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Oddball Houses, Great, But How do You Get a Mortgage?

This post was written by jd on March 23, 2010
Posted Under: Real Estate

As you can see in the video below, some people have their own taste as to what they want in a home. As a builder, I have stayed away from “green” homes, that is straw bales, rubber tires and yes, recycled cans and bottles. Now home owners with non-conventional homes are having a hard time getting homes financed,

httpv://www.youtube.com/watch?v=jeCInpbnyqc

The Problem Is:

How do you find comparables?  In other words, where is another house built of tires or straw that just sold?   Hard to find, since not too many homes are built that way.  No comparable, no appraisal, no loan.

According to the Wall Street Journal:

“Such sentiments in some cases have been no match for the new resolve of the banking industry in the wake of the housing bust. Banks have become much pickier about examining sales of comparable homes, in deciding whether and how much to lend. Owners of odd homes can be out of luck.”

The story continues with three cases of odd-ball homes and how only one was able to get a mortgage.

Read the full story at: Wall Street Journal

John J. O’Dell
Real Estate Broker

Looking for a great deal in property in Nevada County?

Find it on JohnOdellRealty.com

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