Hi all
House update
Realtor appraisal ( very well written and substantiated)
List price $550k
Sales price $515-$525k
Wow! Average price in subdivision $575k in past 6 months
AND
bank who owns mortgage/house now gave me an extension til 2/28
My broker sent the appraisal to the new hard money lender and we await the (hopefully) increased loan value. Settlement w old bank is $297,500. Lenders points are 6. Interest rate 12%. I have $33k and the potential to raise $5-15k more. Any overage I decided I will fully fund the 'rental emergency fund' so that is at $15k
Prayers!
(for those who asked I have no other option to keep the house except to settle out w the bank.)
House update-maybe some good news
January 27th, 2014 at 08:51 pm
January 27th, 2014 at 08:57 pm 1390856239
Sounds good! Fingers crossed for desired outcome. Glad the extension came through. Extension = less stress!
January 27th, 2014 at 09:14 pm 1390857243
Now it's just a matter of getting a hard money lender to commit and get this closed. Closed means no more meddling from folks that don't have your best interest in mind and a lot less stress for you.
Any news on the two unit? Were you able to talk them into a short sale?
January 27th, 2014 at 09:25 pm 1390857948
January 28th, 2014 at 01:40 am 1390873232
January 28th, 2014 at 01:24 pm 1390915467