Problems with financing moldy property
I've found a very pretty property with 10 acres, 2 car garage, Huge front and back decks, big pool with deck, back yard is literally state forest. The home itself is 3 bed, 2 bath, 1 story ranch home.. 1550 square. Ft. I've already been pre approved on the price, but I can't find a lender who'll loan on this home because it has been sitting and now has mold throughout. I really want this property, but everyone is saying it probably has to be a cash deal. What are my options?
You need a renovation loan. I don't see why anyone that does renovation loans would care about mold. In the traditional realm this would be something like a 203K loan. Or a more non traditional loan like a private lender or a hard money lender.
@Daniel Demint hard money lender
Thank you both for your input! I did find a lender today who'll do a 203k transaction with me on this property.