Understanding Real Estate Transactions

[canada bound]

Complicated Yes, Understandable?

[vistaww]

That's great that you enjoyed Lake Country. I hope you make the move.

I'm definitely not in the line of work to answer your question but I could suggest that you contact one of our local Banks and they could give you some insight. I'm not sure if this is still true but when we looked into our first mortgage here, very shortly after moving here, one of the bigger bank names (in Kelowna) was tougher to deal with and didn't want to approve us. We ended up at the Interior Savings Credit Union and they immediately thought our property purchase was a great deal and approved a mortgage- 4 years later we subdivided it and paid 1/2 the mortgage off. I was told that their local Managers had the ability to make higher value judgements on their own, versus submitting to the next level up. Again, that was awhile ago but now it's a situation that I'm aware of and could ask, if needed- "what can you approve at the Branch level, versus the Institution level"?

[LANDM]

Vendor take backs are not common. Talk to a good mortgage broker....they will be able to adapt to your situation.

[canada bound]

Thank You for your replies!

[LoneWolf_53]

Check your PM's.