I'm in Shortsale Limbo PLease Help
Hello I have a problem. I have a shortsale deal that is close to approval for 70,000 dollars, plus closing cost of 2,000 dollars plus second lien of $2000 and a realtor fee of 4200. Sidenote the mortgage company made me list the property. I have a buyer who signed a contract for 92,000 dollars. I plan to do a double closing and I have a title company that will perform this transaction. However I think the mortgage company that might approve me needs a proof of funds statement. How much does it cost to borrow 75,000 dollars for 3 months. I say this because my buyer might have lender seasoning issues. I haven't ask but I am taking precautions. Just in case there is a problem with the closing. Oooh yeah the property is in foreclosure. Any help informing me on how to navigate this matter would be gladly appreciated.
You're looking for a hard money lender. They'll usually give you 65% LTV of the FMV.
They generally charge 9-15% APR and 3-8 points up front (that can often be wrapped into the loan).
You may want to look into unsecured lines of credit. I've found those for 7 years (Am. and Call), 7%, and 8 points. You can often get up to $100K.
Relatives? Friends/Family that would be willing to get a HELOC and let you borrow the money might be a good route too. Pay them 8% and they're pocketing a few percentage points of interest.
Hello I have a problem. I have a shortsale deal that is close to approval for 70,000 dollars, plus closing cost of 2,000 dollars plus second lien of $2000 and a realtor fee of 4200. Sidenote the mortgage company made me list the property. I have a buyer who signed a contract for 92,000 dollars. I plan to do a double closing and I have a title company that will perform this transaction. However I think the mortgage company that might approve me needs a proof of funds statement. How much does it cost to borrow 75,000 dollars for 3 months. I say this because my buyer might have lender seasoning issues. I haven't ask but I am taking precautions. Just in case there is a problem with the closing. Oooh yeah the property is in foreclosure. Any help informing me on how to navigate this matter would be gladly appreciated.
I would love to know where to get hard money for those kinds of rates. Here in Cleveland it is 10 points, 18% APR , 6 months minimum. However, a private investor, such as myself, may go for a profit split for that short term use of the money.
Dan 440-779-45
The rest of the digits...440-779-4511