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I am buying a home via a probate sale, all cash. The cash is being provided via hard money, I plan on putting my cash into fixing the property up. The upside after the repairs is substantial and I would like to take out a mortgage and get the highest amount once the house is livable. I plan on living in this house for 5 plus years.
How would you recommend doing this. My offer is already accepted in my name.
Any insight would be appreciated!
Comments
Conventional Lenders will require ownership of the property for 6 months before allowing a cashout refinance, so if it depends on whether you are paying off a Hard Money Loan that is recorded as a lien, or if this hard money is a sort of "personal loan" to you. If no lien is recorded on the property, then you will be considered a "cash out" transaction, therefore the 6 month wait. I would also suggest that you document all repairs (photos, reciepts, etc.) if you are hoping the home will Appraise higher after repairs.
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