Friday, November 15, 2013
Many investors or home buyers are paying all cash to buy a condo, house or multi-unit property in order to win multiple offer situations, foreclosures or short sales. Placing a loan on the property after close of escrow may be a good way to recoup funds for use elsewhere. If a loan to pull money out of the property is done within 6 month of acquisition, then standard refinance rules apply. This method avoids the more costly cash-out loans. Let's talk about this strategy in detail before your time frame is up.