All Forum Posts by: Drake Siegel

Hello BP, Looking to buy a property needing some Banker/lending advise. The property is some what unquie and banks are only wantin b to put a commercial loan the property. The property is on 5 acres and has 2 residential houses on the property, one is lived in by the owner the other house is rented out. There is also a Morton Building on the property that is zoned commercial. A commercial loan is not attractive to me on this type of property. They only want to do a 5 year fixed rate and of course 20% down. I would live in one of the houses rent out the other house, the commericial building I would use for a buisness. My question to everyone is there anyway I could get a 30 year fixed rate on this property? also it would be ideal if I didn't have to put 20% down I have been researching multi use loans but all of the banks that I have called say they dont do those types of loans Any advise would be appreciated! Thanks Drake

@Wayne Brroks I will do research on that first thing. Thanks

I have heard of the banks buying the property back when it goes to the county auction. Is this usually the case? 

I appreciate the information. 

Any experience on how long it will be until the house goes up for auction or is every house different? 

Only information I could find on the county website is that they put them in two local papers then you must contact the trustee listed in the notice. 

I put an offer in on a short sale property about two months ago with the intent off flipping the home. I just found out that the bank is not going to allow the short sale and the property will be foreclosed on. Why would the bank chose to foreclose the property versus allow the short sale? The broker I was working with said the property will be sold on the court house step. How do I go about finding the date this home will be sold at the court house? Are there websites for this information or somewhere in the county I can find this information? 

Thanks in Advance 

Drake