All Topics / The Treasure Chest / Who will loan money on Value (Not contract price)

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  • Profile photo of scratchmescratchme
    Member
    @scratchme
    Join Date: 2002
    Post Count: 56
    October 1, 2002 - 9:54 am

    Hi Everybody!

    I would like to know if there is a bank that will lend money on the value of a property rather than the contract price.

    Thanks,

    VHD

    Edited by – [email protected] on 01/10/2002 11:49:48 PM

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636
    October 1, 2002 - 12:50 pm

    Hey VHD….
    They all say they lend on Value but it just happens that a valuer always sees contract price as the value….Strange the way it always works that way.
    Enjoy
    AD

    A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
    -Sydney Smith

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974
    October 4, 2002 - 8:57 am

    Hi VHD,

    After just getting valuations on 2 wrap properties, it was interesting to find that the property value was the same as the purchase price !!! What’s even more interesting is the fact that there has been NO more properties advertised at the same price of which we purchased our wrap houses. In those 60 days our wrap house gained 10K-20K in growth without doing us doing a thing, this was confirmed by local realators. However the valuation prices still are the cost purchase price..

    Don’t you just love the banks mentality ??? NOT! [:0)]

    Soosh

    It’s all our imperfections that make us perfect!

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