Problem With Creative Financing...
Details of the deal:
This is a foreclosure deal. Owner has about 30 days before the house will be foreclosed. I found a potential buyer who definitely wants the property. The purchase price after her financing closing and my 10,000 profit is 470K. The best appraisal I can get is 480, and now the person doing my loan says he cant get her anything more than 90% LTV, so she either has to put the 10% down which she cant, or we have to get a higher appraisal. 10 appraisals later Im still in the same boat. Is there something Im missing here that I can work out to get this woman in the property??
Thank you in advance!!
Ashley
Does she have a mortgage broker? How good of a mortgage broker does she have?
Investment loans are becoming harder to get 100% financing. Is this going to be her primary residence?
If she can get 90% financing, no matter what the appraisal is she will need money down. Are you assigning this deal or double close? Maybe look at lease option or subject-to.
If this house is going to foreclosure, and it only appraises at $480k, it sounds like you should short sale this and get the bank to accept $390k.
You can PM me and I can see what I can do for her financing. I wont run her credit, I can use the info she already has to see if there is a chance to get 100%. I am a licensed mortgage broker so I have over 150 lenders at my disposal.