OfflineI am trying my hand at Short Sales. I have studied and I have everything down but
now I need to find financing so that I can close with the seller and a few hours or days later close with the buyer. The only thing is that my personal credit is horrible! Up till recently I was close to loosing my home but I was able to take care of that and am now 5 mo. Ahead. But the credit thing is gonna be my biggest hurdle. So I guess I would just need funding for a few days at the most and then I would pay it right back!
Does anyone have any good ideas? Anyone, Buler, Buler?
Thanks a bunch you guys are great!
Bryan
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Hi, have you considered hard money?
I deserve success...PERIOD! Reggie Peoples-
Try this source. They will give you a quick response. I believe Rina posted this up a while ago in a forum.
Brookview Financial, Inc.
HML Loan Type Residential
Lending Area AL, CA, CO, CT, DE,DC, FL, GA, IL, IN, KY, LA, MD, MA,ME,MI, MN, MS, MO, NH, NJ, NM, NY, NC, OH, OK, PA, RI, SC, TN, TX, UT, VA,WA, WI
Contact National Account Manager
Address 2321 Whitney Avenue
City, State, Zip Hamden, Connecticut, 06518
Toll Free 877-734-2211
Phone 203-230-8500
Fax 203-248-1771
Web Site www.brookviewfinancial.com
Email [email protected]
Let me know if this helps.
If you can't get into a bank, Hard Money looks like your only avenue, unless you have looked for investors.
Hi Bryan,
Quick question? Do you have an end buyer for the short sale once you purchase it from the Lender? Or are you wanting to buy and hold?
If not, you might consider transactional funding (24 hour funding)if you are not buying and holding. There are many funding companies out there. But to use them you can not hold the property. There has to be an A-B and B-C transaction on the same day. There is usually a 2% and up fee with an admin fee for the use of their money and it is based according to how much you are needing to purchase the property. They are paid back at closing. You do not have to have good credit or any money out of pocket.
This is the way that I do short sales so that I can turn them quickly. Having my end buyer in place then once my approval letter comes from the lender then I am ready to close very quickly. It is all in the timing.
Hope this helps.
Laura
www.bmwinvestproperties.com