Home equity loans for out of state properties
My LLC which I own has three residential properties in Michigan, while I live in California. Two of the three properties are in horrible condition, the other is a duplex which produces $1500 every month. All properties are free and clean of any loans or liens.Is a home equity loan possible for the two properties in poor condition? Of course an appraisal is a big part of the process, and if nothing, the land will have some value, I'm just not sure if a bank writing a loan will have a problem with the condition of the properties. by charle_582_324 from Palm Springs, California. Nov 3rd 2011
Hans Bruhner (Hans Bruhner)
#132 ranked lender in California - 125 contributions
I do not lend in Michigan, only CA but I can tell you that a lot of local banks will just slap an equity line on a property after running an AVM (Automated Valuation Model) and so they will not know the condition of the property or even get an appraisal. I am at www.AsktheLoanMan.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
HELC is the best option for your particular situation. If you get a mortgage, then a full blown appraisal is required, and the property condition will come into play. WilliamAcres.com
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