All Forum Posts by: Bob Freitag

I am curious why you didn't make an offer earlier?  I assume you had a price in mind.  Did you present it to them?   The realtor gets paid from the seller and may have assisted in getting the seller to accept your offer rather than have the listing expire.  

Send a letter or call them and present your offer.  Worst thing they say is no.  

we closed on a rental house recently that we paid cash for. I want to get a mortgage on the property but am having a hard time finding a bank or lender that will offer more than 65-75% of the purchase price as we have not owned it a year yet.  We got a great price on the house and then put additional money into it to rehab for rent.    

Does anyone know of a lender that will look at the property and my credit and loan more money at competitive rates?

I have been an insurance adjuster for over 25 years and have never had a lender take an active role in a large claim.  Lenders don't know a thing about insurance claims and don't want to deal with them.  The insurance company will put the lender on the check and you will have to mail it to them.  You can then chose to apply it towards the payoff, or tell them to escrow it for repairs.  It makes no sense to me to have a high loan balance for this reason.  Good luck!