Mikeiavelli
F the gaytors
- Joined
- Jan 24, 2018
- Messages
- 5,271
My uncle just sold his Key Largo vacation home. It's a small lot on a canal that leads to the bay. The only structure was a double wide that has been there for 40 years and a small tiki hut. He got $435,000 for it. The buyer had to get financing for it and I'm going to assume that would be a considered a mortgage. I'm not in the banking industry by any means but I think you can get a mortgage for any property regardless of what type of home is on it.
If the double wide was on a foundation then yeah its real estate. Otherwise...someone would have to secure a mortgage for just the value of the land which is possible cause the land isn't going to drive off when the mortgagor decides to default leaving the bank with just a topless crawlspace.
At least thats my understanding.
Either way...fvck all these gaytor fans and their not mortgage mortgages