All Forum Posts by: Ray Harp

Thank you for this reply- the agent thinks we could get a "residential variance" even tho its zoned residential. But, I agree with you, the HML is just too much risk and money.

Are there ways to gently convince the lender this property is more residential than it really is? (Besides being zoned Residential-LOL) Like, photoshopping landscaping to the front, virtual staging and making a new listing on Craigslist? I dont want to do anything illegal but don't many houses get sold this way? With digital enhancements? 

This house never was listed with a residential MLS because it was being sold with a commercial broker who was hoping someone would work to have it rezoned from Residential to Commercial.

I guess my question is- is there anything I can do to make this place look more like a house? Or is it out of my hands? 

Hi-

Thanks in advance- need some advise

We are looking to buy a property that is zoned residential 2 dwelling but the banks wont lend on it because it looks "too commercial". It kind of looks like a cinderblock construction with a old house attached. This will be our primary residence. IT never had an appraisal because the bank stopped it even before if could be completed. Is there a way to get a new appraisal finished and convince a new lender of the worthiness of this property? 

 Our agent thinks we should try a Hard Money loan- 

This building is in Colorado Springs and the market is very hot- we really love this house/building thing. Its great for us and we are wondering how risky the HML really is. For what it matters, we have 800+ credit scores, income over 120k, 20% down- its not so much the loan as getting the house accepted by a mortgage lenders.

Any ideas. Pros and Cons of the HML- should we just walk away?? CS market sucks right now/ maybe not even worth it but have to live in the area for family health reasons.