Real Estate Law
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Hi and welcome to JA. Ray here to help you today.
Can you post it here or attach it so I may review, thanks
Physical Address:One Lakeshore DriveMackinac Island, Michigan 49757
Mailing Address:***** P.O. Box 430Mackinac Island, Michigan 49757
Reservations:(###) ###-####br />General Inquiries:(###) ###-####/p>
I am assuming this is the business we are talking about?
This changed hands in the last 2 years or so, guy from Texas bought it.
This is a legitimate company , if you want to sell it this would be one option to do so.
You can donate it , there are fees here too you may want to shop them
Thanks again for the chance to help , if you post the document, be happy to review it.
BBB has no complaints on these guys, thats a good sign
I found no problems with these guys have high ratings with BBB and no complaints.Thats about as good as it gets.
An appraisal will be affected by the conditions you describe. Some lenders may require that the led paint be removed and repainted before an appraisal may be submitted. However not all lenders will require this. It certainly does not make the property worthless but will be some adjustment in appraised value. It is difficult to put a percentage but you unlikely will appraise at the value of the homes in good shape (typically 10-25%).
A thing to consider is to deal with a small community bank or lender such as a credit union in which you can talk to an actual underwriter/loan officer and discuss what your plans are for the property. This gives the lender an ability to explore options such as a HELOC for improvement purposes then a refinance after the exterior is repaired. This way the improvements can be completed which will increase any future appraisal.
The fact you intend to move into the property and make it your permanent residence is considered for a loan. The fact you have a renter in the property does not mean you would only qualify for an investment property loan.
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Sorry for the overpost, let me know if you have more follow up or want me to review the letter.Thanks.