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Home Buying in Puritas-Longmead : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling0
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Activity 2
Thu Nov 20, 2014
Darius Ringfield answered:
I can!
Example:
Purchase Price: $45,000
Rehab - $10,000
As-Is Value: $ 100,000
In this scenario we can provide 100% of the purchase price plus $5,000 towards the rehab or $50,000 in funding

Example on Funding for Refinance:
Rehab Refinance: 65% of the As-Is Value (funds will be placed in Escrow with a scheduled draw for rehab on property)
Cash-Out Refinance: 50% of the As-Is Value
Example of Funding for Cross Collateralization:

Purchase
Purchase Price: $80,000
As-Is Value: $99,000
Rehab Needed $15,000

Refinance of Free & Clear Property (Collateral)
As-Value: $70,000
50% of Value: $35,000

$64,000 – Fund towards Purchase
$35,000 – Fund (Free & Clear Property 50% of Value)
$99,000 – Total Loan Amount w/Purchase & Asset)

$99,000 – Loan
$80,000 – Purchase
$19,000 – Left Over
$15,000 – Rehab
$4,000- Left Over after Escrow Rehab to use towards closing costs


· No credit! Check flat 15% if you don’t want your credit pulled.
· We can lend up-to 65% toward Rehab cost.
· Five home max for blanket loan.
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Wed May 28, 2008
Jed Lane answered:
What a mess. You should contact an attorney to be sure that you are protected. You can call the broker/manager of your agent and speak with them if you haven't already done that. I can't imagine this occurring in my office. As the manager I'd be aware of the situation and I'd be calliing you and the other broker.
So many other questions. Where is the money from your loan. Are you being charged interest on a loan that is sitting in escrow.
You really need an attorney! How can tthe title company let you or anyone esle for that matter believe the sale concluded when it didn't. It is pretty clear that you don't own the house at this point because that will only occur when it is recorded with the county.
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