Archive for the 'Private Real Estate Sales' Category

No headline – rebriefs

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No headline – rebriefs
To submit personnel announcements, development news or other real estate-related items, e-mail Gloria Kingsbury at realestate@naplesnews.com. Patrick Dearborn, a top Naples Realtor, has been named to the John R. Wood board of directors.
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Million-dollar segment rises for 2nd year as deals entice buyers
The top 10 home sales in metro Detroit last year had sales prices of between $ 2 million and $ 3 million, according to a list compiled by Real Estate One in Southfield. The homes had most recently been listed at prices ranging from $ 2.3 million to $ 3.9 …
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Real Estate News — Realtor group to hold symposium here, Ryland unveils Mount …
Then comes Charlotte, to attend “a private reception with friends and potential island residents,” the real estate company says. For more information, contact Daniel Island Real Estate sales associates. Douglas C. “Doug” Rock has been named Operations …
Read more on Charleston Post Courier

admin on 18 Mar 2012 | Private Real Estate Sales | Comments (0)

Beneficial Finance – Is refinancing available on a existing mortgage which is through a “Private Lender”?

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Question by Ms. DAY: Beneficial Finance – Is refinancing available on a existing mortgage which is through a “Private Lender”?
The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a “Contract of Sale”. Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family “issue(s)”, one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual “Mortgage Company”. Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company?
Although, there’s at least one good thing in our favior…
Currently we have approx. 55k equity in the property.
Please advise. Thank You.

Best answer:

Answer by satarnag
You need to hold title to the property before you can finance on it. If you have any secured loans on the property, they will be paid off, regardless if they are a private individual or a lending company.

Also, no covential lender will loan money to a property that is in foreclosure. You have to use a foreclosure bailout lender. They usually require a 70% loan to value before they consider loaning you money.

At this point, your equity means nothing if the banks foreclose on this property. If you’re in Southern California, contact me and I’ll see what I can do.

Regards

What do you think? Answer below!

admin on 28 Dec 2011 | Private Real Estate Sales | Comments (1)