I am not a good writer so please bear with me.
I am about to close my first rehab deal next week. 10/31
In the order to close this deal , I had to use my last option hard money lender ( because of the fees and points they charge). But I had to used them. I completed eveything they wanted and they told me the as soon as I pay for the appriasal, ($415) they would start the proccessing loan. They said the average time to get the appriasal done was 3-5 days. It took nearly 2 weeks, in which I dont believe happen at all. During the application part I had to list my deal, the ARV, and estimated repairs.
Now the appriaser was supposed to contact me so we could schedule a time to see the property. Never did.
This was important to me because ( this would be my chance to go over my initial repairs cost - which could only make sense if they explained.
I called friday, I was told the appriasal was done, and I ask how did he see the property. the lender company feels out a online request to a national service and the only contact they had was mine.
they said they dont now how is saw the property but he must have because the appraisal is done. It wasnt until today they got the actual appriasal back, because of computer problems. It is quite strange that the appraiser agreed 100% on my repair estimates, and to make it seem that he appraised the property his ARV was just a $1000 lower then mine.
Now the problem is, the lending company is not going to allow me room to move funds if I need them. I must commit to the original repair estimate , because the appraiser agreed that whats need to be done.
The house is a two bedroom, that I making into a 3 bed room - its no way the appriaser would have known that unless I told him. I am adding a laundry room, and nother bathroom.- no way of knowing unless I told him, it wasnt anywhere on the repair form to include that… The web based form had specific line items, and no where to put in specific information, I was told this could be done with the appriaser. and entered later. Never happened.
Now I just want to close and refi as soon as possible.
Because if I stick to the original estimate, I will have my general contractor to agree on some things- which would put me in a contradicting situation with him , in terms of lein waivers and keeping I our agreement on the up and up.
So do any one know where, I can get a no seasoninig cash out refi- I just want to close with them, take out no repair money and pay them off as soon as I can.
ARV $ 85,000 purchase price $24,500, repair estimates $24,726, initial funding for closing $28,000 ( fees, closing cost, ect) interest reat 13.8% 4 points
total loan amount if I take out repair cost and monthly payments -$55,200.00