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Use a Local Lender With Local Knowledge and Local Experience
I just talked with someone this morning. They had wanted to buy a lot in Pine Grove / Bluemont which is in Western Loudoun maybe 15-20 minutes West of Purcellville VA. They have their plans to build a new home on the lot and had estimate from builder. Total cost for lot, well, septic, and new construction of house, and related items like driveway, power, etc. came to $258,000.00. It's not easy to buy a lot and build in Loudoun county for $258,000.00, but it can be done. So it was hard to believe when their " lender" came back and said they couldn't lend them the money because the completed project would not appraise for $258,000.00.
I didn't even have to look in the MLS to know that doesn't make a bit of sense, and that the completed projected would easily appraise for over $300,000.00. I don't know why they chose this lender? Maybe it was a friend or it was through their employment and/or had something to do with a relo. They aren't my clients, I just happen to run into them, and one thing led to another and real estate entered the conversation. I can't remember the name ... more
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