Greetings everybody,
Alright, this is the situation that Im running into.
Im in the process of purchasing a 3 units apparment building for a low price of $66,400.
The property needs repair that costs in between $5000 and $ 6000. Im doing the financing this way:
I accepted the user’s asking price.
with 80% leander financing, 10 % seller carry back, seller pays the closing cost ( 4 % of Purchase Price ) but the mortgage lender would not allow me to get more than $2500 for repair cost, eventhough the seller has no problem with me getting $5000 for repairs, and is ok with final amount that he will get.
Does anybody know a way so I can that $ 5000 or so for the repair.
All responses are appreciated.
Thank you all
SofianeCT