Contract Question
I have found a really nice investment property. It seems really good on paper/comps but I'm going to look at it tomorrow. The problem I have is I don't know what kind of contract I should try to get it under. The problem I have is the bank wants proof of funds. I don't have all the money but I do have 2/3 of it. I just want to get it under contract so I got a little extra time to get the money.
The bank is kinda givivg me a hard time b/c I'm 23 and have only filed W2s in 2002 b/c I was going to school full time and the bank wants to see 2 yrs of tax return. I won't have my 2003's for another 3-4weeks.
A bank owns the property. I have been waiting for a good opportunity and this seems to be pretty good so far.
I'm really wanting some advice from someone. A little confused, (they say the first step is the hardest)
Any help would be really appreciated!!!
Greetings GoingFor7Figures,
This isn’t really an answer to your "what kind of contract" question. But you may want to talk with a few mortgage brokers and look at some of your options. There’s some good ones listed on this site. As you may well know, they have No Doc, Partial Doc, Stated Income -- a variety of ways to borrow that could take care of your W2 concerns. So, depending on what you plan to do with the property, you may find one of these progrmas a good way to get in and buy you some time.
Hope this helps.
When you post about a particular deal and/or situation, it is always good to ad as many details as you can if you want more precise answer. Have the bank tell you what would satisfy them as far as closing, then once you know that, you get to work with money people.
If you get 2/3 of the full price, I do not see why wouldn't that bank finance this deal? With your high down payment, their investment is safe. Ask the questions and you would not go wrong.
Good Luck! [ Edited by omega1 on Date 02/03/2004 ]