Is it legal for a bank to accept a cash offer on a house instead of a higher bank loan/mortgage offer?.?
104572
It is legal, banks or any other seller cannot discriminate because of age or sex or ethnicity, otherwise it is up to their discretion.  A cash offer is a much stronger offer as many loans fall apart before they get to the closing table
756088
Previous answer is correct in that this is a commercial loan rather than residential.  There is a much more involved process in qualifying for the loan because, in short, not only do you need to qualify for the loan, but the building itself needs to qualify as well for lack of better terminology.  Many lenders will want to see not only your income but also the tax records from the previous owners showing the income of the building...the Schedule E, which you should want to see as well if you are considering buying.\n\nOne option that is more common on commercial property is for the current owner to do what is called a carryback, where in order to finance more of the building, they will hold a mortgage for anywhere between 5-20%.....that's a general rule, you may be able to convince them of more....and the terms of that mortgage would be between you and the current owner.  \n\nAny commercial loan officer should be able to help you out.....make sure you intrview several and go with one that has been in the business long enough to know all the ins and outs.  Also make sure you go with one that specializes in Commercial properties versus residential.  If you know a good residential lender, they should be able to refer you to a commercial  lender.\n\ngood luck!
1065748
Basically you add a certain amount to the mortgage that you want to use for the closing costs, say $5,000.  This $5,000 is then given to the seller by the bank which they then give to you to use for the closing costs.  You are basically financing this additional amount with the bank.  There are limits on how much you can do this for and the bank must allow it but most do.  If you make an offer of $205,000 with $5,000 of sellers assistance your offer is really $200,000 for the house.  I do not believe this money can be used for the downpayment because you have to have the downpayment with you at the settlement before the seller can give you the seller's assistance amount back.
74115
Essentially you are borrowing money from the bank based on the value of your current home for the purchase of a new home.  The previous answer was correct but most banks aren't in the business of lending money for free, expect to pay some interest at least.  \n\nFor an example, I have a 3 bedroom home I want to sell and buy a 5 bedroom home.  I have a buyer for the 3 room and the owner of the 5 has accepted my offer.  If I sell my 3 first then I'm homeless or need to live in a hotel and put my things in storage.  If I buy the 5 first I'm paying 2 mortgages.  So what I do is borrow money to buy the 5 so I can move my stuff in and not be homeless, then when I get the money from the sale of my 3 I pay back the loan.\n\nThings to remember:\nYou'll most likely have to be in the process of closing both homes, in contract or whatever you want to call it.  \nIf you need to take longer there may be some kind of penalty.\n\nLook into a regular Home Equity product with no pre-payment penalties and no/low closing costs as a possible alternative.
569358
If it seems to good to be true then where's the catch?  I have owned apartment buildings before, and if you are around long enough you get to know people in the banking business.  At one point I got to know the vice-president in charge of real estate at Hudson City Savings Bank in New Jersey. I had already been a party to one transaction with the bank, a 29-unit half-abandoned building in Jersey City.  One day he offered me a property, and suggested I go take a look at it.  Turns out it was a massive brick apartment building, totally abandoned, sitting on on entire city block just off Bergenline Avenue in Jersey City.  As I recall it had something like 42 apartments.  He offered to sell me the building for just one dollar.\n\nI turned him down.  That is as close to 'no money down'as you can get, heck, this was no money at all, yet even at that price it was a terrible deal.  Sure, you can get these things for no money, I've been there, but you better have access to massive amounts of capital for renovation and upgrades, and I'm talking anywhere from tens of thousands to millions.  If you don't have the means to carry it and improve it, you better think twice before you get into something that can literally slay you.\n\nA lot of the real estate moguls who sold seminars on no money down deals in the late 70s and 80s ended up bankrupt, which ought to tell you something.
615701
it all depends on the landlord/management company.  Some are more forgiving, others are very strict requiring certain credit scores(or an additinal deposit).  But if you're selling your house, you should be able to use the money to take care of your financial issues.
300662
it's not a bad deal for people who might have trouble qualifying for a conventional loan.  It's usually an owner who owns the house outright and wants to have that interest on the sale (like what the bank would normally get).  That owner will have a lien on the house the way a bank that did your mortgage would.
99586
Not exactly if you are renting. If you can prove that you have a regular source of income such as paystubs, etc, you should be good to go.\n\nBut if you are buying.. it will impact ur ability to seek loans
893237
When a "lender" gives a home owner an agreed on amount of money per month against the value of the home, and then gets the property at the end of the contract.  In most cases the overall price is low, and they are only a good deal if an older person needs cash, and doesn't have a family to leave the property too.
478396
Yes you can move, absolutely.  Your lender will NEVER come and knock on your door to make sure you are still living there. You can even have your loan statements sent to an "alternate address." If you want to be completely sure and honest, ask your lender, they won't change the conditions of your loan just because you ask questions.
103399
I wouldn't do it.  You are risking the equity that you have built in your house.  Also, you would need to generate a high rate of return just to pay for the interest on that loan.  High Return = High Risk!
116424
There is no law against it .. however, it all comes down to the lenders individual guidlines. Your best bet is to have your LO look at the guidlines, and or contact the underwriters, and find one that will allow it. \n\nThere are alot of ways around this problem ... If you have a good LO he will know what to do.
153652
Yes.  But it's best to ask the policy of the agency that you work for.  Remember, you are working on commission; the more you work, the better your chance to sell a house.
1031949
No, you can't The house sale is usually contingent on appraisal and loan approval. That means you can decide not to go through with the purchase. If you read the loan application, I'm sure there is something that says they aren't going to lend you if there is something they don't like about the house such as termite, roof leak, etc. Your other option is to ask the seller to repair them.
946181
Depends on the state you are in. Check with your bank first. They might be willing to do it. Most lenders won't want to mess with that. A land/home package would be better and get you a better interest rate.
51208
Most lenders do not allow one to assume a mortgage; some do, however.  If the mortgage is assumable, then they will usually allow it if the buyer meets credit criteria.\n\nMost conforming loans do not allow this because it makes for a loophole where people who do not have good credit can get a loan designed for somebody with better credit. \n\nCall your mortgage company anyhow, the worst they can do is say no.
288613
The laws are clear on this issue; minors cannot sign legally binding contracts.  If its a matter of income, you're broker should be able to help.  If you went directly with the bank, they'll just throw you a list of requirements w/o any help, so you're kinda stuck.  If its an ownership issue, anyone can be added or removed from title to prove proper ownership.  This is tricky because you don't want to lose a deal, feel free to contact me for further advice.