“It Depends”

“It Depends”

 

 

Hey Joe, I have a client that wants to buy a particular home that is in a commercial zone. The buyers went to their bank and they said NO. The owners live in the property as their primary residence, so can you do a mortgage for my clients?

 

Just because a residence is in a commercial zone doesn’t eliminate the ability to get a mortgage. As it turns out there are single and two family homes on most of the street, so it wouldn’t be an issue for some of my lenders, but not all.

 

It would have been a problem if their commercial type property was right next to this residence, properties like gas stations or convenience stores.

 

I did the pre-qualification for the clients and they are now in the negotiation process. Hopefully they get the home they want.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • July 11 2017 01:03PM

Comments

Good morning Joe. The benefits of a mortgage broker with multiple funding sources! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 12 months ago

Once again, Joe Petrowsky you prove that you can get the difficult deals done for your clients. Great job!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) 12 months ago

Good morning Joe. It does depend: always on who you know and what they know. Great job.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 12 months ago

Knowledge is crucial in any endeavor but here the buyer is lucky to have someone who knows how to solve the problem.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 12 months ago

Hi Joe- I like an "it depends" response rather than a categorically "no" answer. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 12 months ago

Participate