Lending issue with foreclosure property
I'm looking at buying and living in a foreclosure that needs quite a bit of work. Pre-qual went fine, and submitted an offer.
While shopping around for the best 30 year fixed, I've gone to 2 banks who said they won't even lend to me because the property needs too much work, and an appraiser would advise them not to lend.
I'll admit, it needs a new roof, and there is no fridge or stove. Is it a common practice to deny lending on a property that needs work?
They told me I'd be better off getting lending from a private lender... probably at a higher rate and having to pay all kinds of fun broker fees. What's goin on here!!!