If you did this and either held it for a year (I️ believe that is the standard, but I️ would confirm with the banking institutions you want to go with), you could then refinance, pay off your land contract and pull cash out if appraisal came back higher.Your original thought process is correct in that a bank wants the 20% (I’ve seen closer to 25-30% on commercial loans until you build relationship) to protect themselves from fluctuations in value, but they also want skin in the game.Good luck,Roger

Did you process the applications simultaneously?

Say you purchased the 2nd position privately from the first position lender, and the first position started the foreclosure process.

You don’t pay anything, but the payments do take 7 days or so to process.

So they processed my BAH was processed as two separate drafts.

Hello BP members,I am in need of some advice on a property that I'm in the process of buying.

Hello BP members,I am in need of some advice on a property that I'm in the process of buying.

It works fine, but on another unit I have the tenants pay me electronically though BOA and its instant, instead of waiting the 5 days for the Cozy payment to process. 

They should be able to let you know right away how difficult that plan would be to get approved, and what the process would entail to seek approval.

High demand, little supply of available property for us to build on, and a permitting process that was to time consuming.