HELP!! Need MONEY Now

We need more details. Are you going to be double closing this deal with an investor, buying it yourself, or....? We need to know the situation before we can give any answers.

Do you have an LLC and or have these address
http://www.coastal-funding.com/
http://besttransactionfunding.com/

What's your exit strategy?

Will you flip the contract? (assignment)
Will you flip the property to a reno investor? (wholesale)
Will you reno it yourself to flip it or hold it? (retail)

You have little time to decide and prepare...
Do you have BUYERS?
Is the contract assignable?
Is this a double close?
Do you have CA$H buyers?
Do you have transactional funding?
Do you have a hard money lender?
Is this closing with your title company?
What will you do?
Your exit strategy is crucial to any/every deal.

There is a lot of interest in this property but tomorrow is way too soon. The seller's attorney is a bully (our attorney & realtor hates to work with him). The sellers attorney said if we didn't close by tomorrow that the deal is off. Right now, we have 4 people who want this house & is in the midst of a bidding war. We could get the financing for 75% through Dean, but not for tomorrow. It will take 5-7 days & as I was told maybe even longer because of the holiday. This is such a great deal, that I would hate to lose it. You just don't get homes for this price in this area. That's why the bidding war. If we can get someone to loan us $100,000 for 30 days, it would definately be well worth their while. Please let me know if you have a solution.
ARV $170,000 (Area comps for same size home $180,000-$215,000)
we have a presentation if you would like to see pix & comps
Thank you so much for your inquiry!!!!!!!
Mary

Thanks. yes we have an LLC,however, Best Transaction Funding said that they would need 5-7 days. This attorney wants to close tomorrow. He didn't want this deal in the first place, saying that the offer was too low, & discouraged the sellers to take this deal. I met with this attorney & convinced him to agree....& now this.
Thanks for the suggestion, though.

Ah...bidding wars...and auctions...it becomes about "winning" (ego) more than getting a killer deal. In that case, cash is king.
Chances are some investors end up overpaying for a property due to this.

Any private lenders on your team? Again, very short notice.
Have you tried 123transactionalfunding?
With no funds, you will have to let it go...

"The sellers attorney said if we didn't close by tomorrow that the deal is off."

We know what the attorney says, what does your contract say? Document the offers you get from your buyers, close on the agreed date, or sue the seller for specific performance if it doesn't close according to the accepted offer.

Thanks! In all the frantic mess, you were the light of reason. We are now checking & double checking the contract with our attorney. Thanks again! We'll keep you posted!
Mary

I know you would like to fund the deal. I don't think you have enough time.
You said you made the offer on the property in an LLC right?
Time to wholesale that property by selling the LLC to one of your bidding war buyers and walk away with a fee.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

So what happened?

Thanks to TRSD for the insight, we found that we had until Dec 26th to close according to our contract. We had 31 days after probate approval. We were never notified of the probate approval (our realtor blamed our attorney, our attorney thought our realtor told us) anyway, we were going to hold the sellers attorney breach of contract if he didn't allow us full 31 days. Our investor wanted the inspection report and now he too backed out. So here we are, as of Sat evening. Thanks again to all for your expertise. I'm still checking on a few more investors. I'll let you know what happens....

Thanks to TRSD for the insight, we found that we had until Dec 26th to close according to our contract. We had 31 days after probate approval. We were never notified of the probate approval (our realtor blamed our attorney, our attorney thought our realtor told us) anyway, we were going to hold the sellers attorney breach of contract if he didn't allow us full 31 days. Our investor wanted the inspection report and now he too backed out. So here we are, as of Sat evening. Thanks again to all for your expertise. I'm still checking on a few more investors. I'll let you know what happens....

Any luck on this deal? Any further details?

- Tom

Did you say when the end of your 31 days was? I would like more details and you can send me the packet. PM me and I will send you our contact information. It appears you could either use transactional funding or private funding. Did you check into the private lending? Many of these sources can turn it around very quickly. What did you say your exit strategy was? This also changes how flexible you can be. Look forward to hearing back from you.
Rob7

Hi! Here's the latest...Cash investor was interested but wanted to go partners & put contract under his name & quick claim 1/2 in our name later (???????) We asked to assign to him instead, to which he asked if there was an inspection report & asked to read it. Then he decided to back out because we didn't want to partner without our name on contract. Still trying to save this deal with 3 others but time is running out. We would just love to assign contract or double close. Seller's attorney is not easy to deal with or very accomodating, especially during holiday season with snow storms getting in the way of showings.
Any suggestions?