OfflineI think this would be a great opportunity for someone who has cash which can be tied up for one month. My neighbor has to move out of his house October 7th. He was purchasing the home on a land contract, but when they were approaching the end of the term, they tried to renegotiate the price with the builder unsuccessfully. They told the builder to go ahead and list the house because they were not going to buy it for more than it was appraising for. Well, the house sold and now he has to be out by October 7th.
He asked me if I knew of anyone who could purchase the condo they want for cash (which would assume a quick close) and allow him to purchase it from them and in the meantime rent it from them until they can close on their loan for the property. As they need a mortgage, it will take about a month to close and they do not have that much time.
He has been pre-approved for $140,000. The condo is priced at $89,000. They are willing to pay a fee.
If anyone would like to make some money on this, please PM me. I would really appreciate it!!!
Susan
You can visit my journal at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
and they said no one would do this right now.... is that true? Could there be no one interested in making money?
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Look for my PM later today.
Mlaurita, I appreciate any information I can get!
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
on finding someone to fund this deal. It does not make sense for an investor to purchase a property at FMV with no equity. You need to think about the long term situation. What if your buyer for some reason doesn't get approved by the bank and they cannont purchase the house or they decide after renting it for a month or two they don't like condo living. Now the lender is stuck with a property that has zero equity and no cash flow. Not a very enticing investment.
This is an REO condo which is already more priced well below FMV, but I would completely understand no funding if it was not.
Thanks!
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Hi Susan,
I'm having the same problem. I have a property I want to buy for myself at $300K, but it's valued at almost double, so there's a lot of equity. I'm willing to pay $35k profit to the investor after I refi with a no seasoning loan, but I'm being turned down too. I've been told that people just don't trust the banks right now. Yes, it's very aggrevating. Good Luck.
Life is full of choices, and these choices become your reality... YOU are in control of your future! YOU decide the direction your life will take. YOU have to make things happen, no one will do it for you!
When opportunity knocks, will you answer?
I have a website that I will get to you that can do up to 90 day transactional funding.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
I really would appreciate it!
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Thanks!
Susan
to ask yourself then why is this condo is priced way below FMV? Why hasn't it sold if it is such a great deal? How long has it been on the market? Does it need repairs? How much are the HOAs? Questions you will be asked by your money lender.