Quote:
Originally Posted by JDMDreams
Keep in mind that banks will most likely require a full appraisal on anything over $1m which means the appraiser will need to go inside. Technically you can be refused this by the seller if you put no subjects. And I have seen deals get rejected as the property does not meet the banks requirements so you're fucked if you put no subjects even though you have a pre approval. So I'm thinking possibly the people putting no subject offers might be taking funds out from helocs. But it's gonna be a giant ass heloc to pay for $2m  |
In your contract you should have a stipulation saying you can have access to x amount of times prior to closing...that’s what we did in case the appraiser needs access...however I know when we did it they didn’t require full access inside...I guess it might be needed if you need the suite income though?
At worse the bank won’t deny your mortgage amount (unless the place is like a grow op or leaky condo or something) but they’ll just say they would only mortgage a lesser amount and it’s up to you on finding the difference