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barbar90015 · Joined: 29 Oct 2008 Posts: 1 1.70 Dollars($)

hi i'm new here

i have 3 houses (2 new ones) that i built in los angeles, but it may take me many months to sell them.

they are listed for sale already. no loans on them etc.

i have other interests i want to get into, though i do not really need money for any other reason.

can anyone provide good advice or contacts for me? believe it or not i am rather ignorant about financing.

thanks!

helping_user · Posted: Thu Oct 30, 2008 12:30 am Post subject:

Welcome Barbar.

I am not sure as to whether lenders will agree to finance houses that are on sale already. Anyway, you can seek a no-obligation free loan consultation on the right mortgage from the lenders in our community. You'll come to know if it is possible for you to get such a loan and if yes, then what programs are available for you.

Thanks.

chrisburns · Posted: Thu Oct 30, 2008 5:48 am Post subject:

There are a variety of sources including private money that may be able to help you accomplish your goals. Conforming lenders won't like that they are currently listed for sale but if you only need a low LTV a conforming loan may be possible for you.

gmakerley · Posted: Thu Oct 30, 2008 7:29 am Post subject:

i doubt that too many conforming lenders will bother to even look, chris; but that's just my experience. it appears these are not owner-occupied homes, either; so the likelihood is that the overwhelming majority of lenders will back off.

jameshogg · Posted: Thu Oct 30, 2008 10:49 pm Post subject:

Hi barbar!

I don't think lenders will finance the houses as they are already up for sale. They would like to give the mortgage to the new owner of the house. I think you should search for people who can provide you with private mortgage.

Thanks.

Posted: Fri Oct 31, 2008 1:15 pm Post subject:

thanks for replies!

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Best way to get a loan on 3 clear houses until sold ??