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creative finacing

Profile picture for benjaminbenjamin

OK, i have been listening to real estate CDs and they refer to being able to put less money down if the property appraises for more... for example selling price is 90K appraisal is 100K approval is for 80%, therefore only having to put 10K down..... is that possible because i was under the impression that it was whatever was less, purchase price or appraisal.... can this be done, or was it something that used to be done or is it just a lie???? thanks in advance...

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1Yes

September 16 2008 - US
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Profile picture for Greg Darlin

Ben,

The cds you are listening to really do not apply to today's market.  Lenders will use the lower of the two: sales price or appraised value.  Concerning if it was a lie, well . . .

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September 16 2008
Profile picture for Ken Kopper

Benx2, if you have a 30day money back guarantee on the cds, take advantage of it.

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1Yes

September 16 2008
Profile picture for Carl Henker

What the CD is proposing is exactly what the FBI is investigating as lender fraud.  You are correct that it has always been the lesser of appraisal or purchase price.    Ask for your money back on the CD's.

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September 16 2008
Profile picture for DannyInSoCal

Sounds like the Del Dotto program from the 80's.

 

No offense to Dave since he's now making spectacular wines up in Napa......

 

Thanx, D

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September 16 2008
Profile picture for Sir Allan

haha. sounds like a ripoff to me. are the CDs rewritable ? you can record movies on top of them to make them of some use.

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1Yes

September 16 2008
Profile picture for FHA Mortgage

Please don't tell me it is from Carleton Sheets. If so, you should buy Russ Dalby's Note Network lol

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1Yes

September 16 2008
 
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