Dome home loan

[Dr. Zaus]

My father in law has a dome home and is going to just stop makig payments.

He'll let me have it if I take over the payments.

Zillow has it at 220k, 70k is owed, but I can't seem to find a way to finance the place.

Further it has been abandoned for the last 2 years; so there is a great deal of work to be done on the dome home.


So does anyone know where to finance a geohesic dome home; or have some general advice?

 

[wiredspider]

pics? zillow doesn't mean anything.

 

[OCGuy]

You arent getting a loan on something that needs a bunch of work. And if there are no comparable homes, you arent getting a value placed on it by an appraiser.

 

[Dr. Zaus]

You arent getting a loan on something that needs a bunch of work. And if there are no comparable homes, you arent getting a value placed on it by an appraiser.

There are 3 or 4 comps in the neighborhood but now the hoa disallows dome homes.

No pics right now; will work on it.

 

[reitz]

If you're "taking over payments", you don't need financing...unless that's not what you meant.

Otherwise, it should be no different that financing any other home. Appraisal, inspection, etc...and then fill out the paperwork. The banks generally don't care about the shape of your home, but they do care about the condition it's in.

If this place has been abandoned for a couple of years and needs a lot of work before it can be lived in, forget about financing unless you have a substantial down payment. No one's going to lend you money on a messed up property unless you have "skin in the game".

If we're just talking about "taking over payments", though, forget all that. Ask your father-in-law who to send the payment to, and do it every month (make sure the loan is current, first!). Move in, do the renno work, and have fun. And make sure he doesn't fuck you on the title transfer when the loan is paid off.

 

[Dr. Zaus]

If you're "taking over payments", you don't need financing...unless that's not what you meant.

Otherwise, it should be no different that financing any other home. Appraisal, inspection, etc...and then fill out the paperwork. The banks generally don't care about the shape of your home, but they do care about the condition it's in.

If this place has been abandoned for a couple of years and needs a lot of work before it can be lived in, forget about financing unless you have a substantial down payment. No one's going to lend you money on a messed up property unless you have "skin in the game".

If we're just talking about "taking over payments", though, forget all that. Ask your father-in-law who to send the payment to, and do it every month (make sure the loan is current, first!). Move in, do the renno work, and have fun. And make sure he doesn't fuck you on the title transfer when the loan is paid off.

I don't want to live there so much as I want to not lose the potential equity of 150+k for want of a 800 a month payment.

 

[skyking]

I have heard they are a real problem to finance.

 

[IronWing]

I have heard they are a real problem to finance.

No one wants to touch a real estate bubble.

 

[Squisher]

No one wants to touch a real estate bubble.