A description of a foreclosure says CASH ONLY, does that mean a bank won't finance the property because of the state of the house.

Asked by Tamara Lacy, Seymour, TN Sun Jan 13, 2013

property listed at 74,500, but appraisals say it is worth 149,900.

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3
Kimberly Haz…, Agent, Sevierville, TN
Sun Feb 24, 2013
Most times that is what it means. However, I have seen Renovation loans go through on these properties.
0 votes
Deanna Mende…, Agent, Knoxville, TN
Sun Jan 13, 2013
Yes - when the description lists 'Cash Only' the home typically needs significant repairs that would prevent you from using it as collateral to borrow money. It could be worth much more than the asking price once the issues have been resolved.
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, ,
Sun Jan 13, 2013
More than likely, that is the case. You can try obtaining a Renovation mortgage as an option.
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