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Message
Attempting to buy rental- seller wants cash offers only
Posted on 1/30/14 at 7:14 pm
Posted on 1/30/14 at 7:14 pm
And good advice in this situation? Is it because he thinks it won't appraise well since it does need some work before being able to be rented? Or is he afraid the bank just won't finance it?
If I end up paying cash, can I fix it up and then go to the bank and get a loan at that point?
If I end up paying cash, can I fix it up and then go to the bank and get a loan at that point?
5
Posted on 1/30/14 at 7:21 pm to Htown Tiger
A pre approval is really all he should ask for.
He'll. A cash buyer will care about the appraisal coming in at the sale price too
He'll. A cash buyer will care about the appraisal coming in at the sale price too
Posted on 1/30/14 at 7:24 pm to Htown Tiger
I hope you are getting a hell of a deal. Yes, you can go back to the bank after the property is on solid financial ground.
Posted on 1/30/14 at 7:37 pm to Htown Tiger
If you do this please be smart and protect yourself with title insurance.
Posted on 1/30/14 at 8:34 pm to I Love Bama
quote:
I hope you are getting a hell of a deal. Yes, you can go back to the bank after the property is on solid financial ground.
It does have potential. It's a 3%'er. But I was really hoping to finance some of this to keep options open for other properties.
Posted on 1/30/14 at 8:35 pm to VABuckeye
quote:
If you do this please be smart and protect yourself with title insurance
Yes definitely. Is it unreasonable to ask the seller to pay for it?
Posted on 1/30/14 at 8:36 pm to Htown Tiger
Posted on 1/31/14 at 10:10 am to Htown Tiger
investment property loans are not as easy as everyone may think. you can not get a HELOC on an investment property. if you cash out the investment property to pay yourself back the max LTV you are going to get it 75% you also cant claim the rent as income until its been on your tax returns for 1yr. investment property rates are also 1% highter than normal interest rates
Posted on 1/31/14 at 1:34 pm to hawkeye007
quote:
investment property loans are not as easy as everyone may think. you can not get a HELOC on an investment property
I was thinking of getting a HELOC against my current/main home and using that to pay "cash" for the property.
Posted on 2/1/14 at 7:46 am to Htown Tiger
If a cash offer does not immediately put you out of the game, make a cash offer contingent on appraisal. If it doesn't appraise and you want to walk, walk.
If you think that will red flag the guy, make it contingent on inspection. While inspecting it, have someone come by the bank and appraise it. If you don't like appraisal, maybe the inspection didn't go as you hoped and walk away.
Even if someone is selling "as-is", or "cash-only", it doesn't mean you can't put "outs" in the offer.
If you think that will red flag the guy, make it contingent on inspection. While inspecting it, have someone come by the bank and appraise it. If you don't like appraisal, maybe the inspection didn't go as you hoped and walk away.
Even if someone is selling "as-is", or "cash-only", it doesn't mean you can't put "outs" in the offer.
Posted on 2/1/14 at 10:05 am to ItNeverRains
It's been my experience that "cash offer" really just means that the contract can not be contingent on financing.
Posted on 2/1/14 at 1:52 pm to I Love Bama
quote:
It's been my experience that "cash offer" really just means that the contract can not be contingent on financing.
Correct. Still can make it contingent on anything else you want. Just need the seller to agree :)
Posted on 2/3/14 at 12:34 pm to ItNeverRains
keep in mind you have to hold it for 6 months before you can finance it. I am going through that with our newest purchase now.
Posted on 2/3/14 at 1:10 pm to ItNeverRains
quote:
make it contingent on inspection. While inspecting it, have someone come by the bank and appraise it. If you don't like appraisal, maybe the inspection didn't go as you hoped and walk away.
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