OfflineI found a good investment! One problem... It is bank owned, they will only except cash, and I have no cash! How do I get around this problem?
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Purchasing 100,000 property...No Cash
Posted on: Thu, 04/30/2009 - 19:59
I found a good investment! One problem... It is bank owned, they will only except cash, and I have no cash! How do I get around this problem?
You may want to see if you can locate a cash partner. Contact everyone you know and explore their interest, from family and friend to professionals such as your doctor or dentist. Also, see if a hard money lender may benefit you. If the numbers are great, you may be able to get the funds you need. Good luck on your deal. Believe and Achieve!
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However, cash from another bank is as good as cash from your pocket. You may be saying they will only accept offers that do not rely on a mortgage of a source of funds. This may be because they think the credit markets are so tight they could be putting the sale of the home in limbo in the event the lending hits a snag.
If this is the case a cash partner or hard money lender is the way to go. Or, you can simply wait and if it isn't sold they will probably soften their stance. If you have a really great deal it will be hard for a HML to pass up on basically a free roll with good upside for them in the event you can't make payments.
Was your offer declined with financing as a source of funds or is that what you were told? If your offer wasn't declined already send it in. If they haven't had offers yet they might be willing to consider your offer with financing.