I have an offer accepted to assign but the bank may not honor it

See if they are willing to work with you to make this deal work. Are you making enough on the assignment fee to warrant a double-close? Do you know them well enough to ask them to fund the first transaction for a small extra fee? Are you closing through an RE attorney or a title/escrow company? I would see if they have suggestions. And you could always use a third-party such as Coastal Funding.

I'm sure there will be other suggestions.

Good luck. Hoping it all works out for you!

Rina

When you use coastal funding to finance a deal through the bank. Once the offer is accepted do must you personally contact coastal funding your self and let them know the offer was accepted? Then they will let you know what to do finalize the transaction. I have a few deals I think I can get. I have spoken to a few homeowners. I lso have an investor that I am going to meet tomorow morning. I would like to know how the hard money process works, if you can expalin that for I would be really appreciate. I think I may tackle some deal on my own and then assign. But I will try to use as much of the investors money as I possibly can. Thanks Rina.
Kingjuss,

Phil -

Just wondered what's happening with this? Hoping you found a solution! Give us an update!

Tracey

I am yet to use Coastal but 1 thing is for sure, you HAVE to have your end buyer in place b4 they will fund the transaction. You use their proof of cash letter to show you have the cash to lock up the deal (seems in your case you did not need this). If you decide to assign, you cannot use Coastal as a lending source. They are only used for back to back closings because they have to be paid back the very same day they transfer funds to your seller.

Hope this helps.

Neil

I am just starting to delve into the world of Hard Money myself. I am very glad to know Coastal Funding is there for double-closings. However, I am looking into HMLs for rehabs and flipping, also as "emergency" cash for properties I will pay cash for and then refinance (like Sam (northwest) is doing). I spoke at length with one from Arizona today, and one from Connecticut. I have no concrete HML transaction experience to share yet, but am happy to have them lined up for the future.

Good luck, all!!

Rina

P.S. We could probably use another thread to post our experiences so it will be easier to find later. (sorry for hijacking..)

The reason I asked about Coastal Funding was because I read on here that they were not a hard money lender. But you guys and gal clarified it for me. I am meeting with 2 investors this week. 1 tomorrow and 1 Friday. They both told me they would be able to provide proof of fund letters for me. 1 says his cap is at 100k. The other has deeper pockets.I offered one of them to help him do some rehabb work because he is rehabbing a house now and he says he is doing it by hinself. So I told him I would love to help him complete his project to expedite everything. He said he would appreciate it. So he said we can meet and talk. He says he is looking for more rehabb properties. Soon I will be able to do home inpsections for my investors and act as there agent because I am currently getting my R.E. license. Hopefully all will work out for there benefit and mine. I acutally completed the home inspector's course already. Just waiting for the diploma from the college and and for the information they will send me to complete an apprenticeship. Spoke to a homeowner today. He is somewhat motivated. He wants to move to Miami. He is not wanting to budge right now on price, but wants to sell fast as he said. I learned he is open to taking cash offers. But he is trying to get as much as he can for the house. He didnot admit he was in default. But I will wait 2-3 weeks to make an offer to him for 180k. He owes 140k to the bank. He is a (FSBO). I think as the weeks go by he will become more motivated, so I will stay in touch with. The house is so nice, needs none or minimal repairs as far as I can see. The house is worth in a good or hot market anywhere from 300k-350. Its worth 260K right now.So we'll see how things go. Has all kind of fruits trees in back yard and front lawn. 2 car gargae and some paved land that hold about 4 cars on the sid of the house. If had the money I would buy it An investor would be so happy with this house.If it can be gotten at the right price. And I can make some money off this deal. Whew!!!!!!!
Kingjuss