 votes Thank Flag Link Tue Mar 22, 2011
if you want to buy the property as an investment then you can get a hard money loan if not then you will just to find a conventional lender that doesn't require seasoning. it sounds like whoever you are buying the property from has owned the property for a very short period of time or they plan on flipping the property so you need a lender that doesn't want them to hold the property for 90 days or longer.
0 votes Thank Flag Link Tue Mar 22, 2011
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