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#442032 - 01/03/15 10:19 AM Buying an investment property at full loan amount
kdk2005 Offline
Junior Member

Registered: 01/03/15
Posts: 1
Loc: Kentucky
I am currently looking to purchase a house off an elderly couple who had bought this house to redo. The house was bought for 45,000 and is now appraised for over 100,000. they are wanting to just get out what they paid because they are looking to move quickly down south and don't want to worry with listing it, so my question is can I take a loan out myself for the full amount and pay them 90-100 thousand, and finish some updates for getting more money to rent for the future, by having them just write me a check for the amount over what they are looking to sell me the house for? They are over the age where it doesn't really matter how much they make that would effect their social security also. thanks

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#442038 - 01/04/15 01:57 AM Re: Buying an investment property at full loan amount [Re: kdk2005]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
100% loans are very hard to find right now, but you would have to talk to a lender to be sure.

If the seller writes you a check it is called loan fraud and is a federal offense.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#442736 - 01/25/15 04:49 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
BenniGholami Offline
Junior Member

Registered: 01/21/15
Posts: 4
Loc: Phuket
It is better to consult the bank which you will be approaching for the mortgage loan. They are the experts in the field and can advise you accordingly. From my personal point of view, I think if the elderly couple were to issue you the check after receiving the full amount from the financial institution, that seems like an improper transaction which might be illegal as all transactions should be made by the bank. A house for sale involves a great amount of money, so better be safe than sorry.

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#447630 - 09/05/15 11:41 PM Re: Buying an investment property at full loan amount [Re: BenniGholami]
jacobtruax Offline
Junior Member

Registered: 09/05/15
Posts: 1
Loc: Dhaka, Bangladesh
[quote=BenniGholami]It is better to consult the bank which you will be approaching for the mortgage loan. They are the experts in the field and can advise you accordingly. From my personal point of view, I think if the elderly couple were to issue you the check after receiving the full amount from the financial institution, that seems like an improper transaction which might be illegal as all transactions should be made by the bank. A house for sale involves a great amount of money, so better be safe than sorry. [/quote]

Thanks for your helpful suggestion.

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#447957 - 09/22/15 04:41 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
jasonconferido Offline
Member

Registered: 08/15/15
Posts: 16
Loc: philippines
It will be very difficult for you to find full amount loan. There are only a few banks out there who are willing to give that much. You should seek advice from a realtor, mortgage broker, loaning agencies, or directly to the bank. I highly suggest that you consider the previous comments of the other members regarding the issuance of check by the elderly couple. It certainly seems like a illegal transaction.

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#448721 - 11/07/15 11:35 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
InvestorWize.com Offline
Member

Registered: 11/07/15
Posts: 10
Loc: investorwize
Have you explored the option of taking title and refinancing out at a later time. Maybe the owners would do it, but you wold also need a lender with no seasoning to accomplish this.

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#449006 - 11/20/15 08:39 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
adambond Offline
Member

Registered: 11/07/15
Posts: 17
Loc: usa
It is better to consult the bank which you will be approaching for the mortgage loan. They are the experts in the field and can advise you accordingly.

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#454902 - 10/09/16 11:42 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
goasya Offline
Member

Registered: 07/16/16
Posts: 59
Loc: Karnataka,India
Better consult the bank

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#456265 - 01/10/17 08:50 PM Re: Buying an investment property at full loan amount [Re: kdk2005]
Jhony Offline
Member

Registered: 12/13/16
Posts: 44
Loc: Maharashtra > Other areas
Hi

Buying and Investing property on full loan Amount is not bad idea just check the monthly emi rate and other formalities of re payment your loan amount. Secondly you should check from some banks also before taking property loan

Regards

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