OfflineHi,
I am a new investor and found a fannie may repo that I was able to get for 48000 and it appraises for 67000.
My investor that was suppose to close with me tomorrow, has backed out due to medical issues that just arose. How can I get the bank to give me another closing date without losing the deal or my earnest money, so that I can find either a hard money lender or another investor? Does anyone know of any hardmoney lenders in Kansas? And how much time should I request? Im suppose to close tomorrow.
Any help and insight would be greatly appreciated.
Thanks
Eric K.
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Talk soon,
E. King
ask for an extension of 30 days.
Most likely they won't or they'll keep your earnest and tell you to reapply but with a lower earnest amount, but it won't hurt to ask.
To me, the odds are bleek, but you never know
Im doing the deal through a realtor and a title company and not even sure who the bank is. The earnest money is only 500 but hey, mite as well be a million when you aint got it....rite?
I been working with a couple of HML online and found one that will do biz with a credit score as low as 640, but I need at least 10 days to get em up to speed.
Thanks for the fast reply, I just told my realtor to ask for 15 days so we will see.
Talk soon,
E. King
I been working with a couple of HML online and found one that will do biz with a credit score as low as 640, but I need at least 10 days to get em up to speed.
Thanks for the fast reply, I just told my realtor to ask for 15 days so we will see.
when you're scrambling for new funding, time goes by very very fast
Thanks,
Now I know and will always ask for 30 in the future.
I already have a buyer with 10k down on a lease option, I
just need to get the deal closed on my end.
Talk soon,
E. King
If you are confident of finding an investor, you could have your agent increase your earnest deposit to sweeten the extension proposal to the bank. As little as $250.00 more would show the bank you are committed to closing the deal and remember, money talks.