Updated almost 11 years ago on . Most recent reply
Refinancing Land Contract
Last year I started working on purchasing a house that had been vacant for 15 years. The owners passed and it was part of an estate. Due to the condition of the house and some back taxes I had to purchase it with a land contract. The contract was made official and filed with the county in February 2013.
Now I would like to refinance, pay of the rest of the taxes, and get some cash out for some more remodeling. I only owe $45,000 (including taxes) and would like my loan to be around $60,000. The property is now worth $156,000 (appraised the end of June). I have had some trouble obtaining financing because the contract has not "seasoned" for 12 months. Any suggestions on how I can get this financing through? Thanks for the input.
*This seems like the appropriate place for this, I apologize if it is not.