Re: Re: Re: Re: Re: Re: I'm A Homeowner Now!!!!!! Damn, George ! I honestly forgot about that option because I don't think the other boards have it. Great idea ! DONE ! Sorry to clutter your thread gc. Enjoy your home !
Re: Re: Re: Re: Re: Re: I'm A Homeowner Now!!!!!! Yes, I know this. Yes. For appraisal. But - I repeat - if a house is listed in a contract for $200,000 and the buyer FINANCES the full $200,000, that person has just done a 100% loan. This has nothing to do with how much the house actually appraises for. Surely, you can't be that obtuse.
Too Much said: There is never a good reason to finance 100% of a home's value. Never. Hmmm. Maybe not with a personal residence, but for income property in a quickly appreciating market it's called LEVERAGE and it means big-time bucks. I personally know many people who profited greatly from 100% debt deals by purchasing apartment complexes in San Diego from 1992-1996 when the market was depressed. Just one instance- a 12-plex purchased from a tired seller in 1995 for $615K, 25K down was recently refinanced, appraised at $1,340,000. Took cash out and the new loan payments were smaller than the original, owner financing. Do the math indeed.
