I am looking to buy some property below market value. Can I add my current debt to the equity of new property?

Answers:5   |   LastUpdateAt:2012-09-11 10:19:05  

Question
Nakum Bakul
Asked at 2012-08-15 00:33:03
That will have about 125K of equity in the new property and want to consolidate our existing mortgages, auto loans and credit cards.In everything we save about $ 600 per month , has anyone done this before?
Answer1check this please!!! thank youAnswered at 2012-08-15 09:58:03
Sounds like you found a great deal. Good luck with the
purchase.
No, you can do what you asked .

Although you may be buying the house with built in equity is not yours to use at the time of purchase. The lender will use to purchase the lesser of the purchase price or appraised value.



Jeff Drew,
Answer2Kim P.Answered at 2012-08-18 19:57:02
Can you sell this new property of 125k over what they pay ? Until you do not have to
equity.
Maybe you can add your debt, which is apparently what people have been doing all along . And you can probably find a bank to make the executives are paid big money to lose money. Then you can complain about being "under water" and demand that someone help you.
Answer3kirsAnswered at 2012-08-20 23:53:03
No you can not . The mortgage lender will not give more than 80 % of the cost of the property. What I have in mind is part of the big financial mess most people are and why they are losing their homes
Answer4LeaghAnswered at 2012-09-04 06:35:03
Equities are almost impossible to assess at this time due to deflationary unknown components . Meaning , no bank will give you a realistic assessment of equity because now nobody knows what will happen in the next two years . MedlinePlus MedlinePlus Furthermore , the purchase of goods below the market value could be an allusion much . If not, then sell it immediately after buying to extract capital from it. MedlinePlus MedlinePlus In order .. The current economic environment is not like it used to be . Please be very careful ...
Answer5vocative nounAnswered at 2012-09-11 10:19:05
A lender would have to buy an appraisal of the property before the mortgage . It is highly unlikely that the appraiser add much value to the property , beyond the selling price . The only way to know for sure is to find out which of the appraisers are recognized by the lender and pay for an appraisal by someone previously on the list of the lender , to see how much "built in equity " out there. Lenders are tightening their standards , and this is one of the areas that has Lattitude much lower than in the past.
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