POA
I had the homeowners sign an "Authorization to Release Info" Letter and the Bank asked me for a Power of Attorney? I have not made a deal with the homeowners yet I only wanted the payoff from the primary. I feel like the bank is giving me the run around. I still have to try to buy the lien on the second but first I would like to know the balance on the primary. My release letter states "Please accept this as your written permission and authorization to discuss my/our loan and furnish all information, forms, documents and reports to..". Any thoughts on purchase of the lien on the second?
Thanks this is my first deal of this type.
From my understanding of it the owner/seller can finance/carry back the amount in between what you borrowed and what you really need. Owner financing.
Owner financing does not apply for a SS.
My hard money lender will lend 100% of the purchase price. He focuses more on the borrower than the property. Of course for that luxury, you need to have great credit, some RE experience, and other resources/reserves.
Brenda
I get the hard money lender to fund the purchase and then I pay closing costs, repair costs, and holding costs.
If the deal is good, you can always find a money partner to pay for deal if you find the deal and manage the repairs.
Brenda