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100% financing on Investment prop (or Primary submission??)

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   posted: Apr. 13, 2008 @ 1:08p
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Hey FW folks - Cam across a single family that's in Prime location. Needs a little work but nothing crazy. It's about 125k below market value - divorce sale. I'm thinking of a 5 year hold - renting it out. I'd rather not lay out cash. The owner owes a small amount so possible seller financing an option however, any thoughts on how to get 100% out on an investment prop - Or , is going primary on the app a good idea.

   posted: Apr. 13, 2008 @ 1:08p

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   posted: Apr. 13, 2008 @ 2:17p
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patieboy34 said:Hey FW folks - Cam across a single family that's in Prime location. Needs a little work but nothing crazy. It's about 125k below market value - divorce sale. I'm thinking of a 5 year hold - renting it out. I'd rather not lay out cash. The owner owes a small amount so possible seller financing an option however, any thoughts on how to get 100% out on an investment prop - Or , is going primary on the app a good idea.Good luck getting seller financing on a divorce sale. The whole idea is to liquidate the asset for the proceeds.

   posted: Apr. 13, 2008 @ 3:26p
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not a typical divorce sale - actually the asking price is about 75% of the appraised value - so 100% financing is not accurate. I'm looking to finance 100% of the loan which again is 75% of the value


lorcha said:patieboy34 said:Hey FW folks - Cam across a single family that's in Prime location. Needs a little work but nothing crazy. It's about 125k below market value - divorce sale. I'm thinking of a 5 year hold - renting it out. I'd rather not lay out cash. The owner owes a small amount so possible seller financing an option however, any thoughts on how to get 100% out on an investment prop - Or , is going primary on the app a good idea.Good luck getting seller financing on a divorce sale. The whole idea is to liquidate the asset for the proceeds.

   posted: Apr. 13, 2008 @ 5:17p
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patieboy34 said:not a typical divorce sale - actually the asking price is about 75% of the appraised value - so 100% financing is not accurate. I'm looking to finance 100% of the loan which again is 75% of the valueSo what's atypical about it? Sounds bog standard to me.

   posted: Apr. 13, 2008 @ 10:21p
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patieboy34 said: It's about 125k below market value .


Market value is whatever it will sell for now.

   posted: Apr. 13, 2008 @ 10:58p
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patieboy34 said:not a typical divorce sale - actually the asking price is about 75% of the appraised value - so 100% financing is not accurate. I'm looking to finance 100% of the loan which again is 75% of the value.If it is selling at 75% appraised value, then the appraisal is overstating the market value by 33%. Unless you are putting up some cash, you are financing 100% of the value.

   posted: Apr. 14, 2008 @ 12:43p
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patieboy34 said:Hey FW folks - Cam across a single family that's in Prime location. Needs a little work but nothing crazy. It's about 125k below market value - divorce sale. I'm thinking of a 5 year hold - renting it out. I'd rather not lay out cash. The owner owes a small amount so possible seller financing an option however, any thoughts on how to get 100% out on an investment prop - Or , is going primary on the app a good idea.

Going primary on a property that is really investment?

I would avoid the felony if it were me.

   posted: Apr. 14, 2008 @ 3:17p
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chocula said:
I would avoid the felony if it were me.

On the last investment property I purchased, my mortgage broker said to check the "residence" box because I would get a lower rate...

   posted: Apr. 14, 2008 @ 4:27p
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going or stating primary is fraud.

   posted: Apr. 15, 2008 @ 11:39a
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newlin99 said:chocula said:
I would avoid the felony if it were me.

On the last investment property I purchased, my mortgage broker said to check the "residence" box because I would get a lower rate...

Two felonies with one loan..... (two birds with one stone)

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