I DESPERATELY NEED HELP

What do you plan to do with the 2 properties? Are you going to assign or hold it for yourself? Blessings to all. LA

I intend to fix it then sale. In other words fix and flip.

I'm confused...You have the money to fix but don't have the money for the earnest money? My suggestion would be to counter, them that the earnest money is paid upon closing Or paid in 14days after the inspection. And if you don't have any money I would wholesale the deal out to another investor and make yourself 5k. If it really is a great deal you will have no problem making money on it, and then will have a little money for the next one.

Cathy

I already have a money lender to fund the deals and pay for the repairs but I need money earnest money for the deals.

I have never paid more that 1k earnest and in most cases less. Also they don't need the earnest money paid till you open escrow. Your agent should be helping you with all of this. If you lose this deal don't worry about it you will know what all you need to do for your next deal and you will be ready. You will not get every home you put an offer in on and that is just the facts. The fact that you are putting in offers is the main thing and the more offers you put in the better your chances are of closing the deal.

Steve

and see if you can get someone to wholesale it to then have them give you the em to put down on it.

My offer as already been accepted for $120.000 and the bank is needs $3000.00 for earnest money per property. The bank is paying for the closing cost, all I need is the earnest money. I am open to any advice and help you all may have.
Thanks

Seems to me that the $3000 is what the bank is going to pay to the agent. Have that paid at closing. Just put it in the contract that earnest money is paid at closing.
You could give them $1.00 cash as a deposit on the ernest money. (that binds the deal!! )

Get your buyer lined up, ready to go. Buyers come first. You have to have someone to buy the property for you to make money. Build your buyers list first. Then find the properties they want. Just because "YOU" think it to be a good deal, does not mean you will be able to sell it. Find a buyer, find what they want, then find the property, put together the "DEAL" --> MAKE MONEY!

Good luck
Geno

Hello Erathel

I think I can help. Here are some Hard Money Lenders. They Lend Nation Wide. It is true though you need to start gathering a Buyers List. Post Ads in your paper, post on Craigslist also post on http://www.postlets.com and put up bandit signs near the properties and if you have SFL use the lead pipe technique that Carol Stinson came up with.
CFMB Holdings

2357 Coney Island Avenue, Suite 1 Brooklyn, New York 11223
Phone: 866‐ 814‐8315
Website: www.cfmbholdingsinc.com
Min. Loan 25k Max Loan 5B

Strategic Lending Solutions LLC

9 Crystal Lake Road Suite 250 Lake in the Hills, IL 60156
Phone: 866‐740‐6901
Website: www.strategiclendingsolutions.net
Min. Loan 25k Max Loan 1M

Athas Capital Group

Nationwide Except MI
26901 Agoura Road Suite 250 Calabasas Hills, CA 91301
Phone: 877‐877‐1477
Website: www.athascapital.com
Min. Loan 100k Max Loan 20M

Also go to this website here :
Hey Desperate,

I think I can help. At least I hope so. Here are some Nation Wide Hard Money Lenders. See what they say :

http://www.finditandfundit.com/index.php

Have a look at what Dean Has to say also : http://www.deangraziosi.com/emd/videm/buildbuyerlist

I truly hope it works out. Daniel in New Mexico

"Empty pockets never held ANYONE back. ONLY Empty Heads and Empty Hearts." Norman Vincent Peale

Thanks a lot Geno and Daniel for all the advice, help and suggestions. I will keep working on building my buyers list, I do have some buyers but not a lot so i will keep working on that. Daniel thanks a lot for the websites I will give them a call tomorrow.

Thanks for the compliment . Yes the deal is a short sale.

It realy does not matter but in your first statment you said this deal was on REOs. Post #20 you say it is a short sale. REO the bank owns the home and a short sale you still deal with an owner and you want the bank to accept less than the owner owes on the home.

I do hope the deal goes threw for you.

Steve.

CFMB Holdings online rquest form filled out and waiting

Strategic Lending Solutions not doing residential

Athas Capital not doing residential

www.finditandfundit.com wants a $495 fee up front then you submit deals and if an investor wants it you get paid.

Hope this info is useful to someone.
Lauri

here a tid-bit,
Ask your realator to hold his fee as a note for the time you need 6 mths. year for a higher interest rate than he / she could get anywhere else or maybe add a thousand dollars to it payed at a given time. that will be a short term deal for the latter.try to make sure there is no prepayment clauses. Just an idea to try good luck

This is correct. The bank is the one that made the counter offer that increased the EM from the $100 in my original offer to the $3000 they are seeking now. A realtor has no right to modify the counter themselves like that.

At this point the EM will be due in a week or two(48 hours will be from when the bank signs off accepting my acceptance of their counter). The bank countered my original offer accepting what I offered but asking for $3000 EM rather than the $100 on the original offer. The seller has approved the sale of the property and as mentioned the only change the bank made was to ask for more EM. I am waiting on the final sign off from the bank after accepting their counter and since it was their counter offer their acceptance is pretty much a guarentee. My realtor informed me that it could take a week for the bank to actually sign it and that the EM will be due within 48 hours of that.

The asking price was $130,000 my offer was accepted at $120,000 with bank paying closing costs. Repairs will run in the $20-30,000 range with a totalview price estimate being over $260,000.

Desperate, which is it, Shortsale or REO ??

Experts, correct me or direct me..After watching the Edge 2010, thought its impossible to get a assignment fee issued when doing an REO or that it needs to be worded differantly cause the bank doesnt go for birddog fees for REO props??? Is this accurate?

Thank you guys; its so nice to have all of you jump in and help..your the best, DG fam.

PDX i know your nervous and scared. hang in there you can do this.
can't never could til he tried and here you go your doing it.

a lil' motivation >> www.values.com

best of evrything
WALT

Thanks a lot Walt, I really appreciate it you all are the best . collazoppl the deal is a Short Sale not an REO, that was my bad .