How do I get a loan on a house I want to demolish and rebuild?
The house I am interested in being sold "as is" and it even states on the listing that the prospective buyer can tear down the existing property and rebuild. I am a first-time homebuyer and I want to know the whole process of buying a property like this from start to finish.
- 1 month ago
Try not to pose an inquiry like this on an overall site populated by bunches of youngsters attempting to be useful. All things considered, converse with a nearby real estate agent. Many individuals think they simply show houses, yet in many spots, they are essential for each progression en route. They'll be glad to respond to your inquiries, since you address a likely customer to them. Try not to utilize the posting specialist, however. That individual has the vender as a customer. It shouldn't be hard to get a suggestion from somebody you realize who has purchased or sold as of late.
- KateLv 71 month ago
You need to speak with a Financial Advisor and the local council to first of all, see if demolition will be acceptable in their area. I doubt any of us are qualified to give you the answers you want.
- garryLv 61 month ago
works on the value of the property , the land price only content as you are pulling down and the value of a new house , including partly furnished . what will it be worth after you pay for removal of the old house plus the cost of a new house , hopefully less than the loan . buying will depend on the lender if the loan is worth it , pulling down to make room for a new is expensive , pulling up old concrete slab and placing a new one , cost of building , insurance while the one is built ( fire and theft of building material ), liability insurance .
- Elaine MLv 71 month ago
Ok, so you WANT to pay for a house you're tearing down, paying for that tear down and disposal and also for a new house, all at thesametime. Dear gawd, WHY?
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- Anonymous1 month ago
Don't ask a question like this on a worldwide site populated by lots of teens trying to be helpful. Instead, talk to a local realtor. A lot of people think they just show houses, but in most places, they are part of every step along the way. They'll be happy to answer your questions, because you represent a potential client to them. Don't use the listing agent, though. That person has the seller as a client. It shouldn't be difficult to get a recommendation from someone you know who has bought or sold recently.
- oil field trashLv 71 month ago
You will get a loan only if you base the loan on the value of the land and not the house.
- Christin KLv 71 month ago
You won't get a mortgage for a house you plan to tear down--there would be no security for the loan if you tore down the house. You'll need cash.
- TavyLv 71 month ago
No loan here in the U.K. a loan is on the building, if you tear it down there is no building. Every house has to be surveyed, if it's falling down NO lender will give you the money.
- sunshine_melLv 71 month ago
You need to check what planning permission you need to do so (and the cost perhaps of demolishing and rebuilding)
- realtor.sailorLv 71 month ago
As a first time home buyer you probably can't. If the home is habitable in it's present condition then you might qualify for an FHA 203K loan which will permit you to update the home.