Best Way To Make This As Little From My Pocket As Possible?
I have set up a deal where a seller will take 65K for a home appraised for 80K. It is listed on the MLS. They have little remaining on their mortgage but have been unwilling to take back a note thus far. I have the cash to make a 10% down and fix this up, but I was wondering if one of you could advise me on a better way to take this, with less from my own pocket.
For example, is it legal to make the purchase price 80K with a 15K seller deposit towards the down payment, so that I would have 85% LTV when applying for a loan?
Thanks for all help!
I don't hide anything from my Bankers. Their willingness to loan me money is all about the confidence they have in me. Confidence that I know what I am doing, confidence in my numbers, confidence in my character and on and on. Do not jepordize that relationship!
There are lenders who will lend on the appraisal. Go find one. A good Banker will find a way to meet your needs.
Good luck!
Thanks for the advice. I had been buying and fixing up using pretty conventional methods (and doing fine) up until I began reading stuff on this site. Apparently there are a whole wealth of ways to make things happen that I need to start taking advantage of. But I do not want to jeapordize relationships I have already built up...