Bank loan woes
Just thought I'd share a frustrating situation I'm dealing with right now with a big box bank that starts with the letter B. I was supposed to close on my 5th property today which is a 3-unit property.
I learned yesterday that the bank is in the process of restructuring my loan because this particular property will have had multiple title transfers in the last 12 month. Basically, the house appraised at the appropriate level 56k for me to purchase, but now the bank is going to lower their loan amount based on a purchase price of 39k leaving me with a decision to walk or bring the difference to the table. As I understand it,The 39k price is so low because the investors that currently own the property bought a package of properties at a discount.