Updated over 17 years ago on . Most recent reply
Property in Jeopardy
Recently put a fixer upper under contract. I was all sent to close when my lender calls me to tell me that they are not going to finance the property because the appraiser labeled the property "below average". This is not the first fixer upper I've financed with this company but apparently they are getting tougher. My loan is for $59000. The lenders own appraisal stated the property "as is value" is $91,000, so there is plenty of equity in the property. ARV of property is approx. $110,000. The property is in Arlington Texas, in a very nice area. Has anyone else had the same problem and does anyone know of a lender who works quickly and would be willing to loan on such a property. Thanks.