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Buying at a Discount |
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I have an opportunity to purchase a vacation home at a large discount and wonder can I get a mortgage for 80% of the value of the home even though the sell price is discounted at 40%. I would like to get a mortage for the 80% and pay other bills off to make it work financially. What kind of mortgage will allow this? |
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No kind that I know of. You have no proof that the place is really worth more than you're paying, and especially in these difficult times, no reputable lender will let you borrow more than you're paying for the property. The value of the property is defined as "what someone will pay". Have you any proof that anyone has paid full price recently? If so, how come you can buy at 40% off?
At any rate, you can't borrow more than you're paying for the place, not these days. |
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Edith
Originally published on February 1, 2008 |
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