OfflineI found an excellent home in a good neighborhood in my hometown that I can own for my own family. The problem is they want a very quick closing, by next week, and I need to come up with $10,000. And this is my first deal too!
My mortgage broker has me approved for conventional financing, but with this being so quick, he can also get the deal closed using a hard money lender he associates with. That's where the required $10k comes in. I have this money in my retirement funds, but it takes about a month to get those funds in your hand. And I can just kick myself for not remembering how long this can take. I would hate to lose this deal just because I forgot something.
Home is 1684 sq ft 4 bed/1 bath home. ARV is $185-190k and the bank's final counter back to me is $117k. At that price I can own it and give my kids the first real house of their lives. We have always lived in apartments, shared rooms, and did what we needed to do to get by. This house needs approximately $5-6k in repairs, much of which can be done over time.
I am willing to repay the loan at 20% in 6 months when I can refinance and pull cash out with the mortgage lender. If anyone is interested or wants more details, please PM me or email me at kmg1265 at yahoo dot com.
Thank you for reading this.
Kristin
what about a piggy back loan? your broker will know how to do it if its still possible. basically you take a second mortgage for the DP.
good luck
Richie.
I will see if this is possible when I speak with broker tomorrow. But will this work with a HML?
Kristin
I already asked for this and should receive in a few days, but cannot get enough to close the deal. I am allowed 50% of the 401k balance, which is $3000 and I will have that Tuesday and I can use it to help with the down payment or for closing costs. How I wish I could track down my daughter's father who owes us about $21k in back support, but working on that too!
Kristin
For those that responded to my post, sent a PM or an email, thank you from the bottom of my heart. Even if nothing comes of this, the support and help available on this site is unbelievable! I appreciate each and every response, suggestion, and possible offer of help. Will keep everyone posted as to my progress.
Kristin
I have until around 9pm EST to make my acceptance of the bank's offer, but I am still trying my hardest to make this happen. Will be speaking with mortgage broker in a little while to make sure everything is set on his end to move quickly and see if we can make this happen.
Kristin
Now I see that the bank lowered the asking price by $6000 and that would give even more equity if I could make magic happen. My family refuses to help, even though they have the available funds, and it hurts to think they believe I am an idiot for trying to purchase a home for the family with built-in equity. But what they don't understand, they ridicule, and it will be their downfall eventually.
Made a few last minute calls to ex-partner (still on excellent terms) and a girlfriend, but this is a last-ditch effort so I can say I honestly made all the effort I could to make this happen.
I can say that this will hurt to not pull off, but it's not the end of the world and there are plenty of other properties out there to buy. But this one was for my own little family to live in and is different than an investment property. But still sucks...
Kristin
I spoke with the agent and he said we can extend the closing for up to 2 weeks since they need to give us the required 5 days for the inspection, then title search and setting up the closing. They are all up to me, but I am lucky that I have a sister who is a Title Researcher by trade and her boyfriend is a RE attorney. Sweet! They may not want to give me money, but I can at least wheedle a good discount out of them, hopefully!
Trying to get money under a deadline is nerve wracking, but haven't given up hope yet.
Kristin
I really admire your persistence. There are many on this site that would have given up at the first hurdle and then post an article saying it doesn't work. I can tell that you are a person that won't give up and that is a very noble trait to have. Much luck to you. Have you tried a shot at the RE-Attorney for a short term loan providing you can handle the payments or even ask him to back the loan for you and you pay the mortgage to him. Might be worth a shot. Good Luck...Jan
Since the RE attorney is my older sister's boyfriend, I may be able to approach him for a loan. Thanks for the idea Jan. I signed the P&S Saturday and gave the $1000 deposit, now waiting to hear back from the agent that they have received it and we can move forward. My sister will do the title search for free and now to work some magic on the attorney. (And I'm not really fond of him, but for business sake I will be nice and polite just like my Mommy taught me...)
Kristin
If anyone is willing to do business with me and earn 20% return on any funds loaned, please PM or email me at kmg1265 at yahoo dot com. If you cannot do all $10k then any increment is one step closer to my goal. Thanks!
Kristin