Will a bank refinance a home you bought with a wrap?
Hey BP,
This is something I want to know in order to reassure some of my buyers...
So, I want to buy/acquire homes subject-to. I then want to find a buyer (one who can't get conventional financing/loans) and sell the property to them with a wrap mortgage. (These are all techniques I heard from podcast #70 btw).
I'm wondering now, will a bank give my buyer a conventional loan on that property later on when the buyer's credit improves? This mortgage would of coarse be used to pay off the original loan that I would take over subject-to.
I'm wondering, because I want to make sure I can assure my buyers that they will be able to refinance the home later on from a bank, hence making this a smart purchasing option for someone not able to currently acquire a loan.
Thanks BP!