OfflineGreetings.
We had to short sale our own home last year and we can't get a conventional loan for another year.
We have our eye on a piece of property that the asking short sale price is is almost 40% under appraised value and it needs some work so we'd go in lower.
The question is do banks carry the loan for someone with great credit other than the short sale? Is the deal worth finding PML? Because the house needs work, where do we find the money to do it? Does the bank give cash back at closing for repairs?
Any help, information and suggestions are GREATLY appreciated!
Donna
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If the bank has an in house loan you may be able to ask them to fund 100% plus repairs. I think its a 203k loan( been a while). It doesnt hurt to ask, all they can say is no.
#2- if your going HML make sure you have an exit strategy. They are only good for short term. The best way to get PM is by going to a REI club meeting and asking questions. hook up with the person running the meeting as they will know every big player in their club.
hope this helps
Richie
Donna .
There are several people in DG that Dean has "spotlighted" that have gotten the original note holder (bank) to do what you are asking here.
One of them had in his words "credit that was in the crapper". The bank did it. In his case it wasn't a short sale. But look at it. The time that bank has to sit on that short sale loan/note you should have a good chance. Write up a proposal (very nicely done) that you know you should be able to keep take/send it to them and you should a viable outcome in your favor.
Plus take Richies advice to cover your yourself for the in case. If you do not have an REI you can get to try calling some and see if you can get information and maybe you can get assistance that way.
May you have a bigger smile soon.
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
Donna .
The following is [supposed]to be a source of investors/private money. I am not making a recommendation on it, just an FYI. It is a website that I copied down to check out and a few DGers have suggested for others to check out. Watch yourself if you do. It may be great but then again not. Okay.
www.****
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
Thank you for your comments. They are very helpful.
Is this a loan for rehabin the property that you buy? If so where would get this type of loan, I joined about 2yrs ago and now want this really bad done being broke I can do this!!!!!!!
I looked into it and you have to find a lender that does them. It's basically a construction loan that is added on to your mortgage. They pay out as you submit bills.
It sounds like a great option, but I personally have not done it yet. Good Luck!