OfflineI have been told over and over about financing and this isn't my first BarBQ. I have bought and sold homes over the years for my family to live in. I am having a bear of a time getting financing. The problem could be that I am now living in rural Mississippi. I have great credit, a good financial report from my accountant, own my own restraurant. And still having to go through hoops. Any suggestions.
Sheila
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Welcome to the DG family we are happy to have you here. Have you considered owner financing? There are tons of homeowners that really need to sell their home but can't wait for the financing so they're willing to finance it, you'd be helping them as well as solving your problem too.
It's something to think about. Best of luck to you. Keep us posted!
God bless you,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thanks Elena for answering so quick. The problem with this one house is it has been forclosed on.
No problem! So it's already gone to auction? Or is it a pre-foreclosure with an auction date set?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Already gone through foreclosure.
HARD MONEY?, PRIVATE INVESTORS? have you tried any of those, HARD MONEY would work great if your planning on flipping fairly quick, when they say that lenders(conventional) "tightned up" they ain't lying...SULLY.
YOUR HERO, SULLY
Sheila,
If its an REO and you have the 20% down with good credit, you should be fine.
I would suggest looking into a lease option, but that would be more hoops because its bank owned.
The foreclosures in my neck of the woods start relatively low and go through a bidding war for a few months. Maybe they're waiting for more bids before making a decision.
How long has it been on the market?
Zeek
Sounds like Sully may have hit the nail on the head. A hard money or private lender might be the way to go here. Another member posted this site has HMLs: www.reiclub.com. Let us know which way you go, good luck and God bless!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
too late the house is GONE with the wind.....
Sheila
Sold Friday
move on, no personal attatchments just keep pluggin' on...SULLY
YOUR HERO, SULLY
I'm sorry to hear that honey. Well, like Sully said, move on to the next one. There's plenty of them out there, you'll find another one!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I'm sorry this one slipped by, but there will be a ton more. Now you have more knowledge, though, to act quickly on the next one. It seems like the best deals are usually snatched up within days of hitting the market, so it is to your advantage if you see them first and act upon them first. But if you put in offers on ENOUGH places, you are bound to get at least one accepted.
Best wishes, Sheila. And keep going!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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