Who paid for the appraisal? If you paid for it, I'd ask the appraiser to give you the details of what they added or subtracted to get their results. Check the dates the comparables sold. Since the market is what it is, banks are being very conservative about lending. They only loan a percentage of what the value is, so if the appraisal wasn't high enough they won't do the loan. Try to contact the bank and see if they can do anything else to help. Most banks are working with people now. You can get another appraisal, and if it comes in higher, then the bank may use an average of the two.... more
Niles, if buying a SFR (single family detached residence) as an investment, you can secure mortgage financing with residential lending terms. This said, mortgage financing with residential lending terms will require closing in your individual name(s) rather than a Corp, LLC or etc. This also applies to multi-unit property (up to 4 units).
A property that is more than 4 units will require commercial mortgage financing. In this scenario, financing can allow for application, closing and titling under a Corp, LLC or etc. Similar to residential mortgage financing, commercial lenders will require some history from the Corp, LLC or etc as part of their review for loan underwriting and decision.
If you have more specific questions, you are welcome to contact me for a detailed consultation.... more
I moved from Des Plaines a few years ago. I had the worlds greatest Realtor sell my house.
Her name is
Jan Goczkowski email is Jangocz@aol.com 847-228-8713
She knows that town inside and out. We moved to AZ. Jan had my home staged, had the floors redone, had it cleaned a few times. made repairs. took care of the spa, and the koi pond. Marketing, Open Houses. Excellent negotiations
She got it sold. in the winter.
I don`t want a referral fee, She deserves everything she earns.
She is a Realtors, Realtor.