finance for this

[mikezen]

hi there

if i apply for finance for this house:

1 room slightly burnt out
been a squatters pad for few years
garbage everywhere
quite uninhabitable etc etc etc
structure is fine

basically noone wants it, but its surrounded by houses in the price range of 350-950 and it is in a exceptional street w ocean views etc etc

what difficulty will i experience with obtaining finance

the re agent is saying selling at land value, but land value notice i bought is coming in at 60k below what they r advertising

if we agree on a price and the valuer values it, will he take into consideration the house having no value? or whats the go?

id be trying for a 95% loan as well, my side is squeeky clean

 

[Aaron_C]

Max 90% on land value.

 

[Peter_Tersteeg]

I'd say you've got no chance with a 95% loan. You might get 80% if you can purchase it for land value.

 

[mikezen]

thanks

will it be 80-90% of the land valuation notice i bought? how should i proceed?

 

[Peter_Tersteeg]

Figure out what the land is worth, subtract the cost to clean up or repair and proceed from there.

 

[mikezen]

thanks
...........................................

 

[Mick C]

Yep no chance at 95%....

You may get away at 90% if you choose the right lender and it's in the right location...80% def ok.

 

[Shahin_Afarin]

depends on a number of things but 95% LVR is possible.

 

[Rolf Latham]

ANZ branch will do a 90 % lend possibly on contract only

ta
rolf