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sdrealtor.
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January 14, 2010 at 10:12 AM #502271January 14, 2010 at 10:34 AM #502780
SD Realtor
ParticipantGeorge –
Say you plunk down 600k at the auction in cash to buy the home. Your plan is to then refinance the home as soon as possible. Maybe pull out 500k in cash and have a regular mtg. Well you cannot do that immediately. You need to own the home awhile. For a cash out refi the standard is 6 months but that will vary with lenders. Also the value of your home when you do the refi will determine the limits of how much you pull out. The rate of the mtg will be whatever prevailing rates are 6 months down the line when you do the refi. Bond market dictates where mtg rates are.
Hope I explained it okay.
January 14, 2010 at 10:34 AM #503031SD Realtor
ParticipantGeorge –
Say you plunk down 600k at the auction in cash to buy the home. Your plan is to then refinance the home as soon as possible. Maybe pull out 500k in cash and have a regular mtg. Well you cannot do that immediately. You need to own the home awhile. For a cash out refi the standard is 6 months but that will vary with lenders. Also the value of your home when you do the refi will determine the limits of how much you pull out. The rate of the mtg will be whatever prevailing rates are 6 months down the line when you do the refi. Bond market dictates where mtg rates are.
Hope I explained it okay.
January 14, 2010 at 10:34 AM #502286SD Realtor
ParticipantGeorge –
Say you plunk down 600k at the auction in cash to buy the home. Your plan is to then refinance the home as soon as possible. Maybe pull out 500k in cash and have a regular mtg. Well you cannot do that immediately. You need to own the home awhile. For a cash out refi the standard is 6 months but that will vary with lenders. Also the value of your home when you do the refi will determine the limits of how much you pull out. The rate of the mtg will be whatever prevailing rates are 6 months down the line when you do the refi. Bond market dictates where mtg rates are.
Hope I explained it okay.
January 14, 2010 at 10:34 AM #502139SD Realtor
ParticipantGeorge –
Say you plunk down 600k at the auction in cash to buy the home. Your plan is to then refinance the home as soon as possible. Maybe pull out 500k in cash and have a regular mtg. Well you cannot do that immediately. You need to own the home awhile. For a cash out refi the standard is 6 months but that will vary with lenders. Also the value of your home when you do the refi will determine the limits of how much you pull out. The rate of the mtg will be whatever prevailing rates are 6 months down the line when you do the refi. Bond market dictates where mtg rates are.
Hope I explained it okay.
January 14, 2010 at 10:34 AM #502687SD Realtor
ParticipantGeorge –
Say you plunk down 600k at the auction in cash to buy the home. Your plan is to then refinance the home as soon as possible. Maybe pull out 500k in cash and have a regular mtg. Well you cannot do that immediately. You need to own the home awhile. For a cash out refi the standard is 6 months but that will vary with lenders. Also the value of your home when you do the refi will determine the limits of how much you pull out. The rate of the mtg will be whatever prevailing rates are 6 months down the line when you do the refi. Bond market dictates where mtg rates are.
Hope I explained it okay.
January 14, 2010 at 10:36 AM #502281SD Realtor
ParticipantYep we did jp. We closed yesterday and recorded today.
sdr – Saying it is highly unlikely to work and it cannot work are two different animals. What I find is that with most things in life people simply do not have the time or energy to accomplish getting a property at trustee sale. So it is unlikely to work because of the effort needed by the buyer not because of other factors.
I believe that yes it absolutely can be done. However the amount of time and work is not understood by those who have not actually done it.
January 14, 2010 at 10:36 AM #502775SD Realtor
ParticipantYep we did jp. We closed yesterday and recorded today.
sdr – Saying it is highly unlikely to work and it cannot work are two different animals. What I find is that with most things in life people simply do not have the time or energy to accomplish getting a property at trustee sale. So it is unlikely to work because of the effort needed by the buyer not because of other factors.
I believe that yes it absolutely can be done. However the amount of time and work is not understood by those who have not actually done it.
January 14, 2010 at 10:36 AM #502134SD Realtor
ParticipantYep we did jp. We closed yesterday and recorded today.
sdr – Saying it is highly unlikely to work and it cannot work are two different animals. What I find is that with most things in life people simply do not have the time or energy to accomplish getting a property at trustee sale. So it is unlikely to work because of the effort needed by the buyer not because of other factors.
I believe that yes it absolutely can be done. However the amount of time and work is not understood by those who have not actually done it.
January 14, 2010 at 10:36 AM #503026SD Realtor
ParticipantYep we did jp. We closed yesterday and recorded today.
sdr – Saying it is highly unlikely to work and it cannot work are two different animals. What I find is that with most things in life people simply do not have the time or energy to accomplish getting a property at trustee sale. So it is unlikely to work because of the effort needed by the buyer not because of other factors.
I believe that yes it absolutely can be done. However the amount of time and work is not understood by those who have not actually done it.
January 14, 2010 at 10:36 AM #502682SD Realtor
ParticipantYep we did jp. We closed yesterday and recorded today.
sdr – Saying it is highly unlikely to work and it cannot work are two different animals. What I find is that with most things in life people simply do not have the time or energy to accomplish getting a property at trustee sale. So it is unlikely to work because of the effort needed by the buyer not because of other factors.
I believe that yes it absolutely can be done. However the amount of time and work is not understood by those who have not actually done it.
January 14, 2010 at 11:24 AM #502316sdrealtor
ParticipantI agree and that is why I said highly unlikely and not impossible. Time and energy are one obstacle but there are many others notably capital, willing to take a risk and finding one you like enough to buy that you actually can beat the competition on. As big an obstacle as the work load is, I beleive finding a property you actually want to live in is as big if not bigger.
The one you just closed is not a house most people looking in this area would consider not matter what the price is. Of course if you lower the price enough you attract another level of buyer but I dont think the price could get low enough to do that. It just took a little waiting on your part to find the buyer who would accept that location at a market level price. Congrats on getting it done!
January 14, 2010 at 11:24 AM #502810sdrealtor
ParticipantI agree and that is why I said highly unlikely and not impossible. Time and energy are one obstacle but there are many others notably capital, willing to take a risk and finding one you like enough to buy that you actually can beat the competition on. As big an obstacle as the work load is, I beleive finding a property you actually want to live in is as big if not bigger.
The one you just closed is not a house most people looking in this area would consider not matter what the price is. Of course if you lower the price enough you attract another level of buyer but I dont think the price could get low enough to do that. It just took a little waiting on your part to find the buyer who would accept that location at a market level price. Congrats on getting it done!
January 14, 2010 at 11:24 AM #502169sdrealtor
ParticipantI agree and that is why I said highly unlikely and not impossible. Time and energy are one obstacle but there are many others notably capital, willing to take a risk and finding one you like enough to buy that you actually can beat the competition on. As big an obstacle as the work load is, I beleive finding a property you actually want to live in is as big if not bigger.
The one you just closed is not a house most people looking in this area would consider not matter what the price is. Of course if you lower the price enough you attract another level of buyer but I dont think the price could get low enough to do that. It just took a little waiting on your part to find the buyer who would accept that location at a market level price. Congrats on getting it done!
January 14, 2010 at 11:24 AM #502717sdrealtor
ParticipantI agree and that is why I said highly unlikely and not impossible. Time and energy are one obstacle but there are many others notably capital, willing to take a risk and finding one you like enough to buy that you actually can beat the competition on. As big an obstacle as the work load is, I beleive finding a property you actually want to live in is as big if not bigger.
The one you just closed is not a house most people looking in this area would consider not matter what the price is. Of course if you lower the price enough you attract another level of buyer but I dont think the price could get low enough to do that. It just took a little waiting on your part to find the buyer who would accept that location at a market level price. Congrats on getting it done!
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