First I wanted to say what a great site this is. It has helped me to get to the point where I’m at now, which is buying my first property. Here is what I have… An REO that will cost $35,000. Repairs to bring the house back to standard with the neighborhood would cost less than $4000. The comps ran by my realtors show that houses in the neighborhood with similar sq footage are being sold for 70-80,000. My plan was to get a loan from a finance company, however I would need to get an appraisal on the house. My realtor said that a low appraisal now would hurt me when fix it and turn around and sell it in a month. She said that the buyers would get an appraisal when I sell it and it would be low because of the first low appraisal that will be held in a database. It has happened to her before.
- Is there any way I can get a loan for the 35,000 without an appraisal? (Btw, I am 22 with no job, no assets of any value, in a new town, and have no rich friends, relatives, I don’t even have a doctor so I havent found any Private funds and cant get a loan secured by other assets)
This is the final roadblock in the buying process that I have come across. I’ve gotten around all the others and so I know there has to be a way around this one.
- Has anyone else run across this problem ever before or am I worried about nothing?
Thank you so much for reading this and any input you give will be greatly appreciated