Posted on: 29th Jul, 2009 09:41 am
my lender will not lend me money to purchase till repairs are made. If she quit claims the property to me can i take a construction loan on the property, fix it them take a seconhd loan on the property for the asking price minus the repair costs?
jennifer i don't comprehend. who is "she" and what kind of transaction are you wrapped up in?
she would be the 92 year old lady who just wants out of the house she owns outright no paperwork yet no transaction just my lender telling me the loan is approved upon repairs
Hi jennifer!
Welcome to forums!
The old lady can transfer the property to you with the help of a quitclaim deed. Then you can take a home improvement loan in order to repair the property.
Sussane
Welcome to forums!
The old lady can transfer the property to you with the help of a quitclaim deed. Then you can take a home improvement loan in order to repair the property.
Sussane
however, sussane...jennifer has told us the loan is approved "subject to the repairs being done." that won't allow for a home improvement loan - at least from that lender.
jennifer, there are probably lenders who still offer home improvement loans that might allow you to do the repairs necessary - you may want to check into that. also, a 203K loan for rehabiliation/repair would afford you the ability to obtain a mortgage right away, including the funds required to do the work. check with your lender to see if this is available; if not, you can certainly check around for that also.
jennifer, there are probably lenders who still offer home improvement loans that might allow you to do the repairs necessary - you may want to check into that. also, a 203K loan for rehabiliation/repair would afford you the ability to obtain a mortgage right away, including the funds required to do the work. check with your lender to see if this is available; if not, you can certainly check around for that also.
Thank You,
George, I got a great deal dropped in my lap when this property was dropped in my lap. The property was appraised at $141,000 a year ago and I offered 90 and they took it. Can you see why this is so important to achieve this. I'm in my 40 and could never afford a house.
I was trying to obtain and use a Home$tart grant for half my down payment. I am rethinking that. I may just beg and borrow the money and not use the grant package. I was also told that banks usually don't ask to see the Inspection Report. In this case I am glad I went this way. Otherwise I my not have known about the thousands of dollars the crawlspace needs.
Sussane, I spoke to a title co. in town. He said my idea has so many red flags flappin in the wind that it will draw alot of attention. I live in Oregon and they passes a bill in '95 about elder abuse. Jessie moved to assisted living two hours away to be by her daughter and grands after her husband passed away.
Please ask and comment. I am an open book where this is concerned It August today!
George, I got a great deal dropped in my lap when this property was dropped in my lap. The property was appraised at $141,000 a year ago and I offered 90 and they took it. Can you see why this is so important to achieve this. I'm in my 40 and could never afford a house.
I was trying to obtain and use a Home$tart grant for half my down payment. I am rethinking that. I may just beg and borrow the money and not use the grant package. I was also told that banks usually don't ask to see the Inspection Report. In this case I am glad I went this way. Otherwise I my not have known about the thousands of dollars the crawlspace needs.
Sussane, I spoke to a title co. in town. He said my idea has so many red flags flappin in the wind that it will draw alot of attention. I live in Oregon and they passes a bill in '95 about elder abuse. Jessie moved to assisted living two hours away to be by her daughter and grands after her husband passed away.
Please ask and comment. I am an open book where this is concerned It August today!
you may apply for a second loan, but if your partner has an existing loan on the property, then after the quitclaim deed is signed, you'll have to refinance the existing loan first. you can even try for refinance with cash out which may help you in making repairs to the property and you do not need to take a second loan.
boy did that one confuse me!
partner?
existing loan?
refinance with cash out?
oh well...jennifer it's not only august but we're now 3 days into it...can you elaborate a little bit more on what you actually might end up doing, please?
partner?
existing loan?
refinance with cash out?
oh well...jennifer it's not only august but we're now 3 days into it...can you elaborate a little bit more on what you actually might end up doing, please?