Construction Loan.. Purchase Price vs. Assessed Value
Just wondering if anyone has any information on this. I am starting up the construction loan approval process and was wondering if anyone could help with some insight. The property that we are planning to build on was formally owned by a close relative who wanted to gift it to me and my fiance.. Instead of doing a straight gift process it was "sold" for 1.00. Talking with our contact at the bank he said he would have to look into this further as normally if the property is transfered less then 12 months they go by the purchase price.. Obviously the property is worth more then 1.00 but that is the "purchase" price.. Can I opt to use the assessed value being that we only did the transfer 1 month ago? Or are we going to be forced to stay with the purchase price of 1.00?