Help - $17,000 Short For Closing For First RE Attempt

First RE deal - We put in a contract on a TH in Fla. We have great credit, were able to get a mortgage on the TH. We have $10k cash and and tried to pull $25k HELOC on our primary to cover the balance of the required 20% down for Fla. props and cover the closing costs. Due to the economy the appraisal came back low and we could only get approval for $9000 so we are $17k short for closing and will have to back out of the deal.

Any suggestions?

Comments(6)

  • Lynne3rd September, 2009

    sorry that copy paste did not work

    yes there is a contingent on getting a loan clause and for Deposit it states we should get the money back but I am fearful about the whole thing

  • Lynne3rd September, 2009

    The earnest money is being held by the Title Company

  • smitnlit2nd September, 2009

    Be patient. They can take a while.

    Where are you at in the process?

  • bargain762nd September, 2009

    My advice would be to find another 6 properties in the same situation.

    One out of seven may come to fruition within the time frame you have in mind....unless, of course, you are planning to pay near retail.
    [addsig]

  • johnnyloans5th September, 2009

    get your rocking chair ready it wont be an overnight ordeal

  • Stevecsd1st October, 2009

    You might want to read the post by Kevin Hicks from a couple of weeks ago. It was titled Favorite Lenders to Work With

    and here is the link:

    http://www.thecreativeinvestor.com/ViewTopic66188-35-3.html

    Steven Currie

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