Quote:
Originally Posted by painthappy
I apologize in advance, just venting right now.
I'm in the process of (at least I thought I was) of doing more than just owning a boat in a marina on Lake Winnipesaukee. Don't get me wrong, I love my big sailboat, love the marina, but it's time to find a condo. Figured I wanted one with a water view and either on the beach or a 500' walk... I found some.
"Great!", I say to myself.
Call around about a second loan. Wells fargo, Merrimack Mortgage, etc... All want 20 to 25% down on the purchase price, not the value, on the purchase price.
So a $250,000 condo purchase, I would need ~ $60,000 minimum down on it.
No wonder places are taking a while to sell. I suppose my next step would be to look for a lender who would be willing to do it in house? Instead of big banks that are just going to resell it and have these ridiculous requirements.
I could see putting 10% down, as I'd rather not deplete my account 60 - 70k right now. Heck, at that point, I might as well just forget the bank and pay in cash... But I don't want to do that either. I have it tied up in investments that are actually making me money.
Told the wife that I'll probably just end up getting a bigger sailboat in the spring.
Anyhow, sorry for the rant. Fresh in my mind as I get off the phone. Good luck to those buying condos around Winni, and better luck to those selling.
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We just closed on a 2nd home with MVSB on the lake and was required to put 20% down, and I believe it to be a banking standard. Definitely try dealing with a local bank, they tend to be more understanding and are willing to work with local customers.
Also the way the real estate market is, make sure you are getting the best possible deal for that new home your looking at. I was patient and put an offer in on our home last year and it was refused by the home because they thought it was worth more. I waited til this spring because it hadn't sold over the winter and put in another offer. You could say he was more than anxious to sell this time and we ended up closing the deal back in May @ 42% below the assessed value. It was definately worth holding out and we saved $$$$$$ and got to enjoy the big lake this summer.
